British Columbia · CCAA
Petition to the Court
Application / notice of application · 15 May 2025
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
- applicantMercy Falls BC Inc.
- commencement date15 May 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noS-253718
- statutory basisCompanies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36
- appointeeMNP Ltd.
- appointee roleproposed monitor
- financial positionnote: Total liabilities of US$6,698,382 comprised of secured, unsecured, trade creditors, and real property licensee obligations. Value of Petitioner's assets 'cannot be quantified at this time as many are contingent' (includes claims to Film/Production, claims against Studio, tax credit proceeds, and $35,000 Bond return proceeds). · page: 7 · basis: as stated in Petition (unaudited, prepared for CCAA filing) · scope: entity - Mercy Falls BC Inc. · currency: USD · total liabilities: 6698382
- secured creditorsnote: Plus $120,965.82 in accrued interest as of same date (interest continues to accrue). Demand loan; National Bank could demand payment in full at any time. · page: 8 · as of: 2025-04-30 · amount: 3018214 · debtor: Mercy Falls BC Inc. · creditor: National Bank of Canada · currency: CAD · security: General Security Agreement dated November 22, 2024 - first-ranking security interest in all present and after-acquired real and personal property; registered in BC PPR and ON PPR on November 25, 2024. Tax Credit Facility limit: not to exceed $4,413,000 (90% of earned refundable Federal and Provincial tax credits)
- secured creditorsnote: Outstanding indebtedness satisfied by $705.72 payment on May 12, 2025; Bond expected to be returned to Petitioner. · page: 8 · as of: 2025-05-12 · debtor: Mercy Falls BC Inc. · creditor: Union of B.C. Performers (UBCP) · currency: CAD · security: Security interest in all present and after-acquired personal property, registered in BC PPR on February 19, 2025. Bond of $35,000.00 posted as security.
- secured creditorsnote: Related party: Interim Lender is parent company/wholly-owns Petitioner (holds all 10 common shares). Listed by document under 'Unsecured Claims' heading despite GSA/PPR registration described above. Amount is plus interest and fees. · page: 9 · as of: 2025-05-08 · amount: 341000 · debtor: Mercy Falls BC Inc. · creditor: Nuts & Bolts Productions, LLC · currency: CAD · security: General security agreement securing the Nuts & Bolts Loan; registered at BC PPR and ON PPR on May 14, 2025
- secured creditorspage: 9 · amount: 17024 · debtor: Mercy Falls BC Inc. · creditor: Fraser River Paint & Body Ltd. · currency: CAD · security: Security interest registered at BC PPR in two specific 2008 Chevrolet vehicles (serial numbers 1GAHG39K981155519 and 1GAZGZF02C1146466) and all attachments, accessories, accessions and proceeds thereof
- recovery outcomeentries: basis: estimated · quote: The full amounts owing to National Bank are anticipated to be paid in full from those rebates. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: debtor · class label: National Bank · creditor name: National Bank · interim final: unstated · related party: false · conditional on: if given the breathing room to reorganize its affairs pursuant to the CCAA and receipt of tax refund · claims qualifier: unstated · table missing: