Newfoundland and Labrador · Receivership (court-appointed)
Foss Fishing Enterprise Limited - Notice and Statement of Receiver - dated January 15, 2024
Notice of receiver (s. 245 / Form 87) · 15 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 filing4 verified
- secured creditorsnote: Debtor's primary secured lender; supported by personal guarantee of Jimmy Lee Foss (director/related individual) dated December 1, 2022, secured by a GSA registered May 5, 2022 (Reg. No. 19829126), and by corporate guarantee of Quinlan Brothers Limited dated April 21, 2022 · page: 1 · amount: 3772843 · debtor: Foss Fishing Enterprise Limited · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: GSA dated April 19, 2022 over all present and after-acquired personal property (NL PPSR Reg. No. 19829167, registered May 5, 2022); Marine Mortgage dated April 19, 2022 over fishing vessel Ocean Surfer II (Official No. 80538), registered as Transport Canada Mortgage 'L' on May 6, 2022; Deed of Covenants collateral to the Marine Mortgage dated April 19, 2022
- secured creditorsnote: Amount owed unknown per Receiver's Notice; possible related-party/guarantor relationship arising from its guarantee of CIBC's debt · page: 2 · debtor: Foss Fishing Enterprise Limited · creditor: Quinlan Brothers Limited · currency: CAD · security: Listed in Notice as a creditor holding security on the Debtor's property; underlying instrument described on p.1-2 is a Guarantee dated April 21, 2022 made in favour of CIBC (the Lender), not a direct security agreement with the Debtor; nature of its own security interest not otherwise detailed in these pages
- secured creditorsnote: Listed as a secured creditor with unknown amount owed; likely deemed-trust class claim (source withholdings), amount not stated · page: 2 · debtor: Foss Fishing Enterprise Limited · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Listed as a secured creditor with unknown amount owed; nature of security not stated · page: 2 · debtor: Foss Fishing Enterprise Limited · creditor: La Scie Harbour Authority · currency: CAD