Nova Scotia · Receivership (court-appointed)
First Report of MNP Ltd.
Court officer report · 7 June 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 filing7 verified
- secured creditorsnote: Deemed trust class claim. HST returns not filed since 2021; CRA cannot advise amounts owed for 2022-2024. MNP separately estimates total potential HST exposure could be as much as $61,644.09 (unconfirmed estimate, not a stated balance), some of which may have priority over the BDC Indebtedness. · page: 7 · as of: 2021 HST return (as advised to MNP May 24, 2024) · amount: 7211.21 · debtor: 2255594 Alberta Ltd. · creditor: Canada Revenue Agency (CRA) - HST · currency: CAD
- financial positionnote: Document states components only, no totals: Assets - cash $776.00, Building net of accumulated amortization $1,973,678.00. Liabilities - accounts payable $19,150.00, due to shareholders $375,890.00, taxes payable $28,518.00, long-term debt $1,580,377.00. Net loss on operations of $16,547.00 reported. Financial information is stale (2021) with no more recent statements, tax returns, or assessments available to MNP as of report date. · page: 9 · as at: 2021-12-31 · basis: unaudited financial statements · scope: 2255594 Alberta Ltd. (entity level) · currency: CAD
- secured creditorsnote: PPSA equipment financiers (PMSI class); registration also names Prince Chahal personally (individual co-obligor/guarantor role, name recorded here only). · page: 9 · as of: 2022-05-11 · debtor: 2255594 Alberta Ltd. and Prince Chahal (co-registered) · creditor: Lithia Canada Leasing, LP · currency: CAD · security: PPSA (Alberta) registration against a 2015 McLaren 650S Spider motor vehicle
- secured creditorsnote: Blanket all-property registrant; amount unstated. No RBC financing noted in 2021 year-end financial statements, creating apparent contradiction with company's claim it has no other lending relationships. · page: 9 · as of: 2021-02-10 · debtor: 2255594 Alberta Ltd. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security interest over present and after-acquired personal property, inventory, equipment, intangibles, money, chattel paper (Alberta PPSA registration)
- secured creditorsnote: Original advance/registered principal amount, not a confirmed current balance. 2255594 Alberta Ltd. is guarantor of Yuvraj Holdings Ltd's indebtedness; possible related-party arrangement (Alberta-named lender). · page: 10 · as of: 2023-02-24 · amount: 900000 · debtor: Yuvraj Holdings Ltd (borrower); 2255594 Alberta Ltd. (guarantor and mortgagor of the Property) · creditor: 1967262 Alberta Ltd. · currency: CAD · security: Mortgage over 850 Portland St. property
- secured creditorsnote: Total outstanding balance of the 'BDC Indebtedness' not stated in document. Court-ordered arrears of $227,177.06 (to be paid by June 7, 2024) and encouraged monthly principal/interest payment of $16,750 during adjournment period are the only dollar figures tied to this debt; no evidence either has been paid as of report date. · page: 10 · debtor: 2255594 Alberta Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Mortgage registered July 28, 2020 over 850 Portland St. property (Nova Scotia land titles); Assignment of Rents dated April 16, 2021; general collateral PPSA registration in Nova Scotia
- secured creditorsnote: Includes accrued interest charged at 15% per annum, continuing to accrue daily; municipal tax arrears typically carry priority. · page: 15 · as of: 2024-04-09 · amount: 120012.92 · debtor: 2255594 Alberta Ltd. · creditor: Halifax Regional Municipality (property tax arrears) · currency: CAD · security: Statutory municipal property tax lien over 850 Portland St. (Tax Certificate No. 41000038552)