British Columbia · Receivership (court-appointed)
Affidavit #1 of J. Lee sworn June 6, 2024 (w/ exhibits)
Affidavit · 6 June 2024
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 filing3 verified
- secured creditorsnote: Original 1986-style mortgage of CAD 10,500,000 from 145 Golden Drive Ltd. over the Lands was listed as 'To be Released' in the 2020 facility letter and appears superseded by the 2023 mortgages (Exhibits R and S); Operating Loan Facility limit was CAD 11,000,000 (facility ceiling, not balance); personal guarantors Kyle Smith and Craig Smith identified by role only · page: 3 · as of: 2024-05-28 · amount: 10747455.53 · debtor: Whitewater Concrete Ltd. · creditor: Royal Bank of Canada (successor by amalgamation to HSBC Bank Canada) · currency: CAD · security: GSA over all present and after-acquired personal property (Concrete GSA); mortgages dated February 17, 2023 and April 21, 2023; joint and several personal guarantee of Kyle Smith and Craig Smith limited to CAD 450,000 plus interest and charges; corporate guarantees of Krystle Holdings Ltd. and Bastian Holdings Ltd. each limited to CAD 1,000,000 plus interest and charges; guarantee of 145 Golden Drive Ltd. (limit not stated); guarantee of Whitewater Developments Ltd. (limit not stated); assignment/postponement of shareholder and related-company claims (Personal Guarantors, Developments, Krystle, Bastian) in favour of the Bank
- secured creditorsnote: Personal guarantors Kyle Smith and Craig Smith identified by role only · page: 4 · as of: 2024-05-28 · amount: 730466 · debtor: Whitewater Developments Ltd. · creditor: Royal Bank of Canada (successor by amalgamation to HSBC Bank Canada) · currency: CAD · security: GSA over all present and after-acquired personal property (Developments GSA); unlimited corporate guarantee from Whitewater Concrete Ltd.; unlimited personal guarantees from Kyle Smith and Craig Smith; assignment/postponement of shareholder loans; original 2010 facilities comprised a Capital Loan (CAD 1,000,000 demand non-revolving, balance CAD 338,143 as at December 15, 2010) and an Equipment Loan (CAD 420,000 demand non-revolving) — facility ceilings/historical balances, not the current balance
- secured creditorsnote: Existence of BDC security interest and priority arrangement stated; amount and ranking details not disclosed on these pages · page: 10 · debtor: Whitewater Developments Ltd. · creditor: Business Development Bank of Canada · currency: CAD · security: Subject of a priority agreement among the Bank, BDC, the Borrower and Whitewater Developments Ltd.