Alberta · Receivership (court-appointed)
Third Report of the Receiver
Court officer report · 21 June 2021
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What we verified from this filing11 verified
- closing confirmedscope: the Equipment (Auction Sale) · outcome: completed · effective: 2021-04-29 · date basis: stated · approval order date: 2021-03-26
- disbursementsnote: Approximate figure; majority related to insurance, property repairs and professional fees paid to the Receiver and its counsel. · since: Date of Appointment · amount: 495000 · currency: CAD
- operational summaryThe receivership estate has wound down operations, with the Companies' assets (equipment, real estate) being sold through an auction and a real estate sale process; Metro Roadbuilding was assigned into bankruptcy, and the Receiver is proceeding with distributions to secured creditors and lienholders.
- professional feesnote: Excludes GST; fees $118,258 plus disbursements $83. Cassels (Receiver's counsel) fees for March 1, 2021 to April 30, 2021 totaled $197,022 (fees $193,918 plus disbursements $3,104), excluding GST. · party: Receiver (BDO Canada Limited) · amount: 118341 · period: March 1, 2021 to May 15, 2021 · currency: CAD
- purchaserScorpio Masonry (Northern) Inc.; price: note: Total Auction Sale Proceeds · basis: cash · amount: 2585337 · sealed: false · currency: CAD · scope: the Equipment · status: closed · name note: end purchasers at the virtual equipment auction, unnamed · structure: auction · name source: operative · relationship: unstated
- receipts cumulativenote: Approximate figure; receipts consist primarily of accounts receivable collections, net Auction Sale proceeds, and Canada Life Policy cash surrender proceeds. · since: Date of Appointment · amount: 3300000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The proposed distribution amount to the Equipment Lessors totals $1,578,966 and the proposed distribution amount to the Lienholders totals $42,594, for a total of $1,621,560 ("Proposed Distribution(s)"). · pct of: unstated · outcome: distribution · class key: pmsi_lessor · stated by: receiver · amount low: 1578966 · amount high: 1578966 · class label: Equipment Lessors · interim final: unstated · conditional on: subject to Court approval · claims qualifier: unstated; basis: estimated · quote: The proposed distribution amount to the Equipment Lessors totals $1,578,966 and the proposed distribution amount to the Lienholders totals $42,594, for a total of $1,621,560 ("Proposed Distribution(s)"). · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 42594 · amount high: 42594 · class label: Lienholders · interim final: unstated · conditional on: subject to Court approval · claims qualifier: unstated; basis: estimated · quote: The Receiver recommends that a total of $4,100,000 is paid from the net proceeds of the Proposed Transaction, the Auction Sale and other realizations to date ("Interim Distribution"). · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 4100000 · amount high: 4100000 · class label: Bank of Montreal · creditor name: Bank of Montreal · interim final: interim · conditional on: subject to Court approval · claims qualifier: unstated · stated on: 2021-06-21 · table missing:
- report date21 June 2021
- report noThird Report
- sale advisorJones Lang LaSalle Estate Services Inc.; Royal Lepage Mission; Corporate Assets Inc.
- sale outcometext: Proposed sale of the Calgary Property to Scorpio pending Court approval · scope: parcel · status: pending_approval