Alberta · Receivership (court-appointed)
Supplement to the Second Report of the Receiver (filed) June 11 2018
Court officer report · 11 June 2018
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 filing5 verified
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no1701-15107
- appointeePricewaterhouseCoopers Inc., LIT
- appointee rolereceiver
- financial positionnote: The document states no total assets or total liabilities; the Receiver quotes selected line items only (not summed): '$4 million dollars in debt, $5.5 million dollars in accounts receivable, $1.5 million in inventory and $3.8 million in hold backs/deposits' (p.3, para 7); accounts receivable 'in excess of $5.4 million at September 30, 2017' (a floor), versus the listing of 'Open Invoices' at November 9, 2017 showing only $483,441, with the $5 million difference unexplained (p.5, para 15.3); assets at cost value $764,200 per Note 2 (equipment, vehicles, office; no breakdown, existence and location unverified) (p.5, para 15.1); inventory $1.5 million not supported by assets taken control of at Locations #1 and #2 or by the books (p.6, para 15.4); hold backs and prepaid deposits $3.8 million, no support obtained (p.6, para 15.5). The '$4 million in debt' is not itemised or identified by creditor or security in this document. Receiver notes customers dispute amounts allegedly owing to the Company (p.7, para 16) and that the Company has brought and is defending a number of lawsuits with no support provided (p.6, para 15.7). The Receiver holds the appointment over Ital Steel Inc.'s accounts receivable, inventory, equipment, and books and records (p.2). Canadian Imperial Bank of Commerce is the applicant/Bank in the receivership (p.1), but no security or balance owed to it is stated in these pages. · page: 3 · as at: 2017-09-30 · basis: Company's Financial Statements dated September 30, 2017, provided by Mr. Spadafora to the Bank; Receiver states it could not obtain support, the records 'lacked the level of detail that would be expected', and the figures were not reconciled to any asset listing or to the books and records · scope: Ital Steel Inc. (entity); no consolidated statement. Totals not stated in the document; only selected line items are cited. · currency: CAD