Ontario · Receivership (court-appointed)
First Report of the Receiver dated October 17, 2019
Court officer report · 17 October 2019
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What we verified from this filing15 verified
- financial positionnote: Excludes debt owing to Margarita Castillo (Judgment Debt, approx. $4.1 million per Receiver, or approx. $5 million original judgment plus interest/costs per para. 2). Equity deficit of $(60,319) thousand. Figures per Company's own unaudited statements as reported by Receiver. · page: 9 · as at: 2018-05-31 · basis: unaudited and unconsolidated balance sheet · scope: Xela Enterprises Ltd. entity-level only (unconsolidated); Company has never prepared consolidated financial statements · currency: CAD · total assets: 22755000 · total liabilities: 83075000
- unsecured creditorsnote: Includes amount to Carmen Gutierrez of $395,432 (mother of Juan Guillermo, related party, never a shareholder - purpose unclear per examination) and secured portion to Juan Arturo Gutierrez estate ($276,162, see secured creditors) · page: 9 · as of: 2018-05-31 · basis: Company's unaudited unconsolidated balance sheet · amount: 671000 · debtor: Xela Enterprises Ltd. · creditor: Due to shareholders (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Related party; BDT is Xela's creditor per Juan Guillermo's affidavit; also plaintiff/funder in Florida litigation · page: 9 · as of: 2018-05-31 · basis: Company's unaudited unconsolidated balance sheet, due to related parties breakdown · amount: 24194000 · debtor: Xela Enterprises Ltd. · creditor: BDT (BDT Investments Inc.) · currency: CAD
- unsecured creditorsnote: Related party; status noted as inactive · page: 9 · as of: 2018-05-31 · basis: Company's unaudited unconsolidated balance sheet, due to related parties breakdown · amount: 21884000 · debtor: Xela Enterprises Ltd. · creditor: Badatop Holdings Inc. · currency: CAD
- unsecured creditorsnote: Related party; subsidiary of Arven · page: 9 · as of: 2018-05-31 · basis: Company's unaudited unconsolidated balance sheet, due to related parties breakdown · amount: 11835000 · debtor: Xela Enterprises Ltd. · creditor: PAICA (Preparados Alimenticios Internacionales, CA) · currency: CAD
- unsecured creditorsnote: Related party; holding company (Barbados) · page: 9 · as of: 2018-05-31 · basis: Company's unaudited unconsolidated balance sheet, due to related parties breakdown · amount: 6508000 · debtor: Xela Enterprises Ltd. · creditor: Arven · currency: CAD
- unsecured creditorsnote: Aggregate balance sheet line; document names no individual creditors for this figure on these pages (individual creditors partially itemized separately in Xela Creditor List exhibit, e.g., Carey Rodriguez/CRGO, CKS Consulting) · page: 9 · as of: 2018-05-31 · basis: Company's unaudited unconsolidated balance sheet · amount: 9459000 · debtor: Xela Enterprises Ltd. · creditor: Accounts payable and other current liabilities (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Status noted as inactive; document names no individual creditors within this residual category · page: 9 · as of: 2018-05-31 · basis: Company's unaudited unconsolidated balance sheet, due to related parties breakdown · amount: 8523000 · debtor: Xela Enterprises Ltd. · creditor: Other related parties (aggregate as reported) · currency: CAD
- secured creditorsnote: Court-ordered charge securing Receiver's/counsel's fees and disbursements, not a pre-filing creditor claim · page: 26 · as of: Receivership Order date (July 5, 2019) · debtor: Xela Enterprises Ltd. · creditor: Receiver (KSV Kofman Inc.) and its counsel (Aird & Berlis LLP) · currency: CAD · security: Receiver's Charge - first charge on the Property in priority to all security interests, trusts, liens, charges and encumbrances, subject to BIA ss.14.06(7), 81.4(4), 81.6(2)
- secured creditorsnote: Post-filing borrowing facility charge, not a pre-filing secured creditor · page: 27 · as of: Receivership Order date (July 5, 2019) · debtor: Xela Enterprises Ltd. · creditor: Receiver's Certificate holders (lenders under Receiver's Borrowings Charge) · currency: CAD · security: Receiver's Borrowings Charge - fixed and specific charge on the Property, borrowing not to exceed $500,000 before December 31, 2019, subordinate to Receiver's Charge and BIA charges
- unsecured creditorsnote: Related party - director/officer fees and consulting services; last invoice dated May 31, 2017 per earlier October 27, 2017 creditor list · page: 59 · as of: Xela Creditor List prepared June 1, 2019 · basis: Xela Creditor List (Exhibit D) prepared without audit · amount: 91000 · debtor: Xela Enterprises Ltd. · creditor: CKS Consulting (Cal Shields Consulting) · currency: USD
- secured creditorsnote: Related party (shareholder/father of president); figure per Xela's creditor list; components were a note payable of $261,745 plus a promissory note debit of $14,967, reconciliation undertaken but not concluded on these pages; no demand for payment made by estate as of examination · page: 60 · as of: as reflected in Xela Creditor List prepared June 1, 2019 · amount: 276162 · debtor: Xela Enterprises Ltd. · creditor: Juan Arturo Gutierrez (father of Juan Guillermo Gutierrez; estate now held by Carmen S. Gutierrez as Executor) · currency: CAD · security: Registered security interest under the Personal Property Security Act (Ontario) over part of shareholder loan/note payable
- unsecured creditorsnote: Discrepancy noted: Canadian-dollar conversion shown as $296,000, suspected use of incorrect exchange rate (Quetzal vs USD/CAD); reconciliation undertaken but not resolved on these pages · page: 60 · as of: Xela Creditor List prepared June 1, 2019 · basis: Xela Creditor List (Exhibit D) prepared without audit · amount: 35000 · debtor: Fresh Quest, Inc. · creditor: Carey Rodriguez (CRGO) re FQI · currency: USD
- unsecured creditorsnote: Approximate figure ('over $1,000,000.00'); currency not specified on these pages; Fresh Quest inactive/closed since 2015; possible foreign proceeding not confirmed · page: 60 · as of: Xela Creditor List prepared June 1, 2019 · basis: Xela Creditor List (Exhibit D) prepared without audit · amount: 1000000 · debtor: Fresh Quest, Inc. · creditor: Rijk Zwaan re Fresh Quest International (FQI)
- fee scheduleengagements: form: invoice_listing · rows: · money: total: quote: an account dated September 17, 2019 in the amount of $49,177.68 · amount: 49177.68 · approximate: false · period: end: 2019-09-11 · kind: invoice · quote: in respect of the period from January 10, 2019 to September 11, 2019. · start: 2019-01-10 · approval: state: unstated · averages: rate: 549.44 · quote: The average hourly rate of Aird & Berlis LLP is $549.44. · currency: · invoices: date: 2019-09-17 · quote: an account dated September 17, 2019 in the amount of $49,177.68 in respect of the period from January 10, 2019 to September 11, 2019. · total: 49177.68 · period end: 2019-09-11 · period start: 2019-01-10 · firm text: Aird & Berlis LLP · firm quote: The average hourly rate of Aird & Berlis LLP is $549.44. · context quote: an account dated September 17, 2019 in the amount of $49,177.68 in respect of the period from January 10, 2019 to September 11, 2019.