British Columbia · Receivership (court-appointed)
Receiver's Second Report
Court officer report · 25 June 2026
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What we verified from this filing12 verified
- secured creditorsnote: Aggregate outstanding GST/HST across multiple reporting periods; quasi-governmental claim (potential deemed trust/priority claim per para 51(c)). · page: 12 · as of: multiple reporting periods, March 31, 2022 to September 30, 2025 · amount: 801960 · debtor: Westud Steel Products Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: CRA PSD Deemed Trust Claim, dating back to when Westud had employees; additional amounts may be outstanding; deemed trust claim with priority over other secured debts except Receiver's Charge and Receiver's Borrowings Charge. · page: 12 · amount: 8000 · debtor: Westud Steel Products Ltd. · creditor: Canada Revenue Agency (CRA) - Payroll Source Deductions · currency: CAD
- secured creditorsnote: Pre-receivership PST liability; regulatory/statutory claim; quantum not independently verified by Receiver. · page: 12 · as of: 2025-12-31 · amount: 2500 · debtor: Westud Steel Products Ltd. · creditor: Ministry of Finance (BC) - PST · currency: CAD
- secured creditorsnote: Outstanding GST/HST for the period ending December 31, 2023; quasi-governmental claim (potential deemed trust/priority claim per para 51(c)). · page: 12 · as of: 2023-12-31 · amount: 94800 · debtor: Columbia National Steel Products Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Approximate figure per Receiver's report; BMO is the Debtors' principal secured creditor; Security Opinion confirms BMO Security valid and perfected; BMO expected to suffer a shortfall on the BMO Debt. · page: 13 · as of: 2025-11-10 · amount: 1700000 · debtor: Westud Steel Products Ltd. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security agreements over all present and after-acquired personal property and various lease agreements (BMO Security)
- secured creditorsnote: Approximate figure per Receiver's report; BMO is the Debtors' principal secured creditor; Security Opinion confirms BMO Security valid and perfected; BMO expected to suffer a shortfall on the BMO Debt. · page: 13 · as of: 2025-09-04 · amount: 4100000 · debtor: Columbia National Steel Products Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security agreements over all present and after-acquired personal property and various lease agreements (BMO Security)
- secured creditorsnote: No amount stated; RBC's registrations are the only other secured registrations against the Debtors in the BC PPR besides BMO; ownership/security priority as between BMO and RBC over these specific assets is disputed/unresolved as of report date. · page: 13 · debtor: Westud Steel Products Ltd. / Columbia National Steel Products Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Specific PPSA registrations against the Disputed Samco Assets (two custom roll forming machines) and the 2018 Hyundai 160D9 Forklift
- secured creditorsnote: Outstanding pre-receivership premiums; regulatory statutory lien claim. · page: 13 · amount: 1100 · debtor: Westud Steel Products Ltd. · creditor: WorkSafeBC · currency: CAD · security: Statutory lien on all property or proceeds of property used or produced by the Debtors under s.265 of the Workers' Compensation Act
- process resultsnote: The Receiver identified 108 potential purchasers; multiple offers and auction proposals were received by the Offer Submission Deadline. · as of: 2026-05-27 · solicited: 108
- purchaserCGC Inc.
- recovery outcomeentries: basis: estimated · quote: BMO, as the Debtors' principal secured creditor, is supportive of the CGC Transaction, notwithstanding that BMO will suffer a significant shortfall on the BMO Debt; and · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BMO · creditor name: Bank of Montreal · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given that BMO is expected to suffer a shortfall in respect of their various security, the Receiver does not expect there to be any distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-06-25 · table missing:
- sale outcometext: Receiver recommending Court approve the CGC Transaction following evaluation of offers received · scope: whole_business · status: pending_approval