Newfoundland and Labrador · Proposal
Final First Report of The Trustee - Extension
Court officer report · 24 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 filing15 verified
- unsecured creditorsnote: Related party (common director Mr. Chard); consists of $331,000 long-term debt and $90,000 accounts payable. Internal financial statements for year ending Dec 31, 2022 stated approximately $525,000 owing ($331,000 long-term debt + $194,000 accounts payable) · page: 4 · as of: 2023-10-24 · basis: Amount reported by Proposal Trustee as currently owed · amount: 421000 · debtor: Pathway Construction Ltd. · creditor: Eastern Roof and Floor Truss Manufacturing (2008) Inc. · currency: CAD
- unsecured creditorsnote: Not a liability of Pathway - included for context only; $529,676 outstanding receivable including $63,950.32 interest, subject to litigation · page: 4 · basis: Not a creditor of Pathway; disclosed as Pathway's disputed accounts receivable/litigation claim · debtor: Pathway Construction Ltd. · creditor: Dandy Dans Fish Market Ltd. · currency: CAD
- financial positionnote: Liabilities table on page 5 also shows a total of $1,759,297 for itemized categories (BMO $510,000 + CRA $22,834 + Equipment Leases $509,798 + Other Payables $716,665), which does not match the prose figure of $1,737,011 stated in para 18; document's own totals reported separately as stated · page: 5 · basis: unaudited internal financial statements; assets at book value as at September 30, 2023; liabilities as at Filing Date (September 28, 2023) for claims of $250 or more · scope: Pathway Construction Ltd. (entity level, unconsolidated) · currency: CAD · total assets: 1198895 · total liabilities: 1737011
- unsecured creditorsnote: Consists of $548 source deductions and $22,285 GST/HST; deemed trust class · page: 5 · as of: NOI filing date · basis: NOI amount as reported in creditor liabilities listing · amount: 22834 · debtor: Pathway Construction Ltd. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: BMO also holds GSA and is listed as secured creditor; this figure is the NOI-reported liability total for BMO facilities, which appear secured per page 6 disclosure · page: 5 · as of: NOI filing date · basis: NOI amount as reported in creditor liabilities listing · amount: 510000 · debtor: Pathway Construction Ltd. · creditor: Bank of Montreal · currency: CAD
- unsecured creditorsnote: Aggregate category; overlaps with equipment lessors separately named as secured creditors (CWB, RCAP, BNS, Ford, Vault, CNH, Wells Fargo) · page: 5 · as of: NOI filing date · basis: NOI amount as reported in creditor liabilities listing · amount: 509798 · debtor: Pathway Construction Ltd. · creditor: Equipment Leases (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors within this aggregate · page: 5 · as of: NOI filing date · basis: NOI amount as reported in creditor liabilities listing · amount: 716665 · debtor: Pathway Construction Ltd. · creditor: Other Payables (aggregate as reported) · currency: CAD
- secured creditorsnote: Component facility amounts stated; NOI amount reported elsewhere as $510,000 (see liabilities table, page 5) · page: 6 · as of: 2023-09-28 · debtor: Pathway Construction Ltd. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement over all present and after-acquired property; facilities: (i) operating demand loan limit $200,000, (ii) 6 Mastercard business cards aggregate limit $25,000, (iii) non-revolving facility balance $250,000
- secured creditorsnote: NOI originally listed as owed $1; subsequently determined to be owed approximately $56,263 · page: 6 · as of: 2023-09-28 · amount: 56263 · debtor: Pathway Construction Ltd. · creditor: Wells Fargo Equipment Finance Company · currency: CAD · security: Specific security over equipment and accessories (PPSA)
- secured creditorsnote: NOI originally listed as owed $1; subsequently determined to be owed approximately $164,563 · page: 6 · as of: 2023-09-28 · amount: 164563 · debtor: Pathway Construction Ltd. · creditor: CWB National Leasing Inc. · currency: CAD · security: Specific security over equipment and accessories (PPSA)
- secured creditorsnote: NOI originally listed as owed $1; subsequently determined to be owed approximately $144,469 · page: 6 · as of: 2023-09-28 · amount: 144469 · debtor: Pathway Construction Ltd. · creditor: RCAP Leasing Inc. · currency: CAD · security: Specific security over equipment and accessories (PPSA)
- secured creditorsnote: NOI originally listed as owed $1; subsequently determined to be owed approximately $97,193 · page: 6 · as of: 2023-09-28 · amount: 97193 · debtor: Pathway Construction Ltd. · creditor: The Bank of Nova Scotia · currency: CAD · security: Specific security over motor vehicle and accessories (PPSA)
- secured creditorsnote: NOI originally listed as owed $1; subsequently determined to be owed approximately $7,261 · page: 6 · as of: 2023-09-28 · amount: 7261 · debtor: Pathway Construction Ltd. · creditor: Ford Credit Canada · currency: CAD · security: Specific security over motor vehicle and accessories (PPSA)
- secured creditorsnote: NOI originally listed as owed $1; subsequently determined to be owed approximately $40,049 · page: 6 · as of: 2023-09-28 · amount: 40049 · debtor: Pathway Construction Ltd. · creditor: Vault Credit Corporation · currency: CAD · security: Specific security over equipment and accessories (PPSA)
- secured creditorsnote: NOI listed as owed $1; no updated amount subsequently determined · page: 6 · as of: 2023-09-28 · debtor: Pathway Construction Ltd. · creditor: CNH Industrial Capital Canada Ltd. · currency: CAD · security: Specific security over equipment and accessories (PPSA)