British Columbia · Receivership (court-appointed)
Receiver's First Report to Court
Court officer report · 10 October 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing16 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noS233683
- statutory basisSection 39 of the Law and Equity Act, R.S.B.C. 1996 c.253
- applicantSanovest Holdings Ltd.
- appointeeMNP Ltd.
- appointee roleReceiver and Manager
- commencement date31 October 2023
- cash on handnote: Total cash held in Receiver's trust accounts as of September 30, 2024 · as at: 2024-09-30 · amount: 2473073 · currency: USD
- disbursementsnote: Total disbursements per Interim Statement of Receipts and Disbursements for period October 31, 2023 to September 30, 2024 · since: October 31, 2023 · amount: 595 · currency: USD
- financial positionnote: Assets: Cash of $1.96 million USD as of November 1, 2023 held in HSBC interest bearing account; estimated tax refund of $438,750 USD (received) from unfiled historical partnership tax returns. Liabilities: Sanovest Holdings claims approx $3.63 million USD owing as of March 31, 2023 (per Sanovest's 19% schedule); Receiver recalculated amount owing at 8% interest to be $8.83 million USD as of March 31, 2023. · basis: estimate/Receiver's review · scope: Ecoasis Pacific Properties Limited Partnership estate · currency: USD
- operational summaryThe receivership involves winding down Ecoasis's remaining assets (cash and a tax refund) following sale of its real estate lots, with the Receiver focused on resolving a loan dispute with secured creditor Sanovest Holdings and recommending an interim distribution.
- professional feesnote: Recommended to withhold $330,000 CAD for current professional fees for the Receiver, legal counsel, and DMCL's tax return preparation · party: Receiver and legal counsel (McMillan), plus DMCL · amount: 330000 · currency: CAD
- receipts cumulativenote: Total receipts per Interim Statement of Receipts and Disbursements for period October 31, 2023 to September 30, 2024 · since: October 31, 2023 · amount: 2473668 · currency: USD
- recovery outcomeentries: basis: estimated · quote: The Receiver recommends an interim distribution be made to Sanovest for $2.02 million USD subject to the approval of the Court as the Receiver holds significant funds. · pct of: unstated · outcome: distribution · currency: USD · class key: secured · stated by: receiver · amount low: 2020000 · cumulative: false · amount high: 2020000 · class label: Sanovest Holdings · claims amount: 8830000 · creditor name: Sanovest Holdings Ltd. · interim final: interim · conditional on: subject to the approval of the Court · currency quote: $2.02 million USD · claims qualifier: estimated · stated on: 2024-10-09 · table missing:
- report date9 October 2024
- report noFirst Report