British Columbia · Receivership (court-appointed)
First Report of the Receiver dated April 11, 2022
Court officer report · 11 April 2022
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
- financial positionnote: Liabilities only; no total assets stated. Excludes the BWS builder's lien of approx. $3.2 million, which is reported separately. Receiver's cash in trust of $6,009,528 at April 1, 2022 is post-filing receivership cash, not a balance sheet. · page: 6 · as at: 2021-12-13 · basis: Per Company's records; approximately $16.5 million of liabilities (secured $15,835 thousand, unsecured $672 thousand) · scope: Consolidated: Community Marine Concepts Ltd., Victoria International Marina Ltd., Eternaland Yuheng Investment Holding Ltd., and 0736657 B.C. Ltd. · currency: CAD · total liabilities: 16506000
- secured creditorsnote: Approximate amount of lien ('approximately $3.2 million'); not included in the $16.5 million liabilities table. Settlement discussions were underway pre-receivership; the Company placed $2.55 million in trust with Cox Taylor Lawyers around June 2020 in relation to a proposed settlement. Lien claim is disputed/under settlement discussion. · page: 6 · amount: 3200000 · debtor: Community Marine Concepts Ltd. / 0736657 B.C. Ltd. (Marina Building and Restaurant) · creditor: Blue Water Systems Ltd. (BWS) - builder's lien · currency: CAD · security: Builder's lien filed against the Marina Building and the Restaurant
- unsecured creditorsnote: Aggregate only; individual creditors not named. Notice and Statement of Receiver mailed to approximately 50 creditors identified in the books and records. · page: 6 · as of: 2021-12-13 · basis: Per Company's records (table shown in $'000: $672) · amount: 672000 · debtor: Community Marine Concepts Ltd., et al · creditor: Unsecured creditors (aggregate per Company's records) · currency: CAD
- secured creditorsnote: Amount is the outstanding loan per BNS draft payout letter dated January 21, 2022, with interest at $1,225.09 per diem. Pre-filing: Company's records at the Receivership Date (Dec 13, 2021) show secured creditors of approx. $15,835 thousand ($15,835,000) in aggregate. Other BNS facilities: standby Letter of Credit $100,000; VISA business credit card with $50,000 authorized credit (terminated March 2021); two Canadian Emergency Business Account loans of $40,000 each to CMC and VIM (around May 2020). Personal guarantors exist (related to the shareholder group). Proposed to be repaid in full via shareholder refinancing; the Bank Draft had not yet been applied by BNS. · page: 10 · as of: 2022-01-24 · amount: 16139715.7 · debtor: Community Marine Concepts Ltd. (borrower); guaranteed by VIM, Eternaland, 0736657 B.C. Ltd., Hao Ran Zhang and Dongxia Zhang · creditor: The Bank of Nova Scotia (BNS) · currency: CAD · security: Senior secured non-revolving Term Loan; commitment Feb 2017 for $14,000,000, increased to $17,080,000 in Oct 2018 (facility limits, not balances); maturity extended to April 30, 2020; in default since April 30, 2020
- unsecured creditorsnote: Deemed-trust/priority class; amount is an estimated payment, senior or potentially senior to BNS indebtedness. · page: 12 · as of: 2022-04-07 · basis: Receiver's estimate of Priority Obligations for April 1 to April 29, 2022 (in $'000: 202) · amount: 202000 · debtor: Community Marine Concepts Ltd., et al · creditor: Canada Revenue Agency - source deductions and GST (priority obligation) · currency: CAD
- unsecured creditorsnote: Priority/regulatory class; estimated payment amount. · page: 12 · as of: 2022-04-07 · basis: Receiver's estimate of Priority Obligations for April 1 to April 29, 2022 (in $'000: 299) · amount: 299000 · debtor: Community Marine Concepts Ltd., et al · creditor: City of Victoria - property taxes (priority obligation) · currency: CAD
- unsecured creditorsnote: Priority class; estimated payment amount. · page: 12 · as of: 2022-04-07 · basis: Receiver's estimate of Priority Obligations for April 1 to April 29, 2022 (in $'000: 1) · amount: 1000 · debtor: Community Marine Concepts Ltd., et al · creditor: Ministry of BC - PST (priority obligation) · currency: CAD