British Columbia · Receivership (court-appointed)
First Report of the Receiver dated February 13, 2025
Court officer report · 13 February 2025
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What we verified from this filing12 verified
- secured creditorsnote: Approximate prose figure; TD Security Opinion confirms security valid and enforceable and perfected; interest continues to accrue; TD is primary secured creditor and expected to suffer a deficiency · page: 4 · as of: 2024-10-23 · amount: 12500000 · debtor: Uppal Farms & Greenhouses Ltd. and the Uppals (re: the Property) · creditor: The Toronto-Dominion Bank (TD) · currency: CAD · security: Security interest in all presently owned and after-acquired personal and real property, floating charge on land (PPR registered June 1, 2021 and August 12, 2024), first mortgages on Lot 5 and Lot 10, and several personal guarantees
- secured creditorsnote: Net AR Collections ($125,530) are subject to ACC Security; if security determined valid, recovery estimated limited to that amount before priority claims/cost allocation · page: 4 · as of: 2025-02-12 · amount: 213000 · debtor: Uppal Farms and the Uppals · creditor: Agricultural Credit Corporation (ACC) · currency: CAD · security: Security interest on all pepper crops and proceeds of sale, registered in PPR May 11, 2022, securing cash advances under the Advance Payments Program
- secured creditorsnote: Two components stated: $18,774 (Lot 5) and $258,302 (Lot 10) - not summed per reporting rule; municipal tax arrears typically carry statutory priority · page: 6 · as of: 2025-01-15 · debtor: Uppal Farms & Greenhouses Ltd. (Lot 5) / the Uppals (Lot 10) · creditor: City of Abbotsford (property taxes) · currency: CAD · security: Unpaid 2024 property taxes on Lot 5 and Lot 10
- secured creditorsnote: Deemed trust/priority class (PSD); GST returns not filed since June 30, 2024, additional GST liability possible; CRA trust examinations for PSD/GST underway and may result in additional assessed liabilities · page: 8 · amount: 3597 · debtor: Uppal Farms & Greenhouses Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Plus interest and costs as at October 22, 2024 · page: 9 · as of: 2024-10-22 · amount: 257340.74 · debtor: Uppal Farms & Greenhouses Ltd. · creditor: Vohora LLP · currency: CAD · security: Certificate of pending litigation due to accounting fee arrears
- secured creditorsnote: Blanket all-property registrant; amount not stated · page: 9 · debtor: Uppal Farms, Bhalvinder and/or Jagrajbir · creditor: The Bank of Nova Scotia · currency: CAD · security: PPR registration against Uppal Farms, Bhalvinder and/or Jagrajbir
- secured creditorsnote: Serialized-equipment financiers aggregated per reporting rule; amount not stated · page: 9 · debtor: Uppal Farms, Bhalvinder and/or Jagrajbir · creditor: PPSA equipment financiers (PMSI class) - DeLage Landen Financial Services Inc. and Linde Canada Inc. · currency: CAD · security: PPR registrations against Uppal Farms, Bhalvinder and/or Jagrajbir
- secured creditorsnote: Subordinate to TD Security; TD's consent was not sought or obtained prior to registration of the second mortgage · page: 9 · debtor: Uppal Farms & Greenhouses Ltd. / Lot 5 · creditor: Due Huy Ngo, Jasvir Kaur Johal and Daljit Singh Gill · currency: CAD · security: Second mortgage registered against the Lot 5 Lands
- secured creditorsnote: Disputed claim in underlying action, primarily for farm labourer and labour-related services · page: 9 · amount: 278611 · debtor: The Debtors (Uppal Farms and/or the Uppals) · creditor: MKR Growers Ltd. and MGB Ent. Ltd. · currency: CAD · security: Certificate of pending litigation registered against the Property, subordinate in priority to the Property mortgages
- secured creditorsnote: Regulatory/statutory lien; two components stated ($24,576 and $23,924) - not summed per reporting rule · page: 9 · debtor: Jagrajbir Kaur Uppal (personal interest) · creditor: The Crown in Right of British Columbia · currency: CAD · security: Two crown liens registered against Jagrajbir's interest, subordinate in priority to the Lot 10 TD mortgage
- secured creditorspage: 9 · amount: 28274 · debtor: Jagrajbir Kaur Uppal (personal interest) · creditor: His Majesty the King in Right of Canada · currency: CAD · security: Judgment registered against Jagrajbir's interest, subordinate in priority to the Lot 10 TD mortgage
- recovery outcomeentries: basis: estimated · quote: Given that the secured creditors are expected to suffer a shortfall in respect of their various security, the Receiver does not expect any distributions to any unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given that the secured creditors are expected to suffer a shortfall in respect of their various security, the Receiver does not expect any distributions to any unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 2000000 · interim final: unstated · claims qualifier: estimated; basis: unstated · quote: Subject to Court approval and granting of a distribution order allowing the Receiver to make an interim distribution to TD pursuant to the TD Security, as confirmed by the TD Security Opinion (the "Distribution Order"), the Receiver will make an interim distribution to TD after retaining a balance to satisfy any potential priority claims that may be advanced and the remaining Receiver's and Dentons'fees and disbursements, pending further order of the Court, · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · class label: TD · creditor name: TD · interim final: interim · conditional on: Subject to Court approval and granting of a distribution order allowing the Receiver to make an interim distribution to TD · claims qualifier: unstated · stated on: 2025-02-13 · table missing: