Ontario · Receivership (court-appointed)
Interim Statement of Receiver (Subsection 246(2))
Notice of receiver (s. 245 / Form 87) · 8 September 2009
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: No amount is stated in this interim s.246(2) statement. “Fourteen creditors had registered a security interest against the assets of the Company”; as of the report date only five others had filed a proof of claim, and no distributions had been made to any secured creditor. · page: 2 · debtor: Harwell Hesco Electric Supply Co. Limited · creditor: HSBC Bank Canada · currency: CAD · security: First priority over the assets of the Company; the Receiver was appointed on HSBC's application.
- financial positionnote: No debtor balance sheet is stated. Unrealized property: the $480,000 balance of Danbury Industrial's $840,000 net minimum guarantee (Danbury has refused payment and sued, alleging the inventory cost was overstated; the Receiver is defending); $210,434.53 owed by Mr. Laurie P. Vassallo on life-insurance proceeds (of an original $1,010,434.53, $800,000 repaid; Ms. Angela Vassallo has filed a claim asserting entitlement); accounts receivable of ~$851,000 book value (~$585,000 at collection; one customer owing $266,000 claims a $175,000 set-off); and two life-insurance policies with cash surrender value of $572,000, transferred to J.G. Vassallo without the Receiver's consent and being transferred back. Receipts to August 31, 2009 were $2,401,614.08, less the $39,832.46 s.81.4 claim; disbursements $365,391.93; excess of receipts over disbursements $1,996,389.69. · page: 3 · as at: 2009-08-31 · basis: Interim Statement of Receiver (s.246(2) BIA), Deloitte & Touche Inc., for the period March 2, 2009 to August 31, 2009 — receiver-side accounting, not a balance sheet of the Company. · scope: Harwell Hesco Electric Supply Co. Limited — unrealized property and receivership receipts · currency: CAD
- secured creditorsnote: Wage arrears PAID by the Receiver out of receipts. The vacation-pay portion of the super-priority claim was estimated at a further $16,500. · page: 3 · as of: 2009-08-31 · amount: 39832.46 · debtor: Harwell Hesco Electric Supply Co. Limited · creditor: Employees (WEPPA s.81.4 super-priority wage claim) · currency: CAD · security: Super-priority charge on current assets under BIA s.81.4, stated in the Interim Statement of Receipts and Disbursements.
- secured creditorsnote: Stated as “approximately $8,200” — an approximation, not an exact balance; CRA advised it WILL BE FILING the claim. · page: 3 · amount: 8200 · debtor: Harwell Hesco Electric Supply Co. Limited · creditor: Canada Revenue Agency · currency: CAD · security: Proof of property claim (deemed-trust class) following CRA's completed payroll audit.