Alberta · Receivership (court-appointed)
Receiver's First Report to Court
Court officer report · 20 January 2020
What we verified from this filing7 verified
- secured creditorsnote: Payout statement dated January 14, 2020; balance approximately $4,964,530 plus per diem of $925.30. Receiver's counsel opinion confirms valid and enforceable first charge over Head Office property and Lots and valid second charge over all present and after acquired property (subordinate agreement). · page: 4 · as of: 2020-01-14 · amount: 4964530 · debtor: Galloway Construction Group Ltd. · creditor: Roynat Inc. · currency: CAD · security: Collateral Mortgage dated August 22, 2014 against Head Office property and Lots (first charge); General Security Agreement over all present and after acquired property registered May 3, 2019 (second charge per subordination agreement)
- secured creditorsnote: Related party - plaintiff/shareholder-affiliated entity (W. Pidhirney Holdings Ltd., director/shareholder Wayne Pidhirney holds 50% of Galloway). Payout statement dated January 14, 2020; balance approximately $6,097,863 plus costs with per diem of $2,574.84. Receiver's counsel opinion confirms valid and enforceable first charge on all present and after acquired property and valid second charge on Head Office property and Lots. Original collateral mortgage amount of $11,000,000 is a registration ceiling, not a balance. · page: 4 · as of: 2020-01-14 · amount: 6097863 · debtor: Galloway Construction Group Ltd. · creditor: W. Pidhirney Holdings Ltd. (WPH) · currency: CAD · security: Collateral Mortgage dated May 1, 2017 against Head Office property and Lots (original amount $11,000,000); General Security Agreement over all present and after acquired property registered May 27, 2017 (first charge per subordination agreement, second charge on Head Office property and Lots)
- secured creditorsnote: PPSA equipment financier - creditor has advised Receiver it has been paid in full; security discharged/no balance outstanding. · page: 4 · debtor: Galloway Construction Group Ltd. · creditor: Wells Fargo · currency: CAD · security: Secured interest registered against various serial numbered assets (PPR search May 3, 2019)
- secured creditorsnote: PPSA equipment financier - creditor has advised Receiver it has been paid in full; security discharged/no balance outstanding. · page: 4 · debtor: Galloway Construction Group Ltd. · creditor: Caterpillar Financial Services Limited · currency: CAD · security: Secured interest registered against various serial numbered assets (PPR search May 3, 2019)
- secured creditorsnote: Receiver is not aware of any balances owing to Trisura. · page: 4 · as of: 2017-07-20 · debtor: Galloway Construction Group Ltd. · creditor: Trisura Guarantee Insurance Company · currency: CAD · security: Secured interest registered July 20, 2017 in relation to a bonding facility (PPR search May 3, 2019)
- secured creditorsnote: Consent judgment amount authorized for registration as a writ; also referenced as funds paid into Trust ($596,499.27) pursuant to a consent order with this judgment creditor prior to receivership appointment. · page: 4 · as of: 2019-02-22 · amount: 590499.27 · debtor: Galloway Construction Group Ltd. · creditor: Fast Forward Horizontal Directional Drilling (2004) Ltd. · currency: CAD · security: Writ registered against Head Office and Lots pursuant to February 22, 2019 Court Order
- recovery outcomeentries: basis: unstated · quote: The May 3, 2019 PPR Search indicates secured interests registered by Wells Fargo and Cat Sse es ea e e ae aioth creditors have advised the Receiver that they have been paid in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Wells Fargo and Cat Financial (and other creditors) · interim final: unstated · claims qualifier: unstated · stated on: 2020-01-20 · table missing: