Alberta · Receivership (court-appointed)
Receiver's First Report
Court officer report · 13 October 2023
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: Stated as 'approximately $1.1MM' owed at onset of receivership; CWB was the applicant/petitioning secured creditor. Receiver has since been advised that Infocus' indebtedness to CWB has been paid in full by a third-party guarantor (not Management or Messaben), and no debt to CWB is currently outstanding. · page: 9 · as of: onset of receivership proceedings (June 2, 2023) · amount: 1100000 · debtor: Infocus Energy Services Inc. · creditor: Canadian Western Bank (CWB) · currency: CAD
- secured creditorsnote: Deemed trust class; $761,150.43 of the total claim is deemed trust. An earlier CRA requirement to pay (RTP) had indicated approximately $1.2 million owed for unremitted source deductions (prose approximation). CRA advised on Oct 3, 2023 that adjustments relating to July 2023 wages would result in an amended deemed trust claim, not yet received as of the report date. CRA is described as the largest priority creditor in the estate. · page: 9 · as of: 2023-09-18 · amount: 1282964.92 · debtor: Infocus Energy Services Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim for unpaid source deductions
- secured creditorsnote: Receiver's independent legal counsel opined the Lease is valid and enforceable; Meridian has reserved title to the Crane under a true lease, so it will not be subject to CRA's deemed trust claim; no outstanding balance stated. · page: 10 · debtor: Infocus Energy Services Inc. · creditor: Meridian OneCap Credit Corp · currency: CAD · security: Equipment Lease Agreement dated January 28, 2020 respecting a five-ton crane and related attachments; PPR registration of a security agreement against the Crane
- recovery outcomeentries: basis: actual · quote: However, the Receiver has recently been advised that Infocus' indebtedness to CWB has been paid in full by a third party guarantor, and that there is no debt to CWB currently outstanding. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Canadian Western Bank · creditor name: Canadian Western Bank · interim final: unstated · related party: false · claims qualifier: unstated · stated on: 2023-10-13 · table missing: