Alberta · Receivership (court-appointed)
First Report of the IR, dated December 4, 2025
Court officer report · 4 December 2025
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 filing5 verified
- secured creditorsnote: Deemed trust class; Interim Receiver's estimate of unremitted employee source deductions (income tax $405,541, CPP $105,846, EI $28,730) since Company stopped reporting/remitting in approximately May 2025; CRA has expressed interest in a payroll audit and figure is unconfirmed · page: 9 · amount: 540117 · debtor: Regent Aircraft Services Inc. · creditor: Canada Revenue Agency (CRA) - Employee Source Deductions · currency: CAD
- secured creditorsnote: Balance per Kakkar Affidavit sworn Nov 12, 2025, plus interest and costs; led to obtaining of Interim Receivership Order · page: 10 · as of: 2025-11-12 · amount: 2882926 · debtor: Regent Aircraft Services Inc. · creditor: ATB Financial · currency: CAD · security: General security agreement over all present and after-acquired personal property of the Company; specific security over a 1967 De Havilland DHC-6-100 (S/N 73) and a 1968 De Havilland DHC-6-200 (S/N 106); security registered November 19, 2024; operating facility limit $3,000,000
- secured creditorsnote: Deemed trust class; per CRA discussions, outstanding GST amount as understood by Interim Receiver · page: 10 · as of: last filed GST return period September 2025 · amount: 19137 · debtor: Regent Aircraft Services Inc. · creditor: Canada Revenue Agency (CRA) - GST · currency: CAD
- financial positionnote: Total liabilities excludes shareholder's equity of $1,196,750; post-FS figures for certain assets (e.g., accounts receivable ~$2,363,232 as of Nov 1, 2025; inventory ~$2,583,032 as of Nov 18, 2025) differ from the Feb 28, 2025 FS and are noted separately in the report but not incorporated into a restated total · page: 43 · as at: 2025-02-28 · basis: Reviewed (limited assurance) financial statements prepared by Versatile Accounting Professional Corporation in accordance with Canadian accounting standards for private enterprises (not audited); Interim Receiver notes Company's books and records are incomplete as of the date of the First IR Report and has not verified the Information · scope: Regent Aircraft Services Inc. only (entity-level; not consolidated with 1840648 Alberta Ltd. or 2490506 Alberta Ltd.) · currency: CAD · total assets: 6330504 · total liabilities: 5133754
- secured creditorsnote: Aggregated serialized-equipment financing balance from FS Note 13 (current portion $188,307 plus long-term portion $479,454); figures from reviewed, unaudited financial statements attached as Appendix E; not independently confirmed by Interim Receiver as of report date · page: 58 · as of: 2025-02-28 · amount: 667761 · debtor: Regent Aircraft Services Inc. · creditor: PPSA equipment financiers (PMSI class) - includes First Capital, Bennington Financial Corp., RBC (equipment/vehicle leases) · currency: CAD · security: Multiple capital lease obligations, each secured by specific automotive and/or equipment/machinery pledged as collateral, per Feb 28, 2025 financial statements (Note 13)