Alberta · Proposal
Trustee's First Report dated March 27, 2015
Court officer report · 27 March 2015
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 filing11 verified
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no24-1968352
- appointeeGrant Thornton Limited
- appointee roleTrustee
- commencement date5 March 2015
- disbursementsnote: Actual disbursements for the period March 5 to March 25, 2015, resulting in a net negative cash flow of approximately $(20,000) · since: March 5, 2015 (NOI filing date) · amount: 107000 · currency: CAD
- financial positionnote: Assets breakdown: Cash $3,000; Accounts receivable $340,000; Inventory and WIP $811,000; Income taxes recoverable $17,000; Prepaid expenses $14,000; Promissory note receivable $222,000; Capital assets $374,000. Liabilities breakdown: Accounts payable $1,969,000; GST payable $195,000; Source deduction payable $320,000; Current portion of capital lease $28,000; Current portion of long-term debt $8,000; Long-term capital lease $5,000; Long-term debt $18,000; Advances from shareholders $321,000. · as at: 2015-02-28 · basis: book value; unaudited, not verified by the Trustee · scope: F.A.S.T. Industries Ltd. (entity-level) · currency: CAD · total assets: 1781000 · total liabilities: 2864000
- operational summaryFAST continues operating as an oil field service manufacturer, completing two ongoing rig repair contracts (expected by May 31, 2015) while pursuing suppliers largely on a COD basis and working toward a formal proposal to creditors.
- receipts cumulativenote: Actual receipts for the period March 5 to March 25, 2015 · since: March 5, 2015 (NOI filing date) · amount: 87000 · currency: CAD
- report date26 March 2015
- report noTrustee's First Report