Alberta · Receivership (court-appointed)
245 246 Report Final
Notice of receiver (s. 245 / Form 87) · 20 November 2017
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 filing29 verified
- financial positionnote: No total assets or total liabilities stated; components only (not summed): accounts receivable $5,412,832; cash in bank $0; inventory $1,522,551; holdbacks/prepaid deposits $3,855,679; property, plant and equipment $190,408. Receiver's appraisal of inventory, property, plant and equipment shows a value less than 10% of the book figures shown. No liabilities side stated beyond the Schedule A unsecured list (column total $446,680.31). · page: 1 · as at: 2017-09-30 · basis: Unaudited Financial Statements at September 30, 2017, book value; Receiver states it has been unable to verify the figures due to lack of cooperation in providing reliable computer data or books and records · scope: Ital Steel Inc. (single entity) · currency: CAD
- secured creditorsnote: Named as a secured creditor; no amount or security details stated. · page: 1 · debtor: Ital Steel Inc. · creditor: BDC · currency: CAD
- secured creditorsnote: Named as a secured creditor in the Notice of Receiver; no amount or security details stated. · page: 1 · debtor: Ital Steel Inc. · creditor: Canadian Imperial Bank of Commerce · currency: CAD
- secured creditorsnote: Named as a secured creditor; no amount or security details stated. · page: 1 · debtor: Ital Steel Inc. · creditor: Community Vehicle Financing and Leasing Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 3962.7 · debtor: Ital Steel Inc. · creditor: Quality Transmission · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 56957.35 · debtor: Ital Steel Inc. · creditor: Rocky Mountain Crane Service · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Skoake Holdings · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 47662.32 · debtor: Ital Steel Inc. · creditor: Sunbelt Rentals of Canada Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 423.78 · debtor: Ital Steel Inc. · creditor: Sure Digital Print · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 1102.5 · debtor: Ital Steel Inc. · creditor: The Suck Truck · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. Regulatory/statutory claim. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Workers' Compensation Board · currency: CAD
- unsecured creditorsnote: Amount shown as a negative figure, $(143.54), i.e. a credit balance. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: -143.54 · debtor: Ital Steel Inc. · creditor: Officestuff Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 13499 · debtor: Ital Steel Inc. · creditor: Calgary Fasteners and Tools Ltd. · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. Quasi-governmental claim; deemed-trust class not stated in document. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Canada Revenue Agency - GST · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. Payroll source deductions; deemed-trust class not stated in document. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Canada Revenue Agency - Payroll · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: City of Calgary - Business Tax Acct 12746129 · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 1680 · debtor: Ital Steel Inc. · creditor: CMR Hotshot & Transport Ltd. · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 333.9 · debtor: Ital Steel Inc. · creditor: Continental Deacon Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 9011.63 · debtor: Ital Steel Inc. · creditor: Cortech Design Drafting Solutions · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 3045 · debtor: Ital Steel Inc. · creditor: Crystal Clear Welding Ltd. · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 36855 · debtor: Ital Steel Inc. · creditor: G-Plus Engineering Services · currency: CAD
- unsecured creditorsnote: Related party: listed as the company's Principal. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 248288.22 · debtor: Ital Steel Inc. · creditor: Joe Spadafora - Principal · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Metro Paving and Road Building Ltd. · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 4526.52 · debtor: Ital Steel Inc. · creditor: Naumann Bros. Inc. · currency: CAD
- unsecured creditorsnote: Schedule A lists about 22 individuals (e.g. Ball, Brown, Castillo, Daze, De Vincenzo, Evon, Giovani, Guido, Lagaris, Llanos-Martinez, McLaughlin, Noort, Perez Villasenor, Santiago, Sheren, Tesfazghi, Vasquez, Winhold, Wright) plus Spadafora family members (Giuseppe, Sarah, Serafina, Serafino F), each with amount Unknown. The Receiver's plan references WEPPA, suggesting some are employees, but the document does not label them as such. Schedule A states a column total of $446,680.31. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Individuals listed with Unknown amounts (employees/individuals and Spadafora family members) · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 2011.88 · debtor: Ital Steel Inc. · creditor: Audz Transfer · currency: CAD
- unsecured creditorspage: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · amount: 17464.05 · debtor: Ital Steel Inc. · creditor: Oxygen Products Calgary Ltd. · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Pitney Bowes - Acct 0016914402 · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. · page: 3 · basis: List obtained from the Principal's attorney (Schedule A); not verified by Receiver · debtor: Ital Steel Inc. · creditor: Praxair Canada Inc. - Acct BG871 · currency: CAD