Alberta · Receivership (court-appointed)
Home Improvement Warehouse Receivers Interim Report May 10 2021
Court officer report · 10 May 2021
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 filing12 verified
- appointeeHudson & Company Insolvency Trustees Inc.
- appointee roleReceiver
- commencement date4 December 2019
- cash on handnote: Amount presently held in trust by the Receiver, following payment of $325,000.00 to each of the secured creditors 169 and MLD. The statement of receipts and disbursements covers December 4, 2019 to May 10, 2021, although the report's cover is dated May 10, 2020; the report also references events through March 2021. · as at: 2021-05-10 · amount: 191910.8 · currency: CAD
- disbursementsnote: Total disbursements per the Interim Statement of Receipts & Disbursements, including $650,000.00 paid to secured creditors. · since: December 4, 2019 (receivership start) · amount: 1186434.52 · currency: CAD
- financial positionnote: As of the receivership (December 4, 2019): assets stated by components only, not summed — inventory at cost $1,248,580, equipment and vehicles $130,251, receivables $4,607, approximately $30,000 in bank account after payment of a $25,000.00 retainer to Hudson, shares in Castle Building Centres worth $36,000.00. Liabilities stated only in part: HIW owed $575,000.00 to 169 and $325,000.00 to MLD, and approximately $1,211,000 to Castle (which postponed its security in priority to 169 and MLD); no total liabilities figure is stated. Report concludes there will be insufficient funds to pay 169's secured claim in full. · basis: Company's own book values at the date of receivership (inventory 'valued on the books of the Company at a cost'); bank balance as stated by the Company. · scope: The Home Improvement Warehouse Ltd. (HIW), single entity. · currency: CAD
- operational summaryThe business was a retail home improvement operation that is no longer trading: an on-site liquidation sale and a follow-up online auction of remaining inventory and equipment have been completed, and the Receiver is now completing tax filings and administration.
- professional feesnote: Receiver's fees paid to date. Legal fees paid to date were $6,226.00 and GST on professional fees was $2,910.65. Trustee's fees of $21,000.00 were separately paid to the bankruptcy estate. The Receiver will incur additional fees in completing the receivership. · party: Hudson & Company Insolvency Trustees Inc. (Receiver) · amount: 51700 · period: December 4, 2019 to May 10, 2021 · currency: CAD
- receipts cumulativenote: Total receipts per the Interim Statement of Receipts & Disbursements, including cash in bank of $61,209.45 and liquidation sale proceeds including GST. · since: December 4, 2019 (receivership start) · amount: 1378345.32 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As such, it is presently anticipated that there will be insufficient funds to pay the secured claim of 169 in full, and that there will be no funds available for payment of other securedor unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other secured or unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2020-05-10 · table missing:
- report date10 May 2020
- report noReceiver's Interim Report