Alberta · Receivership (court-appointed)
First Report of the Inspector
Court officer report · 5 October 2011
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
- unsecured creditorsnote: Differs from liability recorded in TransCap's general ledger of $55.4 million (which had not been updated since 31-Dec-2008); Inspector investigating the discrepancy. Loans from individual lenders, unsecured per available records. · page: 12 · as of: 2009-12-31 · basis: Individual Lender listing seized/obtained by Inspector · amount: 67824733 · debtor: TransCap Corporation · creditor: Individual Lenders (aggregate, per individual Lender listing at Appendix D) · currency: CAD
- financial positionnote: Inspector states records obtained are incomplete, only minimal original documentation found, and no full accounting records, banking statements, or investment support documentation obtained; shareholders' equity of $(5,745,897) at 31-Dec-09 (deficit); no financial information available for year end 2010 or 2011; Mr. St. Jean advised TransCap currently has no funds on hand and all assets and liabilities have been transferred to IRC. · page: 13 · as at: 2009-12-31 · basis: Compiled from TransCap's Notice to Reader (unaudited) financial statements for 2001-2008 and from general ledger, investor and interest schedules for 2009 (no financial statements found for 2009); preliminary analysis based on incomplete records, could change materially · scope: TransCap Corporation, entity-level (unconsolidated) · currency: CAD · total assets: 57825865 · total liabilities: 57825865
- unsecured creditorsnote: General ledger balance appears unchanged from 31-Dec-2008 figure; differs from $67.8 million per individual Lender listing. · page: 13 · as of: 2009-12-31 · basis: TransCap's balance sheet (compiled from Notice to Reader financial statements/general ledger) · amount: 55366163 · debtor: TransCap Corporation · creditor: Due to Lenders (per TransCap general ledger/balance sheet) · currency: CAD
- unsecured creditorsnote: Related party; StrataTrade raised funds from individual Lenders and advanced them to TransCap. Mr. St. Jean is President and Mr. Tindall is Vice President of StrataTrade. · page: 13 · as of: 2009-12-31 · basis: TransCap's balance sheet (compiled from Notice to Reader financial statements/general ledger) · amount: 3884397 · debtor: TransCap Corporation · creditor: StrataTrade Corporation · currency: CAD
- unsecured creditorsnote: Document names no individual creditors within this aggregate. · page: 13 · as of: 2009-12-31 · basis: TransCap's balance sheet (compiled from Notice to Reader financial statements/general ledger) · amount: 4321202 · debtor: TransCap Corporation · creditor: Accounts payable (aggregate as reported) · currency: CAD