Ontario · Receivership (court-appointed)
Notice and Statement of the Receiver
Notice to creditors · 10 June 2024
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 filing5 verified
- financial positionnote: No total assets or total liabilities stated. Net book value of certain FCC Secured Property as of December 31, 2023: property, plant and equipment $28,537,734; intangible assets $416,625. · page: 2 · as at: 2023-12-31 · basis: Unaudited consolidated financial statements of the Debtors as at December 31, 2023; Receiver has not audited, reviewed or verified and offers no comment on realizable value · scope: Consolidated, Global Food and Ingredients Inc. and GFI Brands Inc.; only certain FCC Secured Property asset lines stated, not total assets · currency: CAD
- secured creditorsnote: Amount excludes professional fees, disbursements and accruing interest. · page: 3 · as of: 2024-05-13 · amount: 15004907.17 · debtor: Global Food and Ingredients Inc. and GFI Brands Inc. · creditor: Farm Credit Canada · currency: CAD · security: Term Loan Priority Collateral (FCC Secured Property): equipment and fixtures, intellectual property, real property including the Mortgaged Lands and Leasehold Interest, $1,000,000 life insurance policy on David Hanna, related books and records and proceeds
- secured creditorsnote: Amount excludes professional fees, disbursements and accruing interest. Listed in the Form 87 as a creditor holding security on the FCC Secured Property described; specific collateral not described in these pages. · page: 3 · as of: 2024-05-22 · amount: 5126801.18 · debtor: Global Food and Ingredients Inc. and GFI Brands Inc. · creditor: Siena Lending Group Canada LLC · currency: CAD
- secured creditorsnote: Amount excludes professional fees, disbursements and accruing interest. Listed in the Form 87 as a creditor holding security on the FCC Secured Property described; specific collateral not described in these pages. · page: 3 · as of: 2024-05-30 · amount: 525000 · debtor: Global Food and Ingredients Inc. and GFI Brands Inc. · creditor: 35 Oak Holdings Ltd. · currency: CAD
- unsecured creditorsnote: Stated total of the itemised list. The list itemises roughly 150 creditors (trade, farm/grain suppliers, carriers, professional firms, railways, utilities, government/regulatory bodies etc.), a number of names and amounts redacted for privacy, so the total exceeds the sum of visible rows. Largest visible: Canadian Agri Impex $1,153,272.59; McMillan LLP $311,904.99; RL Wolfe Ltd. $379,194.26; Newco Grain Exchange Ltd. $300,164.96; Rowland Seeds Inc. $240,528.60. Individual creditors are not repeated here; the list is subject to change. · page: 9 · as of: 2024-05-30 · basis: Schedule A, List of Other Creditors (Excluding Secured Creditors), prepared from the Debtors' books and records as at May 30, 2024; not audited or independently verified by the Receiver, without admission as to liability or quantum · amount: 6551904.99 · debtor: Global Food and Ingredients Inc. and GFI Brands Inc. · creditor: Unsecured creditors (aggregate as reported; list of other creditors excluding secured creditors) · currency: CAD