Alberta · Receivership (court-appointed)
1. First Report of the Inspector with Appendices
Court officer report · 16 August 2007
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 filing14 verified · 1 withheld
- courtIN THE COURT OF QUEEN'S BENCH OF ALBERTA
- court file no0601-09869
- appointeeErnst & Young Inc.
- commencement date23 May 2007
- statutory basisPart 18 of the Business Corporations Act
- secured creditorsnote: DISCHARGED - repaid using funds raised from new Mortgage Investors; not currently registered · page: 17 · as of: September 2003 · amount: 340484.13 · debtor: CDI · creditor: Vendor (take-back mortgage) · currency: CAD · security: Vendor take-back mortgage registered against the Airdrie Lands
- secured creditorsnote: Registered as bare trustees for the Mortgage Investors in the Carling Springs Project · page: 18 · as of: current land titles certificate · amount: 775000 · debtor: Carling Springs Village Inc. (Airdrie Lands) · creditor: Integra Investment Service Ltd. / Canadian Western Trust / Olympia Trust Company (as bare trustees for Carling Springs Mortgage Investors) · currency: CAD · security: First mortgage registered on title of the Airdrie Lands (combined amount)
- secured creditorsnote: Inspector understands this mortgage was repaid by Integra and should no longer be registered; investigating to confirm no amounts owing · page: 19 · as of: current land titles certificate · amount: 150000 · debtor: CDI / Carling Springs Village Inc. (Airdrie Lands) · creditor: Supreme Mortgages Ltd. · currency: CAD · security: Second mortgage registered against the Airdrie Lands
- secured creditorsnote: Purchased the Integra/OTC mortgage originally registered at $1,424,000; accruing interest at 11% per year · page: 20 · as of: current land titles certificate · amount: 1500000 · debtor: CFC / Aurora River Towers Inc. (Fort McMurray Lands) · creditor: SSN (Sterling Mortgage Investment/Sage Funding Inc./New City Financial Corporation) · currency: CAD · security: First charge mortgage registered against the Fort McMurray Lands
- unsecured creditorsnote: Traced amount to Dawe Law Office accounts was $1,457,700 (difference $197,300 unexplained); term sheet provides 50% return upon completion · page: 43 · as of: per Carling List/Integra Lists · basis: Carling Inspector List (comprehensive investor listing prepared without audit) · amount: 1655000 · debtor: Carling Development Inc. (CDI) · creditor: Private Investors - Carling Springs Project · currency: CAD
- unsecured creditorsnote: Traced amount to Dawe Law Office accounts was $455,000; term sheet provides 25% return upon completion · page: 43 · as of: per Carling List/Integra Lists · basis: Carling Inspector List (comprehensive investor listing prepared without audit) · amount: 775000 · debtor: Carling Development Inc. (CDI) · creditor: Private Investors - Aurora River Project · currency: CAD
- unsecured creditorsnote: Amount is initial investment; term sheet provided for 100% return upon completion (total return $1,550,000); many investors elected to transfer investment to other Carling Projects · page: 43 · as of: per Carling List/Integra Lists · basis: Carling Inspector List (comprehensive investor listing prepared without audit) · amount: 775000 · debtor: Carling Development Inc. (CDI) · creditor: Private Investors - Applewood Project · currency: CAD
- unsecured creditorsnote: Traced amount to Dawe Law Office accounts was $944,780 (difference $815,000, partially explained by $591,000 transferred from Applewood Investors) · page: 43 · as of: per Carling List/Integra Lists · basis: Carling Inspector List (comprehensive investor listing prepared without audit) · amount: 1759000 · debtor: Carling Development (B.C.) Inc. (CDBC) / Carling Development Inc. (CDI) · creditor: Private Investors - Royal Villa Project · currency: CAD
- unsecured creditorsnote: Amount unknown; to be determined through claims process; no individual creditors named · page: 44 · basis: Estimated recoveries analysis (forecast, not yet determined) · debtor: Carling Development Inc. / Carling Group Canada Inc. / Carling Financial Corporation · creditor: Trade creditors and other unsecured creditors of Carling Group · currency: CAD
1 extracted value is 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.