British Columbia · Receivership (court-appointed)
Trustee's Preliminary Report
Court officer report · 27 July 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noB-260396
- commencement date8 July 2026
- secured creditorsnote: Described as 'the principal secured creditor' pre-receivership, owed approx. $10.8M by Concrete (and approx. $0.8M separately by related company Developments) as at May 28, 2024. RBC is projected to receive only ~$1.0M in total distributions from the Receivership Proceedings; its estimated remaining indebtedness of ~$9.8M (before accrued interest/costs) is expected to rank as an UNSECURED claim in the bankruptcy estate. Consistent with this, the sworn Statement of Affairs as at the Date of Bankruptcy (July 8, 2026) lists RBC's full claim of $10,747,455.53 entirely in the Unsecured column, with Secured = $0.00 — i.e., security effectively exhausted/discharged by the bankruptcy filing date. · page: 6 · as of: 2024-05-28 · amount: 10800000 · debtor: Whitewater Concrete Ltd. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Various credit facilities; Receivership Order granted on RBC's application limited security/possession scope to current assets, claims and choses in action of the Company (did not extend to capital/fixed assets)
- secured creditorsnote: Trustee states amounts owing to these parties and existence of any underlying equity are unknown; certain such creditors have taken steps to enforce/realize on their security. Statement of Affairs separately lists at least The Toronto-Dominion Bank and Wells Fargo Equipment Finance Company with nature 'Other - Debt unknown; appears in PPR', shown at nominal $1.00 unsecured placeholder values (not true balances). · page: 6 · debtor: Whitewater Concrete Ltd. · creditor: PPSA equipment/vehicle financiers (PMSI class) · currency: CAD · security: Security interests primarily over vehicles and fixed assets, excluded from the scope of the Receivership Order
- financial positionnote: Deficiency of $22,742,248.68 disclosed. All liability lines in the SoA show Secured = $0.00 (including RBC's $10,747,455.53 claim, reclassified entirely as unsecured). Trustee separately states in the body of the Report (page 3) that the Company had no net realizable assets in the bankruptcy estate as of the Date of Bankruptcy. · page: 9 · as at: 2026-07-08 · basis: Statement of Affairs (Form 78) totals as stated and estimated by the bankrupt/debtor (unaudited, sworn by directors Craig & Kyle Smith on July 10, 2026) · scope: Whitewater Concrete Ltd. only (single entity, non-consolidated) · currency: CAD · total assets: 0.01 · total liabilities: 22742248.69
- recovery outcomeentries: basis: estimated · quote: As RBC is expected to suffer a significant shortfall on its secured claim in the Receivership Proceedings, and as the Company has no realizable assets in the bankruptcy estate, the Trustee does not anticipate that any distribution will be available to unsecured creditors in the bankruptcy estate. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: RBC · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As RBC is expected to suffer a significant shortfall on its secured claim in the Receivership Proceedings, and as the Company has no realizable assets in the bankruptcy estate, the Trustee does not anticipate that any distribution will be available to unsecured creditors in the bankruptcy estate. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-07-27 · table missing: