British Columbia · Receivership (court-appointed)
REMDC Notice to Creditors to REMDC First Interim Report of the Receiver
Court officer report · 20 May 2019
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 filing7 verified
- cash on handnote: Closing cash position at end of the receipts and disbursements period (Nov 21, 2018 to May 20, 2019); the report's introduction describes the period as ending May 17, 2019. · as at: 2019-05-20 · amount: 1319.45 · currency: CAD
- disbursementsnote: Bank service charges only. · since: 2018-11-21 (Date of Receivership) · amount: 11.4 · currency: CAD
- operational summaryREM is a holding company with no active operations; mining at its Colombian subsidiary's mine ceased in July 2018 for lack of funding. The receivership is winding down, having credit-bid the Fernando Claim to the secured creditors, with completion anticipated by end of July 2019.
- receipts cumulativenote: Interest received on funds on deposit; excludes the opening cash position of $1,323.17 transferred from the debtor's bank accounts. · since: 2018-11-21 (Date of Receivership) · amount: 7.68 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: It is anticipated that the Senior Lender will suffer a shortfall on its secured claim. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Senior Lender · creditor name: Senior Lender · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, there will be no funds available for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-05-20 · table missing:
- report date20 May 2019
- report noFirst Interim Report