Alberta · NOI
Trustee's Report dated May 5, 2023
Court officer report · 5 May 2023
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 filing4 verified
- financial positionnote: Assets and liabilities carry different as-at dates. Assets: book value as at March 31, 2023 (Accounts Receivable $10,189,336; Holdbacks Receivable $5,386,782; Fixed Assets $5,059,700; Due From Related Party $1,441,371; Inventory $391,070; Prepaid Expenses $96,883; Co-op Equity $26,589). Liabilities: 'as at the Filing Date' (April 24, 2023) per the NOI (RBC $11,637,550; Other Secured Creditors $5,316,747; CRA payroll taxes $187,155; Other Payables $9,049,002). Management's estimates in the Wilson Affidavits state a belief that expected realizations would be sufficient to pay all liabilities in full. · basis: Assets: internal book values as at March 31, 2023, as reviewed (not audited) by the Proposal Trustee; liabilities: amounts listed in the filed NOI as owed to creditors with claims of $250 or more · scope: Viking Projects Ltd. (single entity) · currency: CAD · total assets: 22591731 · total liabilities: 26190454
- operational summaryViking, a pipeline and facilities construction company, is winding up its operations following disputes over receivables with Keyera. The majority of its physical assets were sold at auction, most employees were terminated before the NOI filing, and the remaining staff are retained only to collect receivables and complete the wind-down.
- report date5 May 2023
- report noFirst Report of the Proposal Trustee