Manitoba · Receivership (court-appointed)
Affidavit of Alex Wang
Affidavit · 15 May 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 filing5 verified
- secured creditorsnote: Aggregate 'Indebtedness' under demand facilities (revolving line, CEBA loan, multiple VISA facilities); RBC made formal demand and BIA s.244 notice on all Respondents March 18, 2024 (same $2,620,021.88 figure, plus $711.80/day interest); PADM Medical and Roswell Downhole each guarantee the Indebtedness to a limit of $5,100,000.00 plus interest under Jan 23, 2023 guarantees · page: 6 · as of: 2024-03-14 · amount: 2620021.88 · debtor: PADM Group Inc. (direct borrower); PADM Medical Inc. and Roswell Downhole Technologies Inc. (guarantors, joint and several with postponement of claims) · creditor: Royal Bank of Canada · currency: CAD · security: General security agreements over all present and after-acquired personal property: PADM Group Inc. (Oct 26, 2016), PADM Medical Inc./Precision ADM Medical Inc. (Jan 23, 2023), Roswell Downhole Technologies Inc. (Jan 23, 2023); first priority on all inventory and accounts receivable of PADM Medical and Roswell Downhole and second priority (behind BDC) on remaining equipment/collateral, per priority agreements dated Jan 24, 2023
- secured creditorsnote: Aggregated equipment-specific/PMSI-type registrants; CWB National Leasing confirmed by letter dated June 23, 2023 that it would not use its registration to perfect security beyond the specific collateral described therein; balances owing not stated · page: 10 · debtor: Precision ADM Inc./PADM Group Inc.; Roswell Downhole Technologies Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serial-numbered equipment registrations: Coast Capital Equipment Leasing Ltd. (2015 Matsuura MX-520; 2016 Matsuura CNC VX-1000, reg. 2016-11-18); Travelers Leasing Ltd. (2019 Matsuura MX330 PC-10, reg. 2020-05-12); CWB National Leasing Inc. (office furniture, pallet racking, computer software per agreements 3096737, 3109953, 3151220, reg. 2022-2023); Valiant Financial Services (2011 CAT forklift EPC5000-80VS, Roswell Downhole, reg. 2019-12-30)
- secured creditorsnote: Subordinated/postponed to RBC pursuant to Assignment and Postponement dated August 31, 2020; balance owing not stated · page: 15 · debtor: PADM Group Inc. (formerly Precision ADM Inc.) · creditor: Orthopaedic Innovation Centre Inc. · currency: CAD · security: All present and after-acquired property (Manitoba PPR registration 2018-03-13)
- secured creditorsnote: Subordinated/postponed to RBC pursuant to assignments and postponements of claim dated July 26, 2021 (as amended); PPR registrations list 'The Sadie Family Trust', believed by affiant to refer to The Sadie Capital Trust; balances owing not stated · page: 15 · debtor: PADM Group Inc. (formerly Precision ADM Inc.) · creditor: The Fiolka Family Trust, The Cote Family Trust, and The Sadie Capital Trust · currency: CAD · security: All present and after-acquired property (Manitoba PPR registrations dated 2023-07-18)
- secured creditorsnote: Under Jan 24, 2023 priority agreements with RBC re PADM Medical and Roswell Downhole, RBC holds first priority on inventory/accounts receivable and BDC holds first priority on remaining collateral (RBC second on that remainder); BDC advised to be supportive of receivership appointment; balance owing to BDC not stated · page: 16 · debtor: PADM Group Inc./Precision ADM Inc.; PADM Medical Inc./Precision ADM Medical Inc.; Roswell Downhole Technologies Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: All present and after-acquired personal property; serial numbered good: 2012 Hyundai Lift Truck 18BR-7 (HH1HFP06CB0000072) (Manitoba PPR registrations 2021-12-23 and 2022-05-30)