Alberta · NOI
Affidavit of Dwayne Vogel March 15, 2022
Affidavit · 15 March 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing12 verified
- secured creditorsnote: Described as Company's senior secured lender (para 22); Servus Facility cross-collateralized against equipment owned by 136 AB Ltd. Balance under the Servus Facility was $1,868,139 as at Dec 31, 2020 (FY2020 financial statement note 5) and approximately $1,868,000 per affidavit para 36; this balance has since been substantially retired through Company revenues and 136 AB Ltd. equipment-sale proceeds. The $390,000 figure is from the PPR-based Creditors' Package prepared for the NOI. · page: 4 · as of: NOI filing date (February 22, 2022) · amount: 390000 · debtor: 915245 Alberta Ltd. · creditor: Servus Credit Union · currency: CAD · security: General Security Agreement (PPR registered August 8, 2001); Servus Facility (operating line/authorized overdraft, $2,000,000 limit as of 2019-2020); collateral also includes unlimited guarantee and postponement by individual shareholder (Dwayne Vogel), $180,000 guarantee by shareholder's spouse, and unlimited corporate guarantee/postponement by 1369274 Alberta Ltd. (136 AB Ltd.)
- secured creditorsnote: Related-party creditors: Dwayne Vogel is sole shareholder, officer and director of the Company; 136 AB Ltd. is a company under common control/related party. · page: 4 · as of: NOI filing date · amount: 1236000 · debtor: 915245 Alberta Ltd. · creditor: Dwayne Vogel; The Vogel Family Trust; 136 AB Ltd. (joint registration) · currency: CAD · security: PPR registration December 5, 2008 (blanket, type unspecified)
- secured creditorsnote: Related party — company of which affiant Dwayne Vogel is also officer, director and shareholder; also the Company's principal equipment lessor. · page: 4 · as of: NOI filing date · amount: 1097000 · debtor: 915245 Alberta Ltd. · creditor: 136 AB Ltd. · currency: CAD · security: PPR registration December 5, 2008 (blanket, type unspecified)
- secured creditorsnote: Per para 18, this is a debt of 136 AB Ltd. guaranteed by the Company; registration names Company as debtor by virtue of the guarantee (paras 17, 23). · page: 4 · as of: NOI filing date · amount: 487000 · debtor: 136 AB Ltd. (debt guaranteed by 915245 Alberta Ltd.) · creditor: Canadian Western Bank · currency: CAD · security: PPR registrations Jan 17 2017, Oct 2 2017, Mar 2 2019 (single facility) plus related CWB National Leasing registration Mar 13 2017; cross-collateralized against serial-numbered equipment owned by 136 AB Ltd.
- secured creditorsnote: Debt of 136 AB Ltd. guaranteed by the Company (paras 18, 31). · page: 4 · as of: NOI filing date · amount: 2553000 · debtor: 136 AB Ltd. (debt guaranteed by 915245 Alberta Ltd.) · creditor: Essex Lease Financial Corporation · currency: CAD · security: Purchase-money security interest (PMSI) on approximately 40 pieces of heavy equipment (trucks/trailers) acquired by 136 AB Ltd. Feb–Apr 2020 at an original cost of approximately $3,000,000 (financing amount, not balance); PPR registered June 27, 2019
- secured creditorsnote: Aggregates Dynamic Capital Equipment Finance Inc. ($88,000; PPR Sept 11/25, Oct 10, 2019), Ford Credit Canada Leasing ($23,000; PPR Oct 1, 2018), and TNT Tank and Trailer Repair LP ($20,000; PPR Dec 23, 2020 / Jan 4, 2021). · page: 4 · as of: NOI filing date · amount: 131000 · debtor: 915245 Alberta Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized-equipment PMSI registrations
- secured creditorspage: 5 · as of: NOI filing date · amount: 128000 · debtor: 915245 Alberta Ltd. · creditor: Full Throttle Truck & Repair (Vegreville) Ltd. · currency: CAD · security: PPR registration January 21, 2022 (type unspecified)
- secured creditorsnote: Para 24 states the Company has no knowledge of any amount owing to '16356323 Alberta Inc.' or any security granted to that party — possibly the same entity as this registrant (name/number discrepancy in source). · page: 5 · as of: NOI filing date · amount: 0 · debtor: 915245 Alberta Ltd. · creditor: 1635623 Alberta Inc. · currency: CAD · security: PPR registration September 30, 2021 (blanket, type unspecified); indebtedness stated as Nil
- secured creditorspage: 5 · as of: NOI filing date · amount: 0 · debtor: 915245 Alberta Ltd. · creditor: Fundthrough · currency: CAD · security: PPR registration October 26, 2021 (blanket, type unspecified); indebtedness stated as Nil
- secured creditorspage: 5 · as of: NOI filing date · amount: 0 · debtor: 915245 Alberta Ltd. · creditor: Green Leaf Fuel Distributors Inc. · currency: CAD · security: PPR registration January 26, 2022 (blanket, type unspecified); indebtedness stated as Nil
- secured creditorsnote: Deemed-trust class claim — arrears for unremitted employee source deductions (para 19). · page: 5 · as of: NOI filing date · amount: 530000 · debtor: 915245 Alberta Ltd. · creditor: Canada Revenue Agency · currency: CAD
- financial positionnote: Total liabilities of approximately $9,560,000 stated 'as at the time of the filing of the NOI' (February 22, 2022) per para 25; total assets of approximately $4,680,000 (para 12) are described only as 'current' book value in this undated affidavit (sworn after the NOI, referencing events through May 2022) — the as-at dates for the two sides may not coincide. · page: 6 · as at: NOI filing date (liabilities); assets described only as 'current' book value · basis: Company management estimate based on books and records (unaudited); assets figure is 'current book value,' predominately aged accounts receivable and amounts due from related parties (~$3,000,000) that the Company anticipates it may not fully collect; liabilities figure aggregates secured creditors (~$6,022,000), unsecured creditors per Creditors' Package (~$2,760,000), CRA source-deduction arrears (~$530,000), and unregistered trade/repair creditors (~$247,000) · scope: 915245 Alberta Ltd. (Company) only, non-consolidated (excludes subsidiaries Blue Ray Trucking Ltd. and Kinosoo Trucking Ltd.) · currency: CAD · total assets: 4680000 · total liabilities: 9560000