Alberta · Receivership (court-appointed)

First Report of the Receiver dated October 9, 2019

Court officer report · 9 October 2019

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 filing3 verified

financial positionnote: Assets comprised of Accounts Receivable estimated to produce $3.7 million and Equipment estimated at $900,000; Receiver does not anticipate realizations will be sufficient to satisfy claims of secured creditors (BMO $2,403,918 and SHEP Secured Creditors $21,846,083) · page: 6 · as at: 2019-08-10 · basis: estimated by Receiver as at Date of Bankruptcy · scope: Westridge Cabinets (1993) Ltd. (entity level) · currency: CAD · total assets: 4600000
secured creditorsnote: First secured lender of Westridge; considered a fulcrum creditor · page: 6 · as of: Date of Bankruptcy (August 10, 2019) · amount: 2403918 · debtor: Westridge Cabinets (1993) Ltd. · creditor: Bank of Montreal (BMO) · currency: CAD
secured creditorsnote: Related party (majority shareholder and affiliates); subordinated secured lenders to Westridge; considered a fulcrum creditor · page: 6 · as of: Date of Bankruptcy (August 10, 2019) · amount: 21846083 · debtor: Westridge Cabinets (1993) Ltd. · creditor: SHEP Secured Creditors (Signal Hill Equity Partners GP Inc. and affiliated entities) · currency: CAD