Manitoba · Receivership (court-appointed)
The purpose of this first report of the Receiver (the "First Report") is to advise this Honourable Court with respect to: a) the background of M&L, b) the activities of the Receiver since the date of the Order, c) the realization of certain M&L assets, d) the Receiver's efforts to sell the real property of M&L, e) a proposed claims process to determine the existence and quantum of possible claims by subcontractors of M&L who may assert lien or trust claims pursuant to The Builders ' Liens Act, R.S.M. 1987 c.B9l (the "BLA"), f) the fees and disbursements of the Receiver and its legal counsel, and g) the Receiver's conclusions and recommendations
Court officer report · 10 March 2015
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What we verified from this filing15 verified
- applicantRoyal Bank of Canada
- appointeeErnst & Young Inc.
- appointee roleReceiver
- courtTHE QUEEN'S BENCH
- court file noCI 14-01-90850
- statutory basissection 243 of the Bankruptcy and Insolvency Act
- commencement date27 August 2014
- secured creditorsnote: Approximate balance owing for all loans and credit facilities, inclusive of $46,380.11 set-off applied by RBC against secured loans, plus costs. Detailed security/indebtedness described in Holmes Affidavit sworn August 21, 2014 (not included in provided pages). RBC is described as principal secured creditor of M&L. · page: 6 · as of: current balance as advised to Receiver (report date, March 10, 2015) · amount: 2300000 · debtor: M&L General Contracting Ltd. and M&L Holdings Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: First-ranking collateral mortgage over 83 Higgins Avenue securing Holdings' guarantee and postponement of claim in respect of General's direct obligations; general security over M&L loans and credit facilities
- secured creditorsnote: Roynat advised it would release its interest upon payment of $35,000; amount of underlying claim/interest not separately stated as a balance. · page: 19 · debtor: M&L General Contracting Ltd. · creditor: Roynat Inc. · currency: CAD · security: Interest in Quonset hut building at Lockport Yard (leased by General from Roynat)
- secured creditorsnote: Registered principal amount; outstanding balance stated separately as approximately $291,000 as at November 2014 (see amount below). · page: 19 · amount: 250000 · debtor: M&L General Contracting Ltd. · creditor: 0897359 BC Ltd. ("0897") / Terry Fraser (principal) · currency: CAD · security: Registered mortgage over Lockport Yard (160 and 180 I-XL Crescent, Lockport, Manitoba) in principal amount of $250,000 plus interest and costs
- secured creditorsnote: Outstanding mortgage balance as at November 2014; registered principal amount was $250,000 plus interest and costs. · page: 19 · as of: 2014-11 · amount: 291000 · debtor: M&L General Contracting Ltd. · creditor: 0897359 BC Ltd. ("0897") / Terry Fraser (principal) · currency: CAD · security: First-ranking mortgage over Lockport Yard
- purchaserClearwater Investments Inc.; Terry Fraser
- recovery outcomeentries: basis: unstated · quote: upon the closing of the Sale Agreement, to distribute the net proceeds of sale of 83 Higgins to RBC as an interim distribution; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · cumulative: false · class label: RBC · creditor name: Royal Bank of Canada · interim final: interim · claims qualifier: unstated; basis: unstated · quote: upon the closing of the Lockport Offer, to distribute the amount of $35,000 to Roynat; and · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 35000 · amount high: 35000 · class label: Roynat · creditor name: Roynat · interim final: unstated · claims qualifier: unstated · stated on: 2015-03-10 · table missing:
- sale advisorColliers International; Adesa Winnipeg; Stevenson Advisors Ltd.; Kaye's Auction House Inc.; McSherry Auction Service Ltd.
- sale outcometext: Sale Agreement for 83 Higgins pending court approval; Lockport Offer pending closing · scope: parcel · status: pending_approval