Ontario · Proposal
First Report of the Proposal Trustee dated April 12, 2021 (for motion returnable April 16, 2021) (1 of 2)
Court officer report · 12 April 2021
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What we verified from this filing16 verified
- secured creditorsnote: Trustee states these likely represent purchase-money security interests in specifically identified assets if properly registered/perfected, but has not engaged counsel to confirm validity; amounts not stated in filing. · page: 9 · debtor: Drexler Construction Limited · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Financing statements registered against specific vehicles/equipment: Bank of Montreal (May 1, 2017); John Deere Financial Inc. (October 16, 2017; June 5, 2018; October 22, 2018; September 30, 2020); The Bank of Nova Scotia (December 7, 2017; January 16, 2020); Wells Fargo Equipment Finance Company (June 19, 2018); TD Auto Finance (Canada) Inc. (July 6, 2020; July 10, 2020); Canadian Equipment Finance & Leasing Inc. (August 14, 2020) - Equipment/Motor Vehicle collateral
- secured creditorsnote: Senior secured lender; term loan, revolving line of credit and credit card facilities. Amount stated is approximate ('approximately $2.1 million') plus accruing interest; no exact dated balance given. RBC declared default ~March 8, 2021 and issued NITES; security opinion (MSM, Apr 5, 2021) confirms validity/enforceability. · page: 9 · as of: 2021-03-08 · amount: 2100000 · debtor: Drexler Construction Limited · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated May 11, 1984, registered under PPSA (registration May 18, 1984 covering Inventory, Equipment, Book Debts, Other, Motor Vehicle; also registered June 10, 2014 covering Inventory, Equipment, Accounts, Other); registered first-in-time against Drexler; also Charge/Mortgage of Land dated March 3, 1992 (registered principal $215,000, Instrument No. 663164) and Charge/Mortgage of Land dated January 18, 1993 (registered principal $130,000, Instrument No. 686143) - registered principal amounts, not balances
- secured creditorsnote: Trustee states these likely represent purchase-money security interests in specifically identified assets if properly registered/perfected, but has not engaged counsel to confirm validity; amounts not stated in filing. · page: 10 · debtor: Folmur Construction (2004) Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Financing statements registered against specific vehicles/equipment: Xerox Canada Ltd. (November 9, 2016); GM Financial Canada Leasing Ltd. (December 20, 2017); John Deere Financial Inc. (March 13, 2018; October 30, 2018; June 3, 2019); The Bank of Nova Scotia (October 14, 2020; November 19, 2020) - Equipment/Motor Vehicle collateral
- secured creditorsnote: Trustee states these likely represent purchase-money security interests in specifically identified assets if properly registered/perfected, but has not engaged counsel to confirm validity; amounts not stated in filing. · page: 10 · debtor: Down Under Pipe and Cable Locating Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Financing statements registered against specific vehicles/equipment: Xerox Canada Ltd. (November 9, 2016); GM Financial Canada Leasing Ltd. (December 20, 2017); John Deere Financial Inc. (March 13, 2018; October 30, 2018; June 3, 2019; March 12, 2021); The Bank of Nova Scotia (October 14, 2020; November 19, 2020) - Equipment/Motor Vehicle collateral
- secured creditorsnote: Folmur guaranteed the RBC Debt of Drexler (approx. $2.1 million as of March 8, 2021); security opinion confirms GSA validly perfected and enforceable against Folmur. · page: 10 · debtor: Folmur Construction (2004) Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated November 2, 2006 in favour of RBC as security for Folmur's guarantee of the Drexler RBC Debt; PPSA registrations October 30, 2006, May 12, 2016, November 15, 2017 and October 27, 2020 (Inventory/Consumer goods, Equipment, Accounts, Other, Motor Vehicle)
- secured creditorsnote: Down Under guaranteed the RBC Debt of Drexler (approx. $2.1 million as of March 8, 2021); security opinion confirms GSA validly perfected and enforceable against Down Under. · page: 11 · debtor: Down Under Pipe and Cable Locating Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated November 2, 2006 in favour of RBC as security for Down Under's guarantee of the Drexler RBC Debt; PPSA registrations October 30, 2006, May 12, 2016, November 15, 2017 and October 27, 2020 (Inventory/Consumer goods, Equipment, Accounts, Other, Motor Vehicle)
- unsecured creditorsnote: Related party: company owned and operated by Peter Drexler, former officer/director of affiliated Drexler. · page: 11 · as of: NOI filing date · basis: Only material non-arm's length unsecured creditor · amount: 335000 · debtor: Folmur Construction (2004) Ltd. · creditor: 2602763 Ontario Limited (260Co) · currency: CAD
- unsecured creditorsnote: Deemed trust class; Trustee to report at a later date. No proof of claim received from CRA as of report date. · page: 11 · basis: Trustee reviewing books and records; amount not yet determined · debtor: Folmur Construction (2004) Ltd. · creditor: Canada Revenue Agency (HST / source deductions) · currency: CAD
- unsecured creditorsnote: Related party: company owned and operated by Peter Drexler, former officer/director of affiliated Drexler. · page: 11 · as of: NOI filing date · basis: Only unsecured creditor listed in Down Under's NOI · amount: 47000 · debtor: Down Under Pipe and Cable Locating Ltd. · creditor: 2602763 Ontario Limited (260Co) · currency: CAD
- unsecured creditorsnote: Deemed trust class; Trustee to report at a later date. No proof of claim received from CRA as of report date. · page: 11 · basis: Trustee reviewing books and records; amount not yet determined · debtor: Down Under Pipe and Cable Locating Ltd. · creditor: Canada Revenue Agency (HST / source deductions) · currency: CAD
- unsecured creditorsnote: Deemed trust class (source deductions); Trustee to report to Court/creditors at a later date. No proof of claim received from CRA as of report date. · page: 11 · basis: Trustee reviewing books and records; amount not yet determined · debtor: Drexler Construction Limited · creditor: Canada Revenue Agency (unpaid source deductions) · currency: CAD
- unsecured creditorsnote: Document names no individual arm's length creditors. · page: 11 · as of: NOI filing date · basis: Drexler listed approximately $1 million of arm's length unsecured claims in its NOI · amount: 1000000 · debtor: Drexler Construction Limited · creditor: Unsecured creditors (aggregate as reported, arm's length) · currency: CAD
- unsecured creditorsnote: Related party (affiliated company). Folmur's own books show a corresponding loan receivable from Drexler of approximately $3.8 million (see page 8) - figures approximate and not reconciled exactly. · page: 11 · as of: NOI filing date · basis: Non-arm's length unsecured creditor listed in respect of an inter-company loan · amount: 3700000 · debtor: Drexler Construction Limited · creditor: Folmur Construction (2004) Ltd. · currency: CAD
- unsecured creditorsnote: Related party: company owned and operated by Peter Drexler, a former officer and director of Drexler (now retired). · page: 11 · as of: NOI filing date · basis: Non-arm's length unsecured creditor listed in NOI · amount: 100000 · debtor: Drexler Construction Limited · creditor: 2602763 Ontario Limited (260Co) · currency: CAD
- unsecured creditorsnote: Deemed trust class (CRA HST arrears) for reporting periods up to February 28, 2021; March 2021 HST return not yet due. No proof of claim received from CRA as of report date (April 12, 2021). · page: 11 · as of: 2021-02-28 · basis: Per Proposal Trustee's review of Drexler's books and records · amount: 133567 · debtor: Drexler Construction Limited · creditor: Canada Revenue Agency (HST arrears) · currency: CAD
- unsecured creditorsnote: Document names no individual arm's length creditors. · page: 11 · as of: NOI filing date · basis: Folmur listed approximately $400,000 of arm's length unsecured claims in its NOI · amount: 400000 · debtor: Folmur Construction (2004) Ltd. · creditor: Unsecured creditors (aggregate as reported, arm's length) · currency: CAD