Alberta · Receivership (court-appointed)

First Report of the Receiver

Court officer report · 21 May 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 filing3 verified

secured creditorsnote: Related party (CEO/director and shareholder of Catalx); funds advanced to enable engagement of Receiver, Deloitte and legal counsel ('Park Security'); validity, enforceability and priority to be reviewed by Receiver's counsel · page: 9 · debtor: Catalx CTS Ltd. · creditor: Hyuk Jae Park · currency: CAD · security: General Security Agreement securing a promissory note (registered PPSA - BC)
secured creditorsnote: Loaned funds upfront in exchange for security in a greater amount payable in SR&ED tax credits; validity, enforceability and priority to be reviewed by Receiver's counsel · page: 9 · debtor: Catalx Management Ltd. · creditor: ESFC Funding Co., LLC (operating as Easly) · currency: CAD · security: General Security Agreement (factoring-type financing secured against SR&ED tax credits)
secured creditorsnote: Deemed trust class - unremitted source deductions; approximate figure; CRA will not conduct payroll/GST audits due to lack of books and records but may schedule audits later, which could result in additional tax liabilities · page: 9 · amount: 262000 · debtor: Catalx CTS Ltd. · creditor: Canada Revenue Agency · currency: CAD