Manitoba · Receivership (court-appointed)
First Report of Receiver dated October 19, 2015
Court officer report · 19 October 2015
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What we verified from this filing9 verified
- cash on handnote: Includes USD funds of $18,375.38; figure appears in the R&D statement note and differs from the stated excess of receipts over disbursements of $96,118.70. · as at: 2015-09-18 · amount: 117364.12 · currency: CAD
- disbursementsnote: Total cash disbursements per Receiver's Statement of Receipts and Disbursements for the period ended September 18, 2015. · since: Date of Appointment · amount: 1210179.04 · currency: CAD
- financial positionnote: Receiver's findings raise concerns that the Consolidated Financial Statement is overstated by approximately $1.3 million USD of fictitious ShopHQ receivables and $657,000 of improperly recognized supplier credits. · as at: 2014-01-31 · basis: audited consolidated financial statements prepared under Canadian ASPE, with an emphasis of matter on going concern; the Receiver's investigative review found the statement's accounts receivable and supplier credits to be overstated · scope: consolidated - Arbaco Ltd. and its subsidiaries The Axe Houghton Group Inc., Arbaco Direct Inc., American Comfort Distribution Inc. and American Comfort Worldwide LLC, including Bentel Direct LP · currency: CAD · total assets: 8709673 · total liabilities: 8032924
- operational summaryThe Companies' operations have been wound down: employees were terminated, inventory and chattels were sold through private sales and a public auction, and the Winnipeg Warehouse remains listed for sale with only minimal maintenance activity ongoing; the Receiver continues to collect remaining receivables and pursue realizations.
- professional feesnote: Additional amounts recorded in the R&D: Receiver fees - forensic review $66,163.84; Legal fees $110,922.94; Legal fees - US Counsel $15,981.55. · party: Receiver (PricewaterhouseCoopers Inc.) · amount: 391123.66 · period: Date of Appointment to August 31, 2015 · currency: CAD
- receipts cumulativenote: Total cash receipts per Receiver's Statement of Receipts and Disbursements for the period ended September 18, 2015. · since: Date of Appointment · amount: 1306297.74 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Receiver has not obtained an opinion on the security held by RBC as it is unclear if there will be any distribution beyond a repayment of the Receiver's Certificates - it is also apparent that RBC will suffer a significant shortfall in this matter; · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC · creditor name: RBC · interim final: unstated · related party: false · claims qualifier: unstated · table missing:
- report date19 October 2015
- report noFirst Report