British Columbia · Receivership (court-appointed)
Notice of Application for Sale Approval and Distribution Order dated February 15, 2024
Application / notice of application · 15 February 2024
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What we verified from this filing2 verified
- secured creditorsnote: Principal/major secured creditor per Receiver; Receiver's counsel opined BMO security is valid and enforceable; Receiver expects BMO to suffer a shortfall on this debt. Personal guarantees also granted to BMO: by the Mais (directors/spouse, related parties) dated 2018-04-26 limited to $2,550,000 plus interest at BMO prime + 3%; and by Mr. Weidong Zhu and Ms. Hua Xu (the 'Zhu and Xu Guarantee') limited to $2,450,000 plus interest at BMO prime + 3% - individual guarantors, not separate secured creditors. · page: 3 · as of: 2024-02-06 · amount: 4502381 · debtor: PolyCan Health Centre (Canada) Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General Security Agreement granted by PolyCan, as amended and restated, securing letter of credit facility (BMO Credit Facility)
- recovery outcomeentries: basis: estimated · quote: The Receiver expects that BMO will suffer a shortfall in respect of the debt owed to it by PolyCan. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Bank of Montreal · creditor name: Bank of Montreal · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver expects BMO to suffer a shortfall with regards to the BMO Credit Facility, and there will therefore be no distribution to any unsecured creditors in any event. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: