Manitoba · Receivership (court-appointed)
Receiver’s First Report – filed January 13, 2022
Court officer report · 13 January 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- secured creditorsnote: Approximately $851,463 as at July 23, 2021 (per receivership application) with interest and costs continuing to accrue; BDC advised $956,241 as at December 20, 2021, inclusive of interim financing advanced to the Receiver; Receiver's legal counsel confirmed security valid and enforceable. Also BDC listed as owed $851,463 in Notice and Statement of Receiver dated September 17, 2021 (page 42) - earlier balance. · page: 7 · as of: 2021-12-20 · amount: 956241 · debtor: 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Registered security against all present and after-acquired property of the Companies
- unsecured creditorsnote: Stated as $Nil; CRA is currently completing a final audit of the Companies' taxation filings and accounts, so this figure may change - not a confirmed final amount · page: 7 · as of: not stated · basis: Unremitted employee source deductions and unremitted goods and services taxes, as recorded in the books and records of the Companies · amount: 0 · debtor: 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- unsecured creditorsnote: Plus accruing penalties and interest; proposed to be repaid in full via Proposed Distributions; earlier figure of $27,277 shown in Notice and Statement of Receiver dated September 17, 2021 (page 42) as amount owed to a creditor holding security - inconsistent classification across documents · page: 7 · as of: not stated · basis: Outstanding property taxes as recorded in the books and records of the Companies · amount: 55701 · debtor: 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. · creditor: Rural Municipality of Springfield (Property Tax Claim) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors for this aggregate figure · page: 7 · as of: not stated · basis: Various unsecured trade and other creditors estimated in aggregate, as recorded in the books and records of the Companies and as currently understood by the Receiver · amount: 13809 · debtor: 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Court-ordered borrowing under Receivership Order; proposed to be repaid in full plus accrued interest · page: 9 · as of: 2021 receivership period · amount: 50000 · debtor: 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. · creditor: Business Development Bank of Canada (BDC) - Receiver's Borrowings/Interim Financing · currency: CAD · security: Interim financing advanced to the Receiver, principal amount
- financial positionnote: Assets comprised of: Amounts Receivable $16,908 (also stated as $16,907 in report text at page 6); Inventory $15,045; Equipment $59,591; Land, improvements & buildings $1,602,166; total as stated in Notice and Statement of Receiver is $1,693,710. Total liabilities not stated as a single figure - liabilities components reported separately as secured (BDC) and unsecured/preferred (RM of Springfield, CRA, trade creditors). · page: 41 · as at: 2020-10-31 · basis: Book value per unaudited financial statements for the year ended October 31, 2020, the most recent available statements; books and records only kept current until October 2020 · scope: Combined entity - 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. (568 primarily holds investment in 548, which holds the tangible assets) · currency: CAD · total assets: 1693710
- secured creditorsnote: Amount owed stated as 'Unknown' in Notice and Statement of Receiver · page: 42 · as of: 2021-09-17 · debtor: 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. · creditor: North American Leasing Inc. · currency: CAD · security: PPSA registrant appearing to hold security against the property
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: GST/PST · quote: 6,956.30 $ · amount: 6956.3 · fees: quote: 57,949.25 $ · amount: 57949.25 · total: quote: 64,925.47 $ · amount: 64925.47 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 19.92 $ · amount: 19.92 · period: end: 2021-12-31 · kind: interim · quote: INTERIM SUMMARY OF PROFESSIONAL FEES FOR THE PERIOD OF SEPTEMBER 9, 2021 TO DECEMBER 31, 2021 · start: 2021-09-09 · approval: state: unstated · averages: · currency: · invoices: tax: 3436.74 · fees: 28619.61 · quote: to September 30, 2021 | LCTB-1250 | 28,619.61 $ | 19.92 $ | 28,639.53 $ | 3,436.74 $ | 32,076.27 $ · total: 32076.27 · period end: 2021-09-30 · disbursements: 19.92; tax: 1100.58 · fees: 9171.5 · quote: to October 31, 2021 | LCTB-1251 | 9,171.50 | - | 9,171.50 | 1,100.58 | 10,272.08 · total: 10272.08 · period end: 2021-10-31 · disbursements: 0; tax: 1172.29 · fees: 9769.11 · quote: to November 30, 2021 | LCTB-1253 | 9,769.11 | - | 9,769.11 | 1,172.29 | 10,941.40 · total: 10941.4 · period end: 2021-11-30 · disbursements: 0; tax: 1246.68 · fees: 10389.03 · quote: to December 31, 2021 | LCTB-1254 | 10,389.03 | - | 10,389.03 | 1,246.68 | 11,635.71 · total: 11635.71 · period end: 2021-12-31 · disbursements: 0 · firm text: Grant Thornton Limited · firm quote: Grant Thornton Limited · context quote: in its capacity as receiver of 5689482 Manitoba Ltd. and 5480052 Manitoba Ltd. and not in its personal or corporate capacity; form: invoice_listing · rows: · money: tax: label: GST/PST · quote: 2,595.56 $ · amount: 2595.56 · fees: quote: 21,513.00 $ · amount: 21513 · total: quote: 24,408.01 $ · amount: 24408.01 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 299.45 $ · amount: 299.45 · period: end: 2021-12-31 · kind: interim · quote: INTERIM SUMMARY OF PROFESSIONAL FEES FOR THE PERIOD OF SEPTEMBER 9, 2021 TO DECEMBER 31, 2021 · start: 2021-09-09 · approval: state: unstated · averages: · currency: · invoices: tax: 744.1 · fees: 6119.5 · quote: to September 30, 2021 | 647079 | 6,119.50 $ | 214.90 $ | 6,334.40 $ | 744.10 $ | 7,078.50 $ · total: 7078.5 · period end: 2021-09-30 · disbursements: 214.9; tax: 1851.46 · fees: 15393.5 · quote: to December 31, 2021 | 652662 | 15,393.50 | 84.55 | 15,478.05 | 1,851.46 | 17,329.51 · total: 17329.51 · period end: 2021-12-31 · disbursements: 84.55 · context quote: Professional Fees - Receiver's Legal Counsel · firm unverified: true
- recovery outcomeentries: basis: estimated · quote: to BDC, in full satisfaction of the Receiver's Borrowings - $50,000, plus accrued interest; · pct of: unstated · outcome: paid_in_full · currency: CAD · class key: court_charges · stated by: receiver · amount low: 50000 · amount high: 50000 · class label: BDC (Receiver's Borrowings) · creditor name: BDC · interim final: unstated · conditional on: subject to the closing of the Water-Park Sale Agreement · currency quote: all monetary amounts noted herein are expressed in Canadian dollars · claims qualifier: unstated; basis: estimated · quote: to the RM of Springfield, in full satisfaction of the Property Tax Claim - $55,701, plus accrued interest and penalties; and · pct of: unstated · outcome: paid_in_full · currency: CAD · stated by: receiver · amount low: 55701 · amount high: 55701 · class label: RM of Springfield (Property Tax Claim) · creditor name: RM of Springfield · interim final: unstated · conditional on: subject to the closing of the Water-Park Sale Agreement · currency quote: all monetary amounts noted herein are expressed in Canadian dollars · claims qualifier: unstated; basis: estimated · quote: BDC, in full satisfaction of the BDC Indebtedness - $906,241, plus accrued interest and costs. · pct of: unstated · outcome: paid_in_full · currency: CAD · class key: secured · stated by: receiver · amount low: 906241 · amount high: 906241 · class label: BDC (BDC Indebtedness) · creditor name: BDC · interim final: unstated · conditional on: subject to the closing of the Water-Park Sale Agreement · currency quote: all monetary amounts noted herein are expressed in Canadian dollars · claims qualifier: unstated · stated on: 2022-01-13 · table missing: The Receiver has prepared a projected statement of receipts and disbursements assuming the sale of the Water-Park Assets approved by the Court and closes in accordance with the Water-Park Sale Agreement.