Alberta · Receivership (court-appointed)
Receiver's First Report to the Court dated May 6, 2019
Court officer report · 6 May 2019
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What we verified from this filing17 verified
- financial positionnote: Receiver notes work in progress totaling $5.25 million is significantly overstated by approximately $5.0 million due to uncorrected accounting errors from late 2017/early 2018; Proposal Trustee's First Report reflected WIP of $95,000 as at December 31, 2018 which Receiver submits more closely approximates actual work in progress. Receiver also has concerns re net accounts receivable and AR holdback balances. · page: 6 · as at: 2019-03-30 · basis: Devlin's most recent internal draft (unaudited) balance sheet · scope: Devlin Construction Ltd. (entity level, not consolidated) · currency: CAD · total assets: 20055765 · total liabilities: 18595464
- secured creditorsnote: Major secured creditor; approximately $4.2 million owed as at date of report; was approx. $5.8 million at NOI commencement, reduced by $1.6 million applied from Ritchie Bros. auction proceeds; S7 and KMOJ provided unlimited guarantees to ATB re Devlin's indebtedness; security opinion confirmed valid and enforceable by Dentons (April 25, 2019). · page: 6 · as of: date of this report (May 6, 2019) · amount: 4200000 · debtor: Devlin Construction Ltd. · creditor: Alberta Treasury Branches (ATB Financial) · currency: CAD · security: All present and after acquired personal property, serial numbered equipment
- secured creditorsnote: DISCHARGED - Receiver understands leased asset paid out in full in 2018; HSBC failed to discharge its registration. · page: 13 · debtor: Devlin Construction Ltd. · creditor: HSBC Bank Canada · currency: CAD · security: Serial numbered equipment (2010 Vogele Vision Paver)
- secured creditorspage: 13 · debtor: Devlin Construction Ltd. · creditor: Paccar Financial Ltd. · currency: CAD · security: Serial numbered equipment (Various Kenworth T370s, T880)
- secured creditorspage: 13 · debtor: Devlin Construction Ltd. · creditor: Summit Acceptance Corp. · currency: CAD · security: Various serial numbered vehicles
- secured creditorsnote: DISCHARGED - Receiver understands leased asset paid out in full in 2018; GE failed to discharge its registration. · page: 13 · debtor: Devlin Construction Ltd. · creditor: GE Canada Equipment Finance · currency: CAD · security: Serial numbered equipment, copiers
- secured creditorsnote: Aggregated per rule 5: includes Calmont Leasing Ltd. (various serial numbered vehicles and equipment), Komatsu International (Canada) Inc. (serial numbered equipment), Caterpillar Financial Services Ltd. (serial numbered equipment), TDF Group Inc. (serial numbered equipment), Gregg Distributors (bins), PBR & R Holdings Ltd. (serial numbered equipment), SMS Equipment Inc. (serial numbered equipment). · page: 13 · debtor: Devlin Construction Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Various purchase money security interests over serialized equipment/vehicles
- secured creditorspage: 13 · debtor: Devlin Construction Ltd. · creditor: Kal Tire A Corporate Partnership · currency: CAD · security: Seizure registration under Civil Enforcement Act
- secured creditorsnote: Bonding company; significant majority of approx. 50 active bonds relate to Western Surety; quantum not yet provided. · page: 13 · debtor: Devlin Construction Ltd. · creditor: Western Surety Company · currency: CAD · security: All Present and After Acquired Personal Property
- secured creditorsnote: Former Proposal Trustee under the NOIs; registration relates to bankruptcy/proposal filing. · page: 13 · debtor: Devlin Construction Ltd. · creditor: Bowra Group Inc. · currency: CAD · security: Bankruptcy/Proposal registration
- secured creditorsnote: Bonding company; registration pre-dates ATB's registration at PPR. Quantum of claim not yet provided to Receiver; may take time to establish given bond claim notice periods. Estimated net exposure of $258,298.00 held in trust pending security opinion. · page: 13 · debtor: Devlin Construction Ltd. · creditor: Trisura Guarantee Insurance Company · currency: CAD · security: Inventory, equipment, accounts, other, motor vehicle
- unsecured creditorsnote: Amount owing for unremitted source deductions unknown - CRA has not conducted the requested audit; deemed trust / priority claim class. · page: 14 · basis: Receiver requested final payroll audit; CRA has not scheduled an audit as at date of report · debtor: Devlin Construction Ltd. · creditor: Canada Revenue Agency (source deductions) · currency: CAD
- unsecured creditorsnote: Amount owing unknown - CRA has not conducted the requested audit. · page: 14 · basis: Receiver requested final GST audit; CRA has not scheduled an audit as at date of report · debtor: Devlin Construction Ltd. · creditor: Canada Revenue Agency (GST) · currency: CAD
- unsecured creditorsnote: Preferred - approx. $85,000 anticipated payable to former employees under WEPPA, of which approx. $18,500 is subject to BIA Section 81.4 $2,000 limited super priority. · page: 14 · as of: date of this report (May 6, 2019) · basis: Based on documents filed by the Receiver with Service Canada · amount: 85000 · debtor: Devlin Construction Ltd. · creditor: Former employees of Devlin Construction Ltd. (WEPPA claims) · currency: CAD
- unsecured creditorsnote: Disputed/unresolved - subject to $242,401.44 interpleaded into Court by Alberta Justice; Receiver reviewing claims of Heritage and Can-West to determine position. · page: 17 · basis: Claim asserted under the Public Works Act re Neil Crawford Centre Parking Expansion project · debtor: Devlin Construction Ltd. · creditor: Heritage Nurseries Ltd. · currency: CAD
- unsecured creditorsnote: Disputed/unresolved - subject to $242,401.44 interpleaded into Court by Alberta Justice; Receiver reviewing claims of Heritage and Can-West to determine position. · page: 17 · basis: Claim asserted under the Public Works Act re Neil Crawford Centre Parking Expansion project · debtor: Devlin Construction Ltd. · creditor: Can-West Electrical Contractors Ltd. · currency: CAD
- secured creditorsnote: Four garage keeper liens totaling $6,046.47 filed against the 35 leased assets. · page: 20 · amount: 6046.47 · debtor: Devlin Construction Ltd. · creditor: Truck Zone Inc. · currency: CAD · security: Garage keepers' lien