Manitoba · Receivership (court-appointed)
Receiver's First & Final Report - Filed October 9, 2024
Court officer report · 9 October 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing16 verified
- applicantTHE TORONTO-DOMINION BANK
- courtTHE KING’S BENCH
- court file noCI 23-01-44085
- statutory basisSection 243 of the Bankruptcy and Insolvency Act and Section 55 of the Court of King's Bench Act
- appointeeGrant Thornton Limited
- appointee rolereceiver
- commencement date11 December 2023
- financial positionnote: Liabilities not stated as a total; components reported separately as priority claims, secured creditors, and unsecured creditors elsewhere in report · page: 6 · as at: Receivership Order filing date (December 11, 2023) · basis: Based on Cobalt's unaudited books and records · scope: Entity - Cobalt Industries Ltd. only · currency: CAD · total assets: 3743967
- secured creditorsnote: Plus further accrued and accruing interest, costs and expenses; applicant creditor; security opinion confirmed valid and enforceable by TM LLP subject to usual assumptions and qualifications · page: 7 · as of: 2023-11-30 · amount: 7200652 · debtor: Cobalt Industries Ltd. · creditor: The Toronto-Dominion Bank · currency: CAD · security: Registered security interests over all present and after-acquired property of the Company
- secured creditorsnote: Only additional registered PPR interest as at date of Receivership Order; not realized upon by Receiver · page: 7 · as of: NOI/Receivership Order filing date · amount: 5438.63 · debtor: Cobalt Industries Ltd. · creditor: Meridian OneCap Credit Corp. · currency: CAD · security: Specific security registered against Cobalt with respect to various software licenses
- unsecured creditorsnote: Deemed trust claim; preferred/priority ranking; per proposed distribution listed as filed priority claim of $2,105.90 · page: 7 · basis: CRA advised of deemed trust claim · amount: 2106 · debtor: Cobalt Industries Ltd. · creditor: Canada Revenue Agency - unpaid GST · currency: CAD
- unsecured creditorsnote: Deemed trust claim; preferred/priority ranking · page: 7 · basis: CRA advised of deemed trust claim · amount: 20346 · debtor: Cobalt Industries Ltd. · creditor: Canada Revenue Agency - payroll source deductions · currency: CAD
- unsecured creditorsnote: Preferred/priority claim - security for unpaid wages/vacation pay up to $2,000 per employee over current assets; subrogated employee claims under WEPP · page: 7 · basis: Priority claim under s. 81.3 BIA for unpaid wages and vacation pay · amount: 21257 · debtor: Cobalt Industries Ltd. · creditor: Service Canada (WEPP) · currency: CAD
- unsecured creditorsnote: Deemed trust/regulatory claim; full amount set-off by credit balance in Company's Health and Education Tax Levy account · page: 7 · basis: Deemed trust claim for unpaid Retail Sales Tax · amount: 11110.76 · debtor: Cobalt Industries Ltd. · creditor: Manitoba Finance · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors; Receiver has not conducted a claims process to confirm amounts owed due to significant shortfall to secured creditors · page: 8 · as of: Receivership Order filing date · basis: Based on the Company's records as at the date of the Receivership Order · amount: 1585168.98 · debtor: Cobalt Industries Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Any further amounts of Uncollected AR that may be received after discharge will be paid by the Receiver to TD as the shortfall in its security following payment of the Distribution will be significantly greater than the Uncollected AR. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Toronto-Dominion Bank · creditor name: Toronto-Dominion Bank · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: $21,256.51 to Service Canada on account of its priority claim for subrogated employee claims under s. 81.4 of the BIA; · pct of: unstated · outcome: distribution · class key: preferred · stated by: receiver · amount low: 21256.51 · amount high: 21256.51 · class label: Service Canada · creditor name: Service Canada · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: $20,345.68 to CRA on account of its deemed trust claim for unpaid employee source withholdings; · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 20345.68 · amount high: 20345.68 · class label: CRA (deemed trust claim for unpaid employee source withholdings) · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: $2,105.90 to CRA on account of its filed priority claim for unpaid GST remittances; and · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 2105.9 · amount high: 2105.9 · class label: CRA (filed priority claim for unpaid GST remittances) · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated · stated on: 2024-10-04 · table missing: