British Columbia · Receivership (court-appointed)
Petition for Receivership for VGFC et al. (filed January 13, 2023)
Application / notice of application · 13 January 2023
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What we verified from this filing6 verified
- applicantWaygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund L.P.
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- appointeeBDO Canada Limited
- appointee roleReceiver and Manager
- statutory basiss. 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c. B-3, as amended and s. 39 of the Law and Equity Act, RSBC 1996, c. 253, as amended
- secured creditorsnote: Amount is the sum declared immediately due and payable per demand letters/Notices of Intention to Enforce Security dated January 6, 2023, plus interest, costs and expenses; also stated in para. 2 as amount owed as of January 6, 2023. Corporate Guarantors' guarantees are unlimited; related-party status not indicated. Petitioner states it is not the sole secured creditor for all Respondents but is 'substantially the majority stakeholder'. · page: 9 · as of: 2023-01-06 · amount: 8113003.68 · debtor: The Very Good Food Company Inc. and Corporate Guarantors (1218158 B.C. Ltd., 1218169 B.C. Ltd., The Cultured Nut Inc., The Very Good Butchers Inc., Lloyd-James Marketing Group Inc., VGFC Holdings LLC) · creditor: Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund L.P. · currency: CAD · security: General security interest over all present and future personal property, intellectual property, accounts, inventory, equipment, intangibles, documents of title, money, chattel paper, instruments, investment property, documents, proceeds, leaseholds, and undertakings (registered in BC PPR May 21, 2021); unlimited guarantees from each Corporate Guarantor; credit facility maximum aggregate amount (Principal Amount) of $70 Million