British Columbia · Receivership (court-appointed)
Trustees First Report to Court
Court officer report · 27 May 2025
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: Estate balance per the Trustee's Interim Statement of Receipts and Disbursements for April 14, 2020 to April 30, 2025 (excess of receipts over disbursements before distribution). · as at: 2025-04-30 · amount: 306.43 · currency: CAD
- disbursementsnote: Official Receiver fees $150.00, Trustee fees $26,104.00 and GST on Trustee fees $1,305.20, for the period to April 30, 2025. · since: 2020-04-14 · amount: 27559.2 · currency: CAD
- operational summaryThe Trustee has performed statutory duties (claims adjudication including former employees' priority claims, creditor and inspector meetings, WEPP compliance), estate banking administration, and pursuit of proceeds from pre-bankruptcy asset sales. The Province funds the administration as an adjunct to the receivership.
- professional feesnote: Fees of $40,724.50 (approx. 143.80 hours) plus taxes of $2,036.26. The Province funds the Trustee's fees. The first four invoices ($17,081.40) were approved by the inspector; invoices for Aug 2020 to Sep 2022 ($10,447.50) were paid without inspector or Court approval. The OSB directed on Jan 31, 2023 that no further invoices be paid until Court approved. Court approval is sought for all invoices to April 30, 2025. · party: PricewaterhouseCoopers Inc. (Trustee) · amount: 42760.76 · period: 2020-04-14 to 2025-04-30 · currency: CAD
- receipts cumulativenote: Receipts consist of an advance from secured creditor of $27,831.33 and interest of $34.30, for the period to April 30, 2025. · since: 2020-04-14 · amount: 27865.63 · currency: CAD
- recovery outcomeentries: basis: actual · quote: Bank of China has advised the Trustee that the Company's indebtedness was repaid in full in 2015 and that there is no further indebtedness. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: Bank of China (Canada) · creditor name: Bank of China (Canada) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: However, given the large amounts owing to the Province as well as the significant future costs to be incurred in addressing the existing environmental issues, there is no prospect of any recovery to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-05-27 · table missing:
- report date27 May 2025
- report noFirst Report