Alberta · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 11 October 2022
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 filing4 verified
- secured creditorsnote: Stated as 'approximately $7.9 million' outstanding at the Receivership Date (Aug 19, 2022); no more precise dated balance provided in these pages. · page: 7 · as of: 2022-08-19 · amount: 7900000 · debtor: SolvAQUA Inc. · creditor: Arnaki Ltd. · currency: CAD · security: Various general security agreements (the "Arnaki Security") creating a security interest in all "Collateral" under the Personal Property Security Act (Alberta); independently reviewed and confirmed valid, registered and enforceable by Receiver's counsel (Cassels)
- secured creditorsnote: Amount not stated; registration occurred after the Receivership Date. EDC asserts an ownership claim (not a stated dollar claim) over the 'Vivakor Equipment' based on the assignment; disputed by Receiver's counsel (Cassels), who conclude EDC has an assignment of debts/choses in action but no ownership interest, and that the equipment remains subject to the Arnaki Security. · page: 8 · as of: 2022-08-24 · debtor: SolvAQUA Inc. · creditor: Export Development Canada (EDC) · currency: CAD · security: PPSA (Alberta) registration ("EDC Registration"); based on Section 26 of EDC Policy General Terms and Conditions and an assignment of receivables agreement effective February 1, 2022
- secured creditorsnote: Claim for unpaid work and storage fees on the Equipment; approximate figure; Receiver has requested but not yet received supporting information to assess validity of the asserted lien; also included in the $1.4 million total of unsecured creditors listed by the Company, pending determination of secured status. · page: 8 · amount: 560000 · debtor: SolvAQUA Inc. · creditor: Rotating Right (2016) Inc. · currency: CAD · security: Alleged garage keeper's lien under the Garage Keepers' Lien Act (Alberta) over the Equipment held at Rotating Right's premises
- secured creditorsnote: Deemed trust class (payroll source deductions); Receiver's estimate only, as SolvAQUA has not completed required CRA filings or remittances since inception; not a confirmed CRA-assessed amount. · page: 8 · amount: 10600 · debtor: SolvAQUA Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD