British Columbia · Bankruptcy
Trustee's Preliminary Report - February 2, 2021.pdf
Court officer report · 2 February 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 filing14 verified
- appointeeGrant Thornton Limited
- appointee roletrustee
- commencement date14 January 2021
- courtDistrict of British Columbia
- court file noEstate No. 11-2703797
- proceeding typebia_bankruptcy
- provinceBritish Columbia
- statutory basisSection 49 of the Bankruptcy & Insolvency Act
- statutory basisSection 49 of the Bankruptcy & Insolvency Act
- cash on handnote: Funds received from Lawson Lundell LLP trust representing net sale proceeds from various operating base asset sales. · as at: 2021-02-02 · amount: 1378652 · currency: CAD
- financial positionnote: Total liabilities not stated as a single sum: unsecured creditors listed at approximately $6,325,409 (mainly aircraft leases) and a secured bridge loan of $800,000 from Awsam Services Inc. and Executive Air Craft Ltd. · as at: 2021-01-14 · basis: Statement of Affairs (sworn) - Estimated to Produce values; Cost per SOA also reported at $6,560,208 · scope: Highland Helicopters Ltd. (single entity, bankruptcy estate) · currency: CAD · total assets: 3467504
- operational summaryHHL ceased operations following its assignment in bankruptcy on January 14, 2021, having already sold most of its operating bases outside Vancouver prior to filing; the Trustee is now focused on securing remaining assets, collecting receivables, and arranging for a specialized appraisal and sale of remaining aviation equipment.
- professional feesnote: Of this amount $3,969 pertains to legal fees; net balance of $49,395 transferred to the bankruptcy estate in trust pursuant to Directive No. 15. Separately, the Trustee's own fees are estimated at $200,000 to $300,000, not including legal costs. · party: Grant Thornton Corporate Finance Inc. (Financial Advisor) · amount: 53365 · period: 60 days prior to the bankruptcy date · currency: CAD
- report date2 February 2021