Ontario · Receivership (court-appointed)

Receiver’s Interim Report dated September 8, 2022

Court officer report · 8 September 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 filing3 verified

secured creditorsnote: Stated as 'approximately $2 million'; senior secured creditor that commenced the receivership application. Includes Operating Loan (~$1.7 million, 75% guaranteed by Export Development Canada) and HASCAP Loan (~$250,000, guaranteed by Business Development Bank of Canada), both figures given 'as at the date of the Appointment Order' (May 19, 2022); no explicit date given for the $2 million figure itself. · page: 2 · amount: 2000000 · debtor: Williams Telecommunications Corp. · creditor: Bank of Montreal · currency: CAD · security: Security over all Property of the Company under various credit facilities
secured creditorsnote: Deemed trust class claim for unremitted payroll deductions, including penalties and interest of $235.70. Deemed trust portion of $1,713.28 ranks in priority to the Bank's security and has already been paid by the Receiver. · page: 7 · amount: 1948.98 · debtor: Williams Telecommunications Corp. · creditor: Canada Revenue Agency · currency: CAD
secured creditorsnote: Deemed trust class claim for unremitted HST for February through April 2022. Ranks in priority to the Bank's security; Receiver intends to reduce/offset this claim via an HST adjustment for uncollectable receivables and an anticipated income tax refund before remitting payment; unpaid as of report date. · page: 7 · amount: 25055.53 · debtor: Williams Telecommunications Corp. · creditor: Canada Revenue Agency · currency: CAD