Alberta · Bankruptcy
Filed First Report of MNP Ltd.
Court officer report · 31 August 2022
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 filing10 verified
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no24-2823737
- commencement date21 April 2022
- secured creditorsnote: Aggregate payout amount $76,851.70 per BNS documentation, plus additional accrued interest to date of payment. Components: Scotia Plan Loan #025197390916 $20,919.89; Scotia Plan Loan #025197492193 $26,489.92; Scotia Plan Loan #0251734980 $29,441.89 (not summed by report; aggregate stated). · page: 5 · as of: payout documentation provided by BNS · amount: 76851.7 · debtor: the Companies · creditor: Bank of Nova Scotia (BNS) · currency: CAD · security: three financed vehicles, serials 1GC1KWEY9JF195031, 1GB4KYEY7JF118834, 1GT12UEY2JF134883; the three vehicles were sold at the Auction for total proceeds of $166,000.00
- secured creditorsnote: DEEMED TRUST class (payroll source deductions) — ranks in priority to claims of all other creditors. Last Chance Trucking payroll account in arrears of $6,687.92 per notice of assessment dated 2022-07-05, of which $2,746.56 is penalties/interest that will NOT form part of the deemed trust claim. 3MK Energy Services payroll account balance was $0. Exact deemed trust amount currently UNKNOWN pending CRA payroll audit (not yet performed). Agent holding back $50,000 for CRA deemed trust claim and WEPP subrogated claim. · page: 5 · as of: notice of assessment dated 2022-07-05 · amount: 6687.92 · debtor: Last Chance Trucking (1995) Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: deemed trust / property claim equal to payroll deductions withheld from employees and not remitted
- secured creditorsnote: Valid Garage Keepers' liens; recommended for payment. Aggregate amount $7,214.43. · page: 5 · as of: per Personal Property Registry review · amount: 7214.43 · debtor: Last Chance Trucking (1995) Ltd. · creditor: Edmonton Kenworth Ltd. · currency: CAD · security: two Garage Keepers' liens properly registered against a 2011 Kenworth T800, serial 1XKDP3EX4BR946121; the T800 was sold at the Auction for $72,500.00
- secured creditorsnote: EXPIRED / INVALID — the United Lien expired 2022-06-20 (six-month Garage Keepers' Lien Act period) and no preservation steps were taken; Field's opinion is that United does NOT have a valid claim in priority to CWB. United misspelled the vehicle owner/debtor name and incorrectly recorded the serial number. Recorded for completeness only; not a current valid claim. · page: 5 · as of: lien registered 2021-12-20 · amount: 37255.01 · debtor: Last Chance Trucking (1995) Ltd. · creditor: United Truck & Machine Ltd. · currency: CAD · security: Garage Keepers' lien ('United Lien') registered 2021-12-20 against a 2011 Kenworth (serial recorded as 1XKCP4EX0BR9848875; vehicle sold was serial 1XKCP4EX0BR948875, sold 2022-06-24 for $187,500.00)
- secured creditorsnote: Ranks first and subordinates the claims of CWB, BNS and the Garage Keepers' liens. $100,000 is the charge CEILING, not a balance. Professional-fee components recommended for payment: DLA Piper $41,095.35; Field $28,471.33; MNP Ltd. (Proposal Trustee) $596.00 (report does not sum). · page: 6 · as of: Order dated 2022-05-26 · debtor: the Companies · creditor: Court-ordered Administration Charge (secures Proposal Trustee, counsel to Proposal Trustee and counsel to Companies for professional fees) · currency: CAD · security: first-ranking charge on the present and after-acquired assets, per Order of the Court dated 2022-05-26; charge ceiling $100,000
- secured creditorsnote: PREFERRED/WAGE character — unpaid wages and vacation pay for services in the six months prior to the initial bankruptcy event, secured to the extent of $2,000 on current assets. One former employee's claim handled through WEPP; subrogated claim will have security valued at $2,000. Any amount paid through WEPP greater than $2,000 becomes a subrogated UNSECURED claim. Agent holding back $50,000 for CRA deemed trust and WEPP. · page: 6 · as of: initial bankruptcy event · amount: 2000 · debtor: the Companies · creditor: Wage Earner's Protection Program (WEPP) — s.81.4 BIA super-priority (subrogated wage claim of one former employee) · currency: CAD · security: s.81.4 BIA super-priority security on the debtor's current assets, capped at $2,000
- secured creditorsnote: Primary lender. FLOOR figure — Statement of Affairs indicates CWB is owed 'in excess of $2,100,000'; exact amount owing not yet confirmed. Estate holds Proceeds of $1,886,802.67 (Auction + Equipment Sale) pending distribution; CWB to receive remaining Proceeds up to amount owed after prior-ranking claims. Subordinate to $100,000 Admin Charge. · page: 6 · as of: per Statement of Affairs · amount: 2100000 · debtor: 3MK Energy Services Ltd., CLL Capital Corp. and Last Chance Trucking (1995) Ltd. (jointly) · creditor: Canadian Western Bank (CWB) · currency: CAD · security: various secured credit facilities; Field Opinion: security valid and enforceable on all present and after-acquired personal property of the Companies (includes net sale proceeds of Equipment Sale and Auction)