Alberta · Receivership (court-appointed)
Filed Third Report of the Receiver
Court officer report · 20 August 2018
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What we verified from this filing9 verified
- cash on handnote: Balance available in the Receiver's trust account comprised of A/R collections and other current assets, before proposed interim distribution to TD Bank. · amount: 1020397.17 · currency: CAD · qualifier: balance available in trust account after distributions to BDC and Paccar
- disbursementsnote: From the Interim Statement of Receipts and Disbursements for the period March 29, 2018 to August 9, 2018. · since: March 29, 2018 (Receivership Order date) · amount: 373847.83 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: total: quote: $25,617.88 · amount: 25617.88 · includes tax: true · includes disbursements: true · approximate: false · period: kind: cumulative · quote: SUMMARY OF RECEIVER'S COUNSEL'S INVOICES TO DATE - OGILIVE LLP · approval: state: unstated · averages: · currency: · invoices: tax: 570.01 · date: 2018-04-25 · fees: 11032.5 · quote: 393137 | April 25, 2018 | $11,032.50 | $497.50 | $570.01 | $12,100.01 · total: 12100.01 · disbursements: 497.5; tax: 379.4 · date: 2018-05-17 · fees: 7277.5 · quote: 393924 | May17, 2018 | $7,277.50 | $427.32 | $379.40 | $8,084.22 · total: 8084.22 · disbursements: 427.32; tax: 121.24 · date: 2018-06-25 · fees: 2335 · quote: 395215 | June 25, 2018 | $2,335.00 | $89.88 | $121.24 | $2,546.12 · total: 2546.12 · disbursements: 89.88; tax: 137.03 · date: 2018-07-02 · fees: 2697.5 · quote: 396262 | July 2, 2018 | $2,697.50 | $53.00 | $137.03 | $2,887.53 · total: 2887.53 · disbursements: 53 · firm text: Ogilvie LLP · firm quote: Solicitors for the Receiver, MNP Ltd. · context quote: SUMMARY OF RECEIVER'S COUNSEL'S INVOICES TO DATE - OGILIVE LLP
- operational summaryThe Company's oilfield services operations have ceased; the Receiver has been realizing assets (real property listings, equipment auction, A/R collection) and administering priority creditor claims rather than continuing business operations.
- professional feesnote: This is the general fee category total per the fee summary; equipment fees $14,722.45 and real property fees $16,365.70 also disclosed separately; Receiver's counsel (Ogilvie LLP) total fees to date $23,342.50 plus disbursements and GST totaling $25,617.88. · party: MNP Ltd. (Receiver) - General fees · amount: 63426.35 · period: March 27, 2018 to August 8, 2018 · currency: CAD
- receipts cumulativesince: March 29, 2018 (Receivership Order date) · amount: 5372457.05 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the net realizations from the equipment secured to BDC, the Receiver is proposing a distribution to BDC of $3,801,306.62 which represents the net realizations from the Century Auction (less costs) plus the equity in the Paccar Equipment. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 3801306.62 · amount high: 3801306.62 · class label: BDC · creditor name: BDC · interim final: unstated · conditional on: The foregoing distributions assume that an Assignment in Bankruptcy of 128will have been filed before the above noted distributions take place. · currency quote: All references to currency are in Canadian dollars unless otherwise stated. · claims qualifier: unstated; basis: estimated · quote: Receiver is recommending an interim distribution to TD Bank of $620,000which will leave a balance of approximately $400,000 available within the Receivership estate to cover ongoing administrative costs and professional fees. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 620000 · amount high: 620000 · class label: TD Bank · creditor name: TD Bank · interim final: interim · conditional on: The foregoing distributions assume that an Assignment in Bankruptcy of 128will have been filed before the above noted distributions take place. · currency quote: All references to currency are in Canadian dollars unless otherwise stated. · claims qualifier: unstated · stated on: 2018-08-20 · table missing:
- report date20 August 2018
- report noThird Report