Alberta · Receivership (court-appointed)
Receiver's First Report Dated July 3, 2018 (Part 1/3)
Court officer report · 3 July 2018
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 filing9 verified
- cash on handnote: Represents funds deposited to the Company's bank accounts for the period May 11, 2018 to May 17, 2018; ATB swept the accounts on May 10, 2018 upon appointment of the Interim Receiver. · as at: 2018-05-17 · amount: 185000 · currency: CAD · qualifier: approximately
- operational summaryThe Receiver determined continued operations were not viable, terminated employees, relocated and secured the vehicle inventory, disclaimed the leased premises, and is conducting a marketing and sale process for the vehicle inventory and real estate rather than operating the business.
- process resultsbids: 10 · note: ten en-bloc offers for the Vehicles were received, four of which were outright purchase offers from auctioneers including one net minimum guarantee offer; two additional offers on individual lots were received. · solicited: 60
- purchaserMaynards
- recovery outcomeentries: basis: estimated · quote: It is anticipated there will be a significant shortfall to ATB; therefore, ATB is the only creditor that will be affected by the sale. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: ATB · creditor name: ATB Financial · interim final: unstated · claims qualifier: unstated · table missing:
- report date3 July 2018
- report noFirst Report
- sale advisorMaynards
- sale outcometext: The Receiver seeks Court approval of the sale of the Vehicle Inventory to Maynards. · scope: parcel · status: pending_approval