Ontario · NOI
Second Report, dated November 16, 2018
Court officer report · 16 November 2018
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 filing13 verified
- financial positionnote: First Report para 17 (PDF p.15) states Alfacon's NOI lists creditors with claims (>$250) of approximately $10.8 million. This is total claims and includes both secured and unsecured creditors; the document does not separately state an unsecured total or itemize unsecured creditors (hence unsecured_creditors null). Total assets not quantified: assets consist of accounts receivable (majority of asset value), raw materials and work-in-progress, with substantially all engineering/manufacturing/assembly equipment under capital leases; all assets stated to be encumbered by secured creditors (First Report paras 13-15, PDF p.15). Fuller asset/liability detail is in the Murdoch Affidavit, filed separately and not present in this document. Income statement for the year ended April 30, 2018 (unaudited): revenue $8,161,850, EBITDA -$4,364,419 (PDF p.15). · page: 15 · as at: 2018-10-02 · basis: NOI list of known creditors with claims greater than $250, as reported (unaudited); figure stated as approximate · scope: Alfacon Solutions Limited (single entity) · currency: CAD · total liabilities: 10800000
- secured creditorsnote: Estimated amount owed at filing date per First Report table (PDF p.16). · page: 16 · as of: 2018-10-02 · amount: 11084 · debtor: Alfacon Solutions Limited · creditor: Liftcapital Corporation · currency: CAD · security: Equipment lessor/financier (PPSA registration)
- secured creditorsnote: Estimated amount owed at filing date per First Report table (PDF p.16). · page: 16 · as of: 2018-10-02 · amount: 9740 · debtor: Alfacon Solutions Limited · creditor: National Leasing Group Inc · currency: CAD · security: Equipment lessor/financier (PPSA registration)
- secured creditorsnote: Estimated amount owed at filing date per First Report table (PDF p.16). · page: 16 · as of: 2018-10-02 · amount: 3192 · debtor: Alfacon Solutions Limited · creditor: RCAP Leasing Inc. · currency: CAD · security: Equipment lessor/financier (PPSA registration)
- secured creditorsnote: Estimated amount owed at filing date per First Report table (PDF p.16). · page: 16 · as of: 2018-10-02 · amount: 1579 · debtor: Alfacon Solutions Limited · creditor: Dell Financial Services Canada Limited · currency: CAD · security: Equipment lessor/financier (PPSA registration)
- secured creditorsnote: Estimated amount owed at filing date per First Report table (PDF p.16). · page: 16 · as of: 2018-10-02 · amount: 1 · debtor: Alfacon Solutions Limited · creditor: Vault Credit Corporation · currency: CAD · security: Equipment lessor/financier (PPSA registration)
- secured creditorsnote: Senior-most secured (primary operating lender). Estimated amount owed at the NOI filing date per First Report secured-creditor table (PDF p.16) and Karwala Affidavit para 6 (PDF p.27); Second Report para 14 (PDF p.4) rounds it to approximately $2.159 million. · page: 16 · as of: 2018-10-02 · amount: 2158586 · debtor: Alfacon Solutions Limited · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: First-ranking security interest against Alfacon's inventory, equipment and accounts, among other collateral (subject only to certain equipment lessors' registrations). Operating lender under Credit Agreement dated Oct 9, 2014, as amended; Forbearance Agreement Apr 2018 (extended Jul 2018); RBC issued a demand and Notice of Intention to Enforce Security Sept 27, 2018.
- secured creditorsnote: Estimated amount owed at the filing date per First Report secured-creditor table (PDF p.16), from Ontario PPSA registry search as of 2018-10-23 and Alfacon's records (First Report para 18). · page: 16 · as of: 2018-10-02 · amount: 780000 · debtor: Alfacon Solutions Limited · creditor: BDC Capital Inc. · currency: CAD · security: PPSA registration
- secured creditorsnote: Individuals (private lenders) listed as secured creditors. Estimated amount owed at filing date per First Report table (PDF p.16). · page: 16 · as of: 2018-10-02 · amount: 250000 · debtor: Alfacon Solutions Limited · creditor: Richard Abbott / Doreen Abbott · currency: CAD · security: PPSA registration
- secured creditorsnote: Individual listed as secured creditor. Estimated amount owed at filing date per First Report table (PDF p.16). Distinct from Patrick Bermingham Holdings Inc. which is also $100,000. · page: 16 · as of: 2018-10-02 · amount: 100000 · debtor: Alfacon Solutions Limited · creditor: Shannon Monteith · currency: CAD · security: PPSA registration
- secured creditorsnote: Related party. Amount per NOI creditor list (Karwala Affidavit para 24, PDF p.31); one of the three creditors the First Report aggregated as $3,435,000 (PDF p.16). · page: 31 · as of: 2018-10-02 · amount: 100000 · debtor: Alfacon Solutions Limited · creditor: Patrick Bermingham Holdings Inc. (PBHI) · currency: CAD · security: PPSA registration
- secured creditorsnote: Majority shareholder / parent (owns 75% of Alfacon) - related party. Amount per NOI creditor list (Karwala Affidavit para 24, PDF p.31); one of the three creditors the First Report aggregated as $3,435,000 (PDF p.16). Postponed/subordinated to RBC per guarantee (para 25). · page: 31 · as of: 2018-10-02 · amount: 2935000 · debtor: Alfacon Solutions Limited · creditor: Monteco Ltd. · currency: CAD · security: PPSA registration
- secured creditorsnote: Individual / related party. Amount per Alfacon's NOI creditor list as recited in the Karwala Affidavit (RBC), para 24, PDF p.31. The First Report's secured-creditor table (PDF p.16) instead lists Murdoch / Monteco Ltd. / Patrick Bermingham Holdings Inc. as a SINGLE aggregate of $3,435,000 as at the filing date; do not double-count these three entries against that aggregate. RBC has received a postponement of all indebtedness Alfacon owes Murdoch, given as part of a guarantee to RBC, so this claim is subordinated to RBC (Karwala Affidavit para 25, PDF p.31). · page: 31 · as of: 2018-10-02 · amount: 554829.4 · debtor: Alfacon Solutions Limited · creditor: John Murdoch · currency: CAD · security: PPSA registration