Nova Scotia · Receivership (court-appointed)
First Report of Deloitte Restructuring Inc. in its capacity as Proposed Receiver
Pre-filing report · 1 April 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing3 verified
- financial positionnote: Shareholders' equity of $230,286 also shown; net after-tax losses of $540,328 (FY2021) and $1,370,405 (FY2022) reported; books and records of AOW could not be located as of the report date, limiting verification. · page: 6 · as at: 2022-12-31 · basis: AOW's externally compiled financial statements (unaudited); Proposed Receiver reviewed for reasonableness and internal consistency only, did not audit or verify accuracy/completeness · scope: entity-level (Atlantic Oriental Wholesale (AOW) Incorporated only) · currency: CAD · total assets: 5581174 · total liabilities: 5350888
- secured creditorsnote: Amounts not disclosed in filing; aggregated as serialized-equipment financiers class per multiple PPSA registrations · page: 8 · debtor: Atlantic Oriental Wholesale (AOW) Incorporated · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Personal property security registrations (primarily equipment lessors) holding direct security over specific pieces of equipment (e.g., vehicles); serial-numbered goods excluded from BDC's second-charge security per BoyneClarke opinion
- secured creditorsnote: Same figure ($1,222,795) also appears as 'Long-term debt - BDC' on AOW's externally compiled balance sheet as at December 31, 2022 (approximation carried forward); the exact dated balance per BoyneClarke's independent security opinion is used here. A personal guarantee dated March 2, 2022 was given by Mr. Jun Tak Kim (sole director/owner of AOW) in favour of BDC (related party/individual guarantor - name in note only). · page: 23 · as of: 2023-01-25 · amount: 1222795 · debtor: Atlantic Oriental Wholesale (AOW) Incorporated · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: First advanceable mortgage on land and buildings at 121 Seal Point Road, Port La Tour, NS dated March 2, 2022; General Security Agreement dated March 2, 2022; Loan Amendments dated March 3, 2022, March 29, 2022 and January 25, 2023; Promissory Note dated January 18, 2023 (collectively 'the Security'). BoyneClarke security opinion (Feb 26, 2024) confirms the Security is a binding valid first charge on the real property and a binding valid second charge on the personal property, except specific serial-numbered goods subject to other PPSA registrations.