Alberta · Receivership (court-appointed)
Receiver's First Report
Court officer report · 3 July 2024
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 filing7 verified
- secured creditorsnote: Receiver admitted a s.81.1 30-day goods claim for applicable inventory; Receiver working with Buckwold to reconcile AR collection; security opinion (validity/priority) pending · page: 9 · debtor: Action Flooring Ltd. · creditor: Buckwold - Western Ltd. · currency: CAD · security: Purchase-money security interest (PMSI) over certain inventory and proceeds of sale
- secured creditorsnote: Identified via PPR search as one of three 'Secured Creditors'; security opinion pending · page: 10 · debtor: Action Flooring Ltd., Exclusive Hardwood Flooring Ltd., 811044 Alberta Ltd. · creditor: Canadian Western Bank · currency: CAD · security: PPR registration (blanket all-property registrant); nature/priority of security under review
- secured creditorsnote: Identified via PPR search as one of three 'Secured Creditors'; security documents sent to Receiver's counsel for opinion on validity, enforceability and priority - opinion pending as of report date; BMO is also the plaintiff/applicant that obtained the Receivership Order · page: 10 · debtor: Action Flooring Ltd., Exclusive Hardwood Flooring Ltd., 811044 Alberta Ltd. · creditor: Bank of Montreal (BMO) · currency: CAD · security: PPR registration (blanket all-property registrant); nature/priority of security under review
- secured creditorsnote: Deemed trust class - source deductions; approximate figure per Receiver's preliminary discussions with CRA following completed payroll trust exam ('approx. $50,000.00'); GST trust exam still in progress - Receiver has no confirmation of amount owed on account of GST as at report date · page: 10 · as of: 2024-07-03 · amount: 50000 · debtor: Action Flooring Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: 39 employees admitted total claims of $315,232.30 ($60,134.95 unpaid wages, $29,917.35 unpaid vacation pay, $225,180.01 termination pay); Receiver awaiting confirmation from Service Canada as to the amount that would constitute a secured claim in these proceedings - secured portion not yet confirmed · page: 10 · debtor: Action Flooring Ltd. · creditor: Service Canada / employees (WEPPA claims) · currency: CAD
- secured creditorsnote: Meridian's lease over the Printers determined by Receiver's counsel to be a financing lease, subordinate to BMO based on registration order (Printers to be sold for estate benefit); GMC sold pre-receivership directly to a third party (Sean Yuzwenko) and is no longer an asset of the estate - Bank of Nova Scotia referred to purchaser directly; Receiver has not yet received security documents from Royal Bank of Canada, CWB National Leasing Inc. and Meridian regarding the Racking - included in Invitation for Offers pending counsel review · page: 11 · debtor: Action Flooring Ltd. · creditor: PPSA equipment financiers (PMSI class): Meridian Onecap Credit Corp, The Bank of Nova Scotia, De Lage Landen Financial Services Canada Inc., Royal Bank of Canada, CWB National Leasing Inc. · currency: CAD · security: Specific security/lease agreements over serialized equipment: Racking and Printers (Meridian); 2021 GMC Sierra 3500 (Bank of Nova Scotia); 2022 Hyster (De Lage Landen); 2023 Ram 5500 (Royal Bank of Canada); 2008 Genie Z40 Boom (CWB National Leasing)
- secured creditorsnote: Approximate total per Receiver ('approximately $577,578'); comprised of $450,414.43 (arrears, 2024 property tax, penalties/other charges on the Building) and $127,163.70 (arrears, 2024 property tax, penalties/other charges on the Condo Units) · page: 12 · amount: 577578 · debtor: Exclusive Hardwood Flooring Ltd. (Building) and 811044 Alberta Ltd. (Condo Units) · creditor: City of Edmonton · currency: CAD · security: Statutory property tax charge on real property (Building and Condo Units)