British Columbia · Receivership (court-appointed)
Receiver's First Report
Court officer report · 28 May 2014
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What we verified from this filing6 verified
- secured creditorsnote: Approximately $200 thousand owed as at August 2013 tax notice; RCU subsequently remitted $83,000 as a protective advance for delinquent property taxes (included in RCU mortgage balance above). 2014 property tax notice not yet received and may include further amounts due. · page: 9 · as of: 2013-08 · amount: 200000 · debtor: Powder Springs Inn Inc. · creditor: City of Revelstoke · currency: CAD · security: Statutory charge for outstanding property taxes and utilities
- secured creditorsnote: Approximately $1.95 million outstanding as at March 14, 2014, with interest accruing at $394/day; includes an $83,000 advance paid to City of Revelstoke for delinquent property taxes. · page: 9 · as of: 2014-03-14 · amount: 1950000 · debtor: Powder Springs Inn Inc. · creditor: Revelstoke Credit Union (RCU) · currency: CAD · security: Mortgage registered against the Lands
- secured creditorsnote: CRA claim relating to unremitted employee payroll deductions at source totals $155 thousand; CRA is asserting a deemed trust claim of $78 thousand within that total. Deemed trust class claim. · page: 10 · amount: 155000 · debtor: Powder Springs Inn Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim under s.227(4) Income Tax Act, s.23(3) Canada Pension Plan, s.57(2) Unemployment Insurance Act and s.86(2) Employment Insurance Act
- secured creditorsnote: CRA claim relating to unremitted GST/HST totalling $128 thousand; comprised of first judgment (Feb 2013) for $105 thousand and second judgment (June 2013) for $54 thousand (components as stated, not summed by document; note the components do not sum to the stated total). · page: 10 · amount: 128000 · debtor: Powder Springs Inn Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Two judgments registered on title to the property owned by Powder
- secured creditorsnote: Related party: mortgage granted by Powder as security for a guaranty of a loan due from its parent company, Revelstoke Alpine Properties Ltd. Amount is per Powder's financial statements as at October 31, 2012 (approximately $1.78 million); Receiver has not received an updated payout statement, so this figure may not reflect current outstanding balance. · page: 10 · as of: 2012-10-31 · amount: 1780000 · debtor: Powder Springs Inn Inc. · creditor: Clyde David Newsome, Donna Louise Newsome, Jenny Leanne Newsome and Bruce Newsome · currency: CAD · security: Mortgage registered against the Lands
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: GST · quote: GST · amount: 2543.16 · fees: quote: Fees and expenses · amount: 50863.2 · total: quote: Total · amount: 53406.36 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2014-03-31 · kind: cumulative · quote: A summary of the Receiver's invoices for the period from February 24, 2014 to March 31, 2014 are attached as Appendix C. · start: 2014-02-24 · approval: state: unstated · averages: · currency: · invoices: tax: 946.15 · date: 2014-02-28 · fees: 18923 · quote: Feb 24, 2014 to Feb 28, 2014 · total: 19869.15 · period end: 2014-02-28 · period start: 2014-02-24; tax: 1028.57 · date: 2014-03-21 · fees: 20571.49 · quote: Mar 1, 2014 to Mar 16, 2014 · total: 21600.06 · period end: 2014-03-16 · period start: 2014-03-01; tax: 568.44 · date: 2014-03-31 · fees: 11368.71 · quote: Mar 17, 2014 to Mar 31, 2014 · total: 11937.15 · period end: 2014-03-31 · period start: 2014-03-17 · firm text: FTI Consulting Canada Inc. · firm quote: FIRST REPORT OF FTI CONSULTING CANADA INC., IN ITS CAPACITY AS COURT-APPOINTED RECEIVER AND MANAGER OF POWDER SPRINGS INN INC. · hours total: quote: Hours · value: 129.8 · context quote: FTI Consulting Canada Inc. was appointed receiver and manager (the "Receiver") of the assets, undertakings and properties of Powder Springs Inn Inc.; form: time_summary · rows: Craig Munro; Brett Wilson; Linda Kelly · money: tax: label: HST · quote: HST Registration No. 835718024RT0001 · amount: 946.15 · fees: quote: Total Hours and Fees · amount: 18923 · total: quote: Invoice Total for Current Period · amount: 19869.15 · includes tax: true · includes disbursements: false · approximate: false · period: end: 2014-02-28 · kind: invoice · quote: Current Invoice Period: Charges Posted through February 28, 2014 · approval: state: unstated · averages: · currency: · invoices: · firm text: FTI Consulting Canada Inc. · firm quote: FIRST REPORT OF FTI CONSULTING CANADA INC., IN ITS CAPACITY AS COURT-APPOINTED RECEIVER AND MANAGER OF POWDER SPRINGS INN INC. · hours total: quote: Total Hours and Fees · value: 49.9 · context quote: FTI Consulting Canada Inc. was appointed receiver and manager (the "Receiver") of the assets, undertakings and properties of Powder Springs Inn Inc.; form: time_summary · rows: Craig Munro; Brett Wilson; Linda Kelly · money: tax: label: HST · quote: HST Registration No. 835718024RT0001 · amount: 1028.57 · fees: quote: Total Hours and Fees · amount: 17829.5 · total: quote: Invoice Total for Current Period · amount: 21600.06 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Expenses · amount: 2741.99 · period: end: 2014-03-16 · kind: invoice · quote: Current Invoice Period: Charges Posted through March 16, 2014 · approval: state: unstated · averages: · currency: · invoices: · firm text: FTI Consulting Canada Inc. · firm quote: FIRST REPORT OF FTI CONSULTING CANADA INC., IN ITS CAPACITY AS COURT-APPOINTED RECEIVER AND MANAGER OF POWDER SPRINGS INN INC. · hours total: quote: Total Hours and Fees · value: 55 · context quote: FTI Consulting Canada Inc. was appointed receiver and manager (the "Receiver") of the assets, undertakings and properties of Powder Springs Inn Inc.; form: time_summary · rows: Craig Munro; Brett Wilson · money: tax: label: HST · quote: HST Registration No. 835718024RT0001 · amount: 568.44 · fees: quote: Total Hours and Fees · amount: 8865.5 · total: quote: Invoice Total for Current Period · amount: 11937.15 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Expenses · amount: 2503.21 · period: end: 2014-03-31 · kind: invoice · quote: Current Invoice Period: Charges Posted through March 31, 2014 · approval: state: unstated · averages: · currency: · invoices: · firm text: FTI Consulting Canada Inc. · firm quote: FIRST REPORT OF FTI CONSULTING CANADA INC., IN ITS CAPACITY AS COURT-APPOINTED RECEIVER AND MANAGER OF POWDER SPRINGS INN INC. · hours total: quote: Total Hours and Fees · value: 24.9 · context quote: FTI Consulting Canada Inc. was appointed receiver and manager (the "Receiver") of the assets, undertakings and properties of Powder Springs Inn Inc.