Ontario · Receivership (court-appointed)
First Report of Receiver
Court officer report · 17 December 2024
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What we verified from this filing7 verified
- secured creditorsnote: Report states 'approximately $3,140,000 plus accruing interest and costs of enforcement' as at Appointment Date; Receiver's Notice dated Aug 31, 2023 (Appendix B) separately estimates the secured amount at $2,822,000; also secured by limited personal guarantees dated Feb 8, 2021 from Marty Turco and Mark Muzzin (co-founders/director - related parties); BMO's indebtedness and security were assigned to Turco (a related-party guarantor) on June 16, 2024, a post-appointment event · page: 8 · as of: 2023-08-22 · amount: 3140000 · debtor: Kingsville Brewing Company Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General Security Agreement dated February 4, 2021 providing a security interest over all present and after-acquired personal property including first ranking charge over accounts receivable, inventory, machinery and equipment; Total Facility Limit of $3,283,000 (facility ceiling per Jan 13, 2021 Letter of Agreement, not a balance)
- secured creditorsnote: Deemed trust claim for unremitted source deductions (excludes penalties and accrued interest), established by CRA's July 2023 audit, one month prior to Receiver's appointment; CRA had not filed a proof of claim as of the report date · page: 14 · as of: July 2023 (CRA payroll audit) · amount: 172830 · debtor: Kingsville Brewing Company Inc. · creditor: Canada Revenue Agency (payroll source deductions) · currency: CAD
- secured creditorsnote: Deemed trust claim; CRA's initial HST examination, limited to the part-period August 1-22, 2023, resulted in a reassessment of input tax credits and liability of $53,977 (excludes penalties/interest); no proof of claim filed by CRA; Receiver's Notice (Aug 31, 2023) also lists CRA as a secured creditor with amount stated as 'Unknown' · page: 14 · as of: 2023-08-22 · amount: 53977 · debtor: Kingsville Brewing Company Inc. · creditor: Canada Revenue Agency (HST) · currency: CAD
- secured creditorsnote: Pre-appointment excise tax indebtedness (excludes penalties/interest) understood from CRA discussions/correspondence; no formal audit conducted by CRA on this account; no proof of claim filed · page: 14 · as of: 2023-08-22 · amount: 1203 · debtor: Kingsville Brewing Company Inc. · creditor: Canada Revenue Agency (excise tax) · currency: CAD
- secured creditorsnote: Regulatory/tax (deemed trust-type) liability for pre-appointment beer and wine tax (excludes penalties/interest); Ministry of Finance filed a proof of claim for this amount on September 1, 2023 · page: 14 · as of: 2023-08-22 · amount: 29102 · debtor: Kingsville Brewing Company Inc. · creditor: Ontario Ministry of Finance (beer and wine tax) · currency: CAD
- secured creditorsnote: Amount owed listed as 'Unknown' in Receiver's Notice dated August 31, 2023 (Appendix B, original p.44); independent counsel (Harrison Pensa) opinion confirms Ford's PMSI has priority over Turco's (formerly BMO's) general security interest in the van · page: 17 · as of: 2023-08-22 · debtor: Kingsville Brewing Company Inc. · creditor: Ford Credit Canada Company · currency: CAD · security: Purchase money security interest (PMSI) in one 2018 Mercedes-Benz Sprinter 2500 Cargo van
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 459 · quote: The average hourly rate is $459.00. · currency: · invoices: · firm text: MNP Ltd. · firm quote: FIRST AND FINAL REPORT TO THE COURT SUBMITTED BY MNP LTD., IN ITS CAPACITY AS RECEIVER OF KINGSVILLE BREWING COMPANY INC. · context quote: IN ITS CAPACITY AS RECEIVER OF KINGSVILLE BREWING COMPANY INC.; form: prose · rows: · money: approximate: false · period: end: 2024-12-10 · kind: invoice · quote: for the period of August 27, 2024 to December 10, 2024 · start: 2024-08-27 · approval: state: unstated · averages: rate: 344.73 · quote: The weighted average hourly rate charged by professionals at Harrison Pensa LLP is $344.73. · currency: · invoices: · firm text: Harrison Pensa LLP · firm quote: HARRISON PENSA LLP · context quote: Solicitors for the Receiver, MNP Ltd.; form: prose · rows: · money: approximate: false · period: end: 2024-08-26 · kind: invoice · quote: for the period of April 17, 2024 to August 26, 2024 · start: 2024-04-17 · approval: state: unstated · averages: · currency: · invoices: · firm text: Harrison Pensa LLP · firm quote: HARRISON PENSA LLP · context quote: Solicitors for the Receiver, MNP Ltd.