Alberta · Receivership (court-appointed)
Elaborate Homes First Report
Court officer report · 20 April 2011
What we verified from this filing5 verified · 2 withheld
- cash on handnote: Represents excess of receipts over disbursements held in the Receiver's trust account as at the end of the reporting period. · as at: 2011-03-16 · amount: 161307.64 · currency: CAD
- financial positionnote: No total assets/liabilities stated; components reported: Cash $2,353.41 (Feb 22, 2011); Accounts receivable $123,669 (expected to reduce to nil after contra claims/write-offs); House inventory net book value $8,515,543 across 38 houses (secured by ATB ~$3.2 million and Servus ~$2.7 million mortgages); Land inventory net book value ~$377,000; Deposits on land ~$444,000 (Receiver anticipates this may be overstated); Fixed assets net book value ~$414,000 (estimated liquidation value $50,000-$100,000); Corporate office appraised at $785,000, subject to mortgages of ~$1.36 million. Liability items noted: CRA source deductions claim $404,139.59 (of which $294,559.81 claimed as trust funds); GST claim $17,271.09 with anticipated additional liability of ~$122,000; builder's liens of $86,408 pre-receivership plus $139,580 filed since receivership. · as at: 2011-02-22 · basis: unaudited financial information, Homes records and discussions with previous management; Receiver has not performed an audit, review or other verification · scope: Elaborate Homes Ltd. only (receivership estate); not consolidated with Elaborate Developments Inc. · currency: CAD
- operational summaryThe Receiver terminated Homes' employees and ceased new home construction, maintaining only limited operations to complete a small number of pre-existing house sale agreements while marketing the remaining house, land, and fixed assets for sale through a tender process.
- report date21 March 2011
- report noFirst Report
2 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.