Alberta · Receivership (court-appointed)
Eight Report of the Receiver (Unfiled)
Court officer report · 5 July 2022
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 filing8 verified
- cash on handnote: Balance in estate per the proposed interim distribution table; equals the excess of receipts over disbursements for Jan 19, 2021 to June 30, 2022. · as at: 2022-06-30 · amount: 780813.59 · currency: CAD
- disbursementsnote: Total disbursements per the Interim Statement of Receipts and Disbursements. · since: January 19, 2021 (to June 30, 2022) · amount: 1481199.92 · currency: CAD
- operational summaryThe Receiver continues to maintain payroll for retained employees and servicing of remaining security contracts while closing small portfolio sales, transferring accounts to dealers and Bojan, and proposing to terminate unsold IFC accounts on 30 days' notice before winding up with an interim distribution.
- professional feesnote: Fees and disbursements totalling $349,822.73 ($367,313.86 including GST). Receiver's counsel Ogilvie LLP fees and disbursements to June 28, 2022 total $162,542.92; combined fees of Receiver and counsel approximately $529,856.78. · party: MNP Ltd. (Receiver) · amount: 349822.73 · period: to June 28, 2022 · currency: CAD
- receipts cumulativenote: Total receipts per the Interim Statement of Receipts and Disbursements: recurring monthly revenue $835,065.19, sale of assets $1,335,684.23, receiver's borrowings $90,000, insurance refund $1,264.09. · since: January 19, 2021 (to June 30, 2022) · amount: 2262013.51 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The balance of monies remaining in the estate is not sufficient to cover the debt of the Gurvich Group who will therefore suffer a shortfall on the repayment of its debt. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Gurvich Group · creditor name: Gurvich Group · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Receiver is proposing an interim distribution of funds to the Gurvich Group in the sum of $425,000 in accordance with its first position priory charge over the assets of ILP. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 425000 · amount high: 425000 · class label: Gurvich Group · creditor name: Gurvich Group · interim final: interim · claims qualifier: unstated · stated on: 2022-07-05 · table missing:
- report date5 July 2022
- report noEighth Report