Alberta · Receivership (court-appointed)

First Report of the Receiver

Court officer report · 31 August 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 filing3 verified

financial positionnote: Long term debt and borrowings of $22,913 thousand is a balance-sheet line item, not the dated secured creditor balances reported separately elsewhere in the report (ATB ~$13.9M as at May 11, 2021; 1367809 Alberta Ltd. ~$4.3M as at June 30, 2021) · page: 8 · as at: 2020-07-31 · basis: unaudited financial statements (AFPL balance sheet, stated in thousands) · scope: entity - Alberta Foothills Properties Ltd. (AFPL), non-consolidated · currency: CAD · total assets: 24159000 · total liabilities: 23775000
secured creditorsnote: Receiver's understanding of approximate balance owed · page: 9 · as of: 2021-05-11 · amount: 13900000 · debtor: Alberta Foothills Properties Ltd. (AFPL) · creditor: ATB Financial · currency: CAD · security: First lien lender (first-ranking secured creditor)
secured creditorsnote: Represented by Seth Atkins and Brian Lund; possible related party — AFPL is 90%-owned by 1367803 Alberta Ltd. o/a Holmes Communities, a closely-numbered entity, and a later Receiver's counsel letter (Appendix E, July 13 Letter) instead identifies the second secured lender as 'M. Holmes Holdings Ltd.', suggesting a Holmes-family-affiliated lender · page: 9 · as of: 2021-06-30 · amount: 4300000 · debtor: Alberta Foothills Properties Ltd. (AFPL) · creditor: 1367809 Alberta Ltd. ("2L Lender") · currency: CAD · security: Second lien lender