Alberta · Interim receivership

Interim Receiver's First Report dated February 21, 2023

Court officer report · 21 February 2023

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 - former director/vendor of PWM; subordinated to BNS pursuant to Priority, Subordination and Standstill Agreement dated July 6, 2021; proceeds received by McDougall before BNS repaid in full deemed held in trust for BNS · page: 5 · debtor: PWM Loss Prevention Services Inc. · creditor: Mr. Paul McDougall · currency: CAD · security: Secured vendor take back loan (VTB), approximately $2,384,000 of purchase price funded via VTB (original advance, not stated balance)
secured creditorsnote: Referenced generally as additional secured registrations in addition to BNS and McDougall; no individual creditors or amounts named · page: 6 · debtor: PWM and Regent · creditor: Leasing and financing registrants (equipment and vehicles) · currency: CAD · security: PPSA equipment financiers (PMSI class)
secured creditorsnote: Approximate ('totals approximately'); co-borrowers jointly and severally liable; plus fees, costs, expenses, and legal fees payable; also secured by guarantee from Regent dated July 26, 2021 · page: 7 · as of: date of the Interim Receivership Order · amount: 3422092 · debtor: PWM Loss Prevention Services Inc. and Regent Protection Services Ltd. · creditor: The Bank of Nova Scotia (BNS) · currency: CAD · security: Term Loan $1,869,395 (jointly held by PWM and Regent); Line of Credit $1,507,891 (held by PWM); credit cards $44,806 (held by Regent) - components of collective outstanding indebtedness