British Columbia · Receivership (court-appointed)
Second Report of the Receiver dated April 11, 2025
Court officer report · 11 April 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: Given that the secured creditors are expected to suffer a shortfall in respect of their various security, the Receiver does not expect any distributions to any unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: ACC · claims amount: 213000 · creditor name: ACC · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: Given that the secured creditors are expected to suffer a shortfall in respect of their various security, the Receiver does not expect any distributions to any unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 2000000 · interim final: unstated · claims qualifier: estimated; basis: actual · quote: a $3,500,000 interim distribution to TD pursuant to the Lot 5 Sale and Distribution Order (the ' First TD Distribution '). · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 3500000 · cumulative: false · amount high: 3500000 · class label: TD · creditor name: TD · interim final: interim · claims qualifier: unstated; basis: unstated · quote: Subject to Court approval and granting of a distribution order allowing the Receiver to make a second interim distribution to TD pursuant to the TD Security, as confirmed by the TD Security Opinion (the ' Second Distribution Order '), the Receiver will make a further interim distribution to TD if the Lot 10 Transaction is approved by Court and closes, after retaining a balance to satisfy any potential priority claims that may be advanced and the remaining Receiver's and Dentons' fees and disbursements, pending further order of the Court. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · cumulative: false · class label: TD · creditor name: TD · interim final: interim · conditional on: Subject to Court approval and granting of the Second Distribution Order and if the Lot 10 Transaction is approved by Court and closes · claims qualifier: unstated · stated on: 2025-04-11 · table missing: