Nova Scotia · Receivership (court-appointed)
Affidavit of Herb Breau.pdf
Affidavit · 21 January 2024
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 filing8 verified
- secured creditorsnote: Related party - DIP Lender is wholly owned by director Jose Teixeira; maximum principal facility amount, not a balance; affidavit states full amount was drawn as of later date · page: 17 · as of: November 24, 2023 (Order approving DIP Facility) · amount: 1100000 · debtor: Chester Basin Seafood Group Inc. · creditor: 4519497 Nova Scotia Limited (DIP Lender, nominee corporation of Jose Teixeira) · currency: CAD · security: DIP Lender's Charge against all Property, second priority behind Administration Charge
- unsecured creditorsnote: Related party - director; personal advance to fund vessel repairs (Seaman's Toy 1 / Fortune Pride engine) · page: 22 · as of: October 2023 · basis: Affidavit of Jose Teixeira describing personal advance · amount: 200000 · debtor: Chester Basin Seafood Group Inc. · creditor: Jose Teixeira · currency: CAD
- secured creditorsnote: Senior secured lender; primary secured creditor; credit facilities guaranteed personally by Herbert Breau and Jacques Chabot up to $500,000 each (personal guarantees, related parties as directors/shareholders) · page: 24 · debtor: Chester Basin Seafood Group Inc. · creditor: The Toronto-Dominion Bank (TD) · currency: CAD · security: Revolving operating facility $500,000; fixed rate term loan $3,378,284; fixed rate term loan $1,800,000; fixed rate term loan $375,000 - secured against present and after-acquired personal property
- secured creditorsnote: Private lender; term loan principal amount, not necessarily current outstanding balance · page: 24 · amount: 1000000 · debtor: Chester Basin Seafood Group Inc. · creditor: Pluto Investments Inc. · currency: CAD · security: General security interest in all present and after-acquired personal property
- unsecured creditorsnote: Document states largest trade creditors are suppliers of fuel, freight, and boatyard services but does not name them or provide an aggregate figure · page: 25 · basis: Affidavit of Jose Teixeira describing CBSG's primary unsecured obligations · debtor: Chester Basin Seafood Group Inc. · creditor: Trade Payables (unnamed, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Related party - Jose Teixeira family trust; figure is principal amount of VTB note, not necessarily current outstanding balance · page: 25 · basis: Books and records of the Company reflecting vendor-take-back promissory note principal · amount: 3700000 · debtor: Chester Basin Seafood Group Inc. · creditor: Teixeira Family Trust (VTB Promissory Note) · currency: CAD
- unsecured creditorsnote: Related party - director/Chairperson via affiliated corporations; subordinated shareholder loans; affiant Jose Teixeira states he cannot verify historical advances asserted by creditors or shareholders · page: 25 · as of: as advised November 19, 2023 · basis: Affiant advised by Herbert Breau of shareholder loans advanced since December 2022 · amount: 562000 · debtor: Chester Basin Seafood Group Inc. · creditor: Herbert Breau (affiliated corporations, shareholder loans) · currency: CAD
- secured creditorsnote: Court-ordered charge securing professional fees and disbursements; amended from originally requested $100,000 to $50,000 maximum · page: 34 · as of: November 24, 2023 (Order) · amount: 50000 · debtor: Chester Basin Seafood Group Inc. · creditor: Proposal Trustee, counsel to Proposal Trustee, and Company's counsel (Administration Charge beneficiaries) · currency: CAD · security: Administration Charge against all Property, first priority