Alberta · Receivership (court-appointed)
Third Report of the Court Appointed Receiver
Court officer report · 3 May 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 filing13 verified
- cash on handnote: Total held in the receivership estate account: $5,534 of remaining Receiver's borrowings and $211,631 with respect to Unit 703 held in trust. Eaglesmed Group Inc. balance is nil; CMPC balance is $217,165. · as at: 2022-04-25 · amount: 217165 · currency: CAD
- closing confirmedscope: the property located at #703 10 Shawnee Hill SW, Calgary, Alberta · outcome: completed · purchaser: Kirk Farron · date basis: unstated · approval order date: 2022-02-16
- disbursementsnote: Interim statement through April 25, 2022. Eaglesmed $108,123; CMPC $58,648. · since: February 12, 2021 (Date of Receivership) · amount: 166771 · currency: CAD
- operational summaryEaglesmed ceased operations before the receivership; the Receiver is continuing to market and sell the remaining CMPC Canadian investment properties (Unit 702 under contract, Pine Lake and Peace River listed) while the Debtors' Alleged Trust Claim over the REMAX properties remains unresolved and delays distributions.
- process resultsbids: 1 · note: Unit 702 marketing results · qualified bids: 1
- professional feesnote: Excluding GST. Comprises four interim invoices totalling $134,000 (Feb 12, 2021 to Apr 25, 2022) plus unbilled WIP of $15,000 to May 2, 2022. $116,000 previously approved (to Jan 31, 2022); approval sought for approx. $33,000 (Feb 1 to May 2, 2022). Receiver's legal counsel (Cassels Brock) cumulative fees approx. $137,000 excl. GST (approx. $92,000 previously approved; approx. $45,000 now sought). · party: Receiver (Deloitte Restructuring Inc.) · amount: 149000 · period: February 12, 2021 to May 2, 2022 · currency: CAD
- purchaserKirk Farron; Ashley Young
- receipts cumulativenote: Interim statement through April 25, 2022; includes $100,000 of Receiver's borrowings and $244,481 from sale of assets. Eaglesmed $108,123; CMPC $275,813. · since: February 12, 2021 (Date of Receivership) · amount: 383936 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Receiver estimates that the remaining estate funds and any future asset realizations will be applied against future costs incurred to oversee the remaining Canadian Properties until the CMPC Sales Process concludes such that no funds will be available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-05-03 · table missing:
- report date3 May 2022
- report noThird Report
- sale advisorREMAX
- sale outcometext: results of the Receiver's Sales Process regarding Unit 702 and the 703 Property · scope: parcel · status: pending_approval