British Columbia · Receivership (court-appointed)
Receiver’s Report to Court
Court officer report · 10 November 2023
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What we verified from this filing16 verified
- applicantHerbert S. Madan Revocable Trust, Fakhoury Family Limited Partnership and VP 310 LLC
- appointeeCrowe MacKay & Company Ltd.
- appointee roleReceiver
- commencement date17 August 2023
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noS235649
- secured creditorsnote: Also funded receivership via third-party retainer · page: 1 · debtor: Trenditech Inc. · creditor: Herbert S. Madan Revocable Trust, Fakhoury Family Limited Partnership and VP 310 LLC · currency: CAD · security: Secured Creditors under s.243(1) BIA and s.39 LEA application; no amount stated
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 39 of the Law and Equity Act
- unsecured creditorsnote: This is an account receivable owed TO Trenditech, not a liability; disputed by Bleni Blends and advised by Management as uncollectible; included here only per original context, not a creditor of the debtor · page: 6 · as of: date of Receivership Order · basis: Accounts receivable owed to Trenditech (not a creditor of Trenditech - listed for completeness of company's own claims) · amount: 26337.96 · debtor: Trenditech Inc. · creditor: Bleni Blends · currency: CAD
- secured creditorsnote: Plus GST; rental arrears for 3 months; ongoing post-receivership rent also being paid · page: 7 · as of: 2023-08-31 · amount: 3000 · debtor: Trenditech Inc. · creditor: Big Mountain Foods 2 Ltd. · currency: CAD · security: Possessory lien over the BT80 (storage yard landlord)
- secured creditorsnote: Payout statement dated September 1, 2023; Receiver disclaimed interest in vehicle (no net equity) and returned it to RBC · page: 13 · as of: 2023-09-01 · amount: 48456.52 · debtor: Trenditech Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Motor vehicle registration (base registration no. 132236P), 2019 Ford Transit Van
- secured creditorsnote: Amount advised by Delgate for services rendered; monthly storage charges accruing ~$10K/month; Delgate estimated total costs of $200,000 to recoup · page: 14 · amount: 145330.27 · debtor: Trenditech Inc. · creditor: Delgate Logistics Ltd. · currency: CAD · security: Possessory lien over 19 SVMs and pureed product inventory in its possession
- secured creditorsnote: Amount advised by Innovative for services rendered · page: 15 · amount: 190554.48 · debtor: Trenditech Inc. · creditor: Innovative Vending Pty Ltd. · currency: USD · security: Possessory lien over 30 SVMs in its possession (China)
- unsecured creditorsnote: Preferred/priority portion up to WEPPA/statutory limits may be secured under s.81.3 BIA (see secured entry); Severance claims are unsecured; only 6 of 7 terminated employees had filed proofs as of report date · page: 16 · as of: date of report · basis: Proof of claims received from former employees for unpaid wages, vacation, and Severance · amount: 56408.82 · debtor: Trenditech Inc. · creditor: Former employees (six proof of claims received) · currency: CAD
- secured creditorsnote: Estimated amount; regulatory/statutory subrogated claim under WEPPA · page: 17 · as of: estimate as of report date · amount: 13403.75 · debtor: Trenditech Inc. · creditor: Service Canada (WEPPA subrogated claim) · currency: CAD · security: Subrogated secured claim against current assets pursuant to s.81.3 BIA, up to $2,000 per employee limit
- recovery outcomeentries: basis: estimated · quote: Given the amount claimed by Delgate pursuant to its possessory lien and the estimated realizable value of the 19 SVM's, the Receiver concludes that the estimated realization of the 19 SVM's will not be sufficient to settle the possessory lien of Delgate. · pct of: unstated · outcome: undetermined · class key: secured · stated by: receiver · class label: Delgate (possessory lien claimant) · creditor name: Delgate · interim final: unstated · claims qualifier: unstated · table missing: