New Brunswick · Receivership (court-appointed)

First Report of the Proposed Court Appointed Receiver Deloitte Restructuring Inc

Pre-filing report · 25 March 2024

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 filing2 verified

financial positionnote: Stated as a floor: 'ROGC is currently indebted to its respective creditors for an aggregate amount exceeding $4,000,000 comprising secured, preferred and unsecured creditors' - aggregate across all creditor classes, not broken out by class. · page: 11 · as at: 2024-03-25 · basis: Receiver's statement in First Report, based on unaudited, draft and/or internal financial information not verified per CAS (see Terms of Reference) · scope: entity - Royal Oaks Golf Club Inc. · currency: CAD · total liabilities: 4000000
secured creditorsnote: CWB issued demands for repayment and notices of intention to enforce security on October 13, 2023 pursuant to s.244(1) BIA and s.59 of the NB Personal Property Security Act; CWB thereafter privately appointed Deloitte as receiver on February 23, 2024 pursuant to its security. A personal guarantee of $250,000 was previously provided by Ronald Hrynyk (principal of shareholder HR Corporate Strategies Ltd., a related party) to secure ROGC financing; a larger guarantee of $440,000 was sought (but not obtained) for proposed refinancing with BDC. · page: 16 · debtor: Royal Oaks Golf Club Inc. · creditor: CWB Maxium Financial Inc. · currency: CAD · security: Collateral mortgage, personal guarantees, and a general security agreement over ROGC's property; original financing advanced in the amount of $2,150,000 (original advance, not a stated outstanding balance)