Alberta · Receivership (court-appointed)
First Report of the Receiver dated 10 January 2022
Court officer report · 10 January 2022
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 filing14 verified
- applicantHSBC BANK CANADA
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no2101-13256
- appointeeErnst & Young Inc.
- commencement date3 November 2021
- appointee rolereceiver and manager
- secured creditorsnote: Approximately $195,000 secured revolving line of credit; described as primary secured creditor; security opinion confirmed (not merely pending); Receiver not aware of any other claims ranking in priority to HSBC · page: 4 · as of: Receivership Date (November 3, 2021) · amount: 195000 · debtor: Western Oilfield Equipment Rentals Ltd. · creditor: HSBC Bank Canada · currency: CAD · security: First charge security interest per Alberta Personal Property Registry searches; security opinion from Burnet, Duckworth & Palmer LLP confirming valid and enforceable security
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act
- unsecured creditorsnote: $40,000 advanced under the Canadian Emergency Business Account program; Receiver understands this to be an unsecured claim, distinct from HSBC's secured position · page: 11 · as of: Receivership Date (November 3, 2021) · basis: Receiver's understanding as stated in First Report · amount: 40000 · debtor: Western Oilfield Equipment Rentals Ltd. · creditor: HSBC Bank Canada (CEBA Loan) · currency: CAD
- process resultsbids: 4 · note: requests for proposal sent to nine auction firms; four proposals received · solicited: 9
- purchaserMcDougall Auctioneers Ltd.
- recovery outcomeentries: basis: estimated · quote: After receipt of the Interim Distribution and the distribution of any further residual funds in the estate of Western Oilfield to HSBC (the " Final Distribution "), HSBC is estimated to suffer a shortfall on the Secured Indebtedness and no funds will be available for distribution to other creditors of Western Oilfield. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: HSBC (Secured Indebtedness) · creditor name: HSBC Bank Canada · interim final: unstated · conditional on: After receipt of the Interim Distribution and the distribution of any further residual funds in the estate of Western Oilfield to HSBC (the "Final Distribution") · claims qualifier: unstated; basis: estimated · quote: After receipt of the Interim Distribution and the distribution of any further residual funds in the estate of Western Oilfield to HSBC (the " Final Distribution "), HSBC is estimated to suffer a shortfall on the Secured Indebtedness and no funds will be available for distribution to other creditors of Western Oilfield. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other creditors of Western Oilfield · interim final: unstated · conditional on: After receipt of the Interim Distribution and the distribution of any further residual funds in the estate of Western Oilfield to HSBC (the "Final Distribution") · claims qualifier: unstated · stated on: 2022-01-10 · table missing:
- sale advisorMcDougall Auctioneers Ltd.
- sale outcometext: Receiver reviewed proposals and selected McDougall Auctioneers' outright purchase offer, entered into the Equipment Sale Agreement, subject to Court approval · scope: parcel · status: pending_approval