New Brunswick · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 21 February 2025
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 filing7 verified
- courtTHE COURT OF KING'S BENCH OF NEW BRUNSWICK
- court file noSJM 246 2024
- commencement date28 November 2024
- financial positionnote: Total liabilities not stated: Central's creditor listing shows 'Total Creditors' as Unknown (secured: RBC 4,022,647, CIBC 343,996, BMO Unknown, Navistar Unknown; CRA 438,367 among unsecured). Other entities' net-book-value assets: CGL Auto Inc. 744,192 as at 2024-11-27; 613586 NB Ltd. 3,815,250 as at December 31, 2023. Central's total includes related-party receivables (613586 NB Ltd. 2,685,881; 055820 NB Ltd. 821,265; Other 65,035; CGL Auto Inc. 944,539). · as at: 2024-11-27 · basis: Statement of Assets at Net Book Value, "Prepared without audit"; Receiver relied on unaudited financial information without verification · scope: Central Garage Limited only (single entity; separate statements exist for CGL Auto Inc. and 613586 NB Ltd.) · currency: CAD · total assets: 9774354
- operational summaryThe companies' dealership operations have ceased; the Receiver has secured premises, inventory and records, terminated employees, retained some former employees for accounting records, and is working toward realizing assets, including repurchase sales of FCA and Kia vehicles and parts to the manufacturers.
- report date21 February 2025
- report noFirst Report