Nova Scotia · NOI
First Report of MNP
Court officer report · 24 June 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 filing15 verified
- secured creditorsnote: $1,100,000 as stated by Trustee; subordinated to TD Bank; security opinion not obtained (validity/enforceability not confirmed) · page: 4 · as of: 2021-06-04 · amount: 1100000 · debtor: Atlantic Crane Group · creditor: BDC Capital · currency: CAD · security: General Security Agreement over all present and after-acquired property, registered NS, NB & NL; subordinate to TD Bank
- secured creditorsnote: Aggregated per class: CWB National Leasing, Kubota Canada, Ford Credit, Jim Patterson Industries Ltd, Toyota Credit and TD Equipment Finance, each financing specific equipment; individual amounts not stated. Security opinions not obtained. · page: 4 · as of: 2021-06-04 · debtor: Atlantic Crane Group · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: purchase-money security over specific equipment (forklifts, pickup trucks and vans, welders and other equipment)
- secured creditorsnote: Amount shown ($1,000,000) is the operating-line facility, not a confirmed drawn balance; cash flow shows the line substantially drawn. Trustee did not obtain an independent security opinion. · page: 4 · as of: 2021-06-04 · debtor: Atlantic Crane Group (Atlantic Crane & Material Handling Limited) · creditor: TD Bank · currency: CAD · security: $1,000,000 operating line (authorized limit); senior secured lender; General Security Agreement over all present and after-acquired property, registered NS & NL
- secured creditorsnote: approximate principal amount of mortgage per Trustee; security opinion not obtained · page: 4 · as of: 2021-06-04 · amount: 230000 · debtor: LCB Rentals Limited · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: mortgage over Real Property at 20 Grandview Avenue, Saint John, NB
- unsecured creditorsnote: marketing and media content creator · page: 4 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 24868.74 · debtor: Atlantic Crane Group · creditor: Iron House Productions · currency: CAD
- unsecured creditorsnote: federal agency; relating to a specific project · page: 4 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 50228 · debtor: Atlantic Crane Group · creditor: Atlantic Canada Opportunities Agency · currency: CAD
- unsecured creditorsnote: Estimated residual debt remaining after receivership of the Yarmouth subsidiary; default judgments recorded against all three entities on a joint and several basis; guaranteed by Jack Miner (president/sole director) and the Atlantic Crane Group on a joint and several basis · page: 4 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 1000000 · debtor: Atlantic Crane Group (joint and several) · creditor: Bank of Montreal (BMO) · currency: CAD
- unsecured creditorsnote: unremitted HST — deemed-trust class (Crown) · page: 4 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 196736.54 · debtor: Atlantic Crane Group · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: supplier of unique parts required in Atlantic Crane's manufacturing process · page: 4 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 71010.79 · debtor: Atlantic Crane Group · creditor: Can Stahl Inc. · currency: CAD
- financial positionnote: No balance sheet stated. Trustee states total estimated unsecured debt of $1,530,065.25 as at NOI date (page 5), including the named largest unsecured creditors and other unnamed creditors ($28.75-$9,602.50 each). Secured summary (page 4): TD Bank $1,000,000 operating line (senior, GSA), BDC $230,000 mortgage on NB real property, BDC Capital $1,100,000 GSA subordinate to TD, plus equipment financiers. Cash flow projections in Appendix A (Forms 29/30) are forecast figures, not financial position. Jack Miner personally guaranteed the Yarmouth/BMO debts and personally funded a security deposit and professional fees. · page: 5 · as at: 2021-06-04 · basis: Proposal Trustee's First Report; unaudited, draft and/or internal financial information relied upon and not verified to GAAS or other assurance standards · scope: Consolidated Atlantic Crane Group — three entities: Atlantic Crane & Material Handling Limited (main operating company), Labrador Cranes 2005 Limited, and LCB Rentals Limited · currency: CAD
- unsecured creditorsnote: supplier; manufacturer of electric hoists and trolleys · page: 5 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 21013.27 · debtor: Atlantic Crane Group · creditor: Vulcan Hoist Co. · currency: CAD
- unsecured creditorsnote: supplier; manufacturer of hand hoists and other lifting devices · page: 5 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 18873.68 · debtor: Atlantic Crane Group · creditor: Kito Chain Hoists Canada · currency: CAD
- unsecured creditorsnote: supplier; wholesale distributor of products and equipment for the construction industry · page: 5 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 18481.2 · debtor: Atlantic Crane Group · creditor: Guillevin International Co. · currency: CAD
- unsecured creditorsnote: outsourced IT and computer support services provider · page: 5 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — largest unsecured creditors, as understood as at NOI date · amount: 13854.06 · debtor: Atlantic Crane Group · creditor: Strategic Technology Associates Inc. · currency: CAD
- unsecured creditorsnote: 'a number of other unsecured creditors with possible claims ranging from $28.75 to $9,602.50'; individual names and amounts not stated. Included in the total estimated unsecured debt of $1,530,065.25. · page: 5 · as of: 2021-06-04 · basis: Proposal Trustee's First Report — residual unsecured creditors not individually named · debtor: Atlantic Crane Group · creditor: Other unsecured creditors (unnamed, per Trustee) · currency: CAD