British Columbia · Receivership (court-appointed)
First and Final Report of the Receiver
Court officer report · 22 July 2024
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: Exact balance per Receivership Application as of Oct 16, 2023; elsewhere described in prose as part of an approximate cross-guaranteed loan of $5,540,000 (para 37). · page: 8 · as of: 2023-10-16 · amount: 3893743.61 · debtor: Algon Holdings Inc. (principal borrower) · creditor: Royal Bank of Canada · currency: CAD · security: General security agreements (GSAs) registered on each TEBO Group entity between Nov 2021–July 2022; cross-guaranteed credit agreement dated November 10, 2021 (Algon/RBC)
- secured creditorsnote: Exact balance per Receivership Application as of Oct 16, 2023; part of cross-guaranteed loan approximated elsewhere at $5,540,000 (para 37). · page: 8 · as of: 2023-10-16 · amount: 1648200 · debtor: Tebo Mill Installations Inc. (TMI) (principal borrower) · creditor: Royal Bank of Canada · currency: CAD · security: General security agreements (GSAs) registered on each TEBO Group entity between Nov 2021–July 2022; amended and restated credit agreement dated July 20, 2022 (TMI/RBC)
- financial positionnote: Document does not present a consolidated liabilities total; liabilities are itemized separately as unsecured accounts payable $1,963,071 (Appendix B, as at May 7, 2024), RBC secured cross-guaranteed claim ~$5,540,000, CRA POCs totaling $809,568 (including $567,151 deemed trust claims), and WEPPA superpriority estimate of $10,510. · page: 9 · as at: 2024-05-07 · basis: Unaudited, estimated amounts based on Companies' books and records as filed in the Notice and Statement of the Receiver (NSR) · scope: TEBO Group consolidated (TMI, TMC, Algon, Ptolemytech, FFM) · currency: CAD · total assets: 1103000
- secured creditorsnote: Deemed trust class: Payroll Deemed Trust Claim $476,776 and GST Deemed Trust Claim $90,375, per CRA Trust Audits conducted around May 14, 2024; Receiver notes realizations expected insufficient to satisfy this claim; priority ranking vs. CCAA Charges unresolved. · page: 16 · as of: 2024-05-14 · amount: 567151 · debtor: TMC, TMI, FFM (Algon and Ptolemytech N/A) · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Estimated superpriority portion (up to $2,000/employee) of total employee vacation/severance POCs of $206,199; final Service Canada confirmation pending. · page: 16 · amount: 10510 · debtor: TEBO Group · creditor: Former Employees (WEPPA Superpriority Claim) · currency: CAD · security: Statutory super-priority under Wage Earner Protection Program Act (WEPPA), secured against current assets of the Companies