British Columbia · Receivership (court-appointed)
Receiver Report 1
Court officer report · 14 July 2023
What we verified from this filing3 verified
- secured creditorsnote: Demand Letters dated April 8, 2022 (enclosing s.244 BIA notices) stated Indebtedness of $11,139,135 - exact dated balance used as amount. The Receiver's First Report (as at the May 19, 2023 Appointment Date) describes RBC as the Companies' 'sole secured creditor' with the cross-guaranteed loan stated at approximately $10,700,000 (facility-limit approximation, not a balance). The Receiver's Form 87 Notices and Statements (dated May 25, 2023) separately estimate the amount owed to RBC by each of iFlyVancouver, Free Flight Formation Inc. and 1088384 B.C. Ltd. at $10,500,000 (same underlying cross-guaranteed debt, estimated, unaudited). · page: 7 · as of: 2022-04-08 · amount: 11139135 · debtor: iFlyVancouver Inc., Free Flight Formation Inc., 1088384 B.C. Ltd. (cross-guaranteed obligors under the Credit Agreement) · creditor: Royal Bank of Canada · currency: CAD · security: Credit Agreement dated May 27, 2020; term loan (the 'Loan Facility') with maximum aggregate principal of approximately $10,700,000; obligations cross-guaranteed among the Companies; guaranteed by MBA Asset Management Inc. (landlord/related party) limited to $7,200,000 pursuant to the Lease Addendum dated November 13, 2019
- financial positionnote: Total liabilities are not stated as a single consolidated figure. Components disclosed separately: iFlyVancouver's unsecured accounts payable total $827,016 (Hexcel Construction Ltd $89,000; MBA Asset Management Inc $550,000; Total Site Service Inc $5,400; Pacific Industrial Movers LP $182,616) [p.9]; RBC secured cross-guaranteed loan ~$10,700,000 (approx., p.9) / $11,139,135 per April 8, 2022 demand (p.7) / $10,500,000 per Form 87 estimate (p.17,20,22); CRA GST indebtedness $312,670 (p.9) / $300,000 per Form 87 estimate (p.17). Free Flight and 108 are stated to have no unsecured liabilities. · page: 8 · as at: 2023-05-19 · basis: Book value, based on unaudited/draft information provided by the Director of the Company; not audited or verified by the Receiver · scope: iFlyVancouver Inc. only (entity-level, not consolidated). The Receiver states that, aside from 108's rights under the Lease Agreement, neither Free Flight Formation Inc. nor 1088384 B.C. Ltd. had any assets at the Appointment Date. · currency: CAD · total assets: 19146700
- secured creditorsnote: Deemed-trust class claim for unpaid GST, which CRA assessed as resulting from a reversal of Income Tax Credits; figure per conversations with management. The Form 87 Notice (dated May 25, 2023) estimates this secured amount at $300,000. This listing is inconsistent with the First Report's statement (para 22) that 'RBC is the sole secured creditor of the Companies.' · page: 9 · as of: Appointment Date · amount: 312670 · debtor: iFlyVancouver Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Listed under 'Secured Creditors' in the Receiver's Form 87 Notice and Statement for iFlyVancouver Inc.