Alberta · Receivership (court-appointed)
02. Second Report of the Reciever
Court officer report · 12 July 2011
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What we verified from this filing11 verified
- cash on handnote: Receiver states this cash will be used for insurance, structural engineering report and general contractor costs · as at: 2011-07-05 · amount: 11515 · currency: CAD
- disbursementssince: October 29, 2010 · amount: 163632 · currency: CAD
- operational summaryThe Receiver has continued to preserve and maintain the partially completed Vegreville Gardens townhouse project (fencing, roof/soffit repairs, water monitoring) while running two sales processes; due to significant structural, environmental and construction defects uncovered, it recommends accepting a reduced $285,000 offer from Willowglen and distributing net proceeds to RBC.
- process resultsbids: 11 · note: marketing teaser sent to approximately 139 potential buyers; 11 parties contacted the Receiver · solicited: 139
- professional feesnote: Listed as a disbursement category in the statement of receipts and disbursements · party: Receiver's counsel · amount: 7894 · period: October 29, 2010 to July 6, 2011 · currency: CAD
- purchaserWillowglen Condo Corp.; Willowglen Condo Corp.
- receipts cumulativenote: Comprised of Receiver's Certificates $175,000 and Interest Income $147 · since: October 29, 2010 · amount: 175147 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The debt owing to RBC is approximately $2 million, and as such RBC will suffer a significant shortfall on their security with no additional funds remaining for any other creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC · claims amount: 2000000 · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: Accordingly, there will be no recovery to other creditors of Vegreville Gardens. · pct of: unstated · outcome: nil · stated by: receiver · class label: other creditors of Vegreville Gardens · interim final: unstated · claims qualifier: unstated · stated on: 2011-07-12 · table missing:
- report date12 July 2011
- report noSecond Report
- sale outcometext: The Receiver recommends that the Second Willowglen Offer be accepted. · scope: parcel · status: pending_approval