Manitoba · Receivership (court-appointed)
TWC - First Report of the Receiver - 20 April 2022
Court officer report · 20 April 2022
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What we verified from this filing11 verified
- cash on handas at: 2022-04-19 · amount: 58000 · currency: CAD · qualifier: approximately
- disbursementssince: March 17, 2022 (date of receivership) · amount: 43101.73 · currency: CAD
- financial positionnote: Fixed Assets & Equipment $3,299,590; Inventory $2,254,279; Accounts Receivable $479,369; Total $6,033,238 (per s.246 Notice, as at date of receivership). Liabilities not stated as a single total; secured/priority creditors listed individually including HSBC ~$10.3 million CAD and ~$145,000 USD, CRA source deductions ~$1.4 million, CRA GST ~$400,000. · basis: net book values according to the Company's financial records; net realizable values not yet assessed · scope: entity - The Winning Combination, Inc. · currency: CAD · total assets: 6033238
- operational summaryTWC had effectively suspended operations prior to the receivership due to a lack of raw material inventory, and all employees were terminated by the Receiver on March 17, 2022; no sales, manufacturing, packaging or shipping activities have occurred since.
- process resultsnote: Tender Information Package distributed to 21 interested parties; results of tender process described in confidential supplement · as of: 2022-04-05 · solicited: 21
- receipts cumulativenote: Excludes deposits paid pursuant to the Tender Information Package. · since: March 17, 2022 (date of receivership) · amount: 101068.38 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Given the amount owed to the secured creditors and the net book value of the assets, it is expected that secured creditors will experience a shortfall and that there will be no funds available to unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given the amount owed to the secured creditors and the net book value of the assets, it is expected that secured creditors will experience a shortfall and that there will be no funds available to 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: 2022-03-24 · table missing:
- report date20 April 2022
- report noFirst Report
- sale advisorMcDougall Auctioneers Ltd.
- sale outcometext: Sale via tender process results described in confidential supplement; Receiver seeks authorization to conclude transaction(s) with superior offer(s) · scope: whole_business · status: pending_approval