British Columbia · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 31 January 2020
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 filing9 verified
- cash on handnote: Closing cash position per the interim statement of receipts and disbursements for November 21, 2018 to March 18, 2019. · as at: 2019-03-18 · amount: 1314.11 · currency: CAD
- disbursementsnote: Bank service charges only. · since: 2018-11-21 · amount: 11.4 · currency: CAD
- operational summaryREM was a holding company with no active operations; its subsidiary REMDC SAS stopped production and processing at the Colombian gold mine in July 2018 for lack of funding. The Receiver is assisting in discussions with parties who may inject capital to restart the mine, and anticipates completing the receivership by end of March 2019.
- purchaserOrion Fund JV Limited and Liberty Metals and Mining Holdings LLC
- receipts cumulativenote: Interest only; receipts consist solely of interest on funds on deposit. Excludes the opening cash position of $1,323.17 transferred from the debtor's bank accounts. · since: 2018-11-21 · amount: 2.34 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Secured Creditors' will suffer a significant shortfall on their secured claim. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Secured Creditors · creditor name: Orion Fund JV Limited and Liberty Metals and Mining Holdings LLC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, there will be no funds available for 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: 2019-03-19 · table missing:
- report date19 March 2019
- report noFirst Report of the Receiver
- sale outcometext: Credit bid for the Fernando Claim pending Court approval; anticipated completion of the Receivership by end of March 2019 · scope: ancillary · status: pending_approval