Alberta · Receivership (court-appointed)
Trustee's First Report to Court dated February 16, 2021
Court officer report · 16 February 2021
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 filing6 verified
- financial positionnote: The document states the bankrupt estate has no assets and no funds: "As the bankrupt estate has no assets"; "the Company's estate has no funds or assets available to fund the Proposed Assigned Actions." The Company's assets (partially completed homes) were all subject to secured creditors' security and were in the Receiver's possession. ATB is stated (in the creditors meeting minutes) to be owed approximately $35 million. No total liabilities figure is stated for the estate. · basis: The Trustee relied on the Company's unaudited financial information and limited books and records, and has not audited, reviewed or verified them. · scope: Bankrupt estate of Lenaco Homes Masterbuilder Inc. · currency: CAD
- operational summaryThe Company is bankrupt with no estate funds. The Trustee filed eight claims in respect of reviewable transactions and, with creditor approval, supports ATB taking assignment of those claims under s. 38 of the BIA.
- professional feesnote: Total including GST ($34,405 before GST of $1,720; fees $33,761 and disbursements $644). Trustee: $12,087 total (incl. $9,000 estimated fees for the s. 38 application); legal counsel: $24,038 total (incl. $17,000 estimated). Fees incurred up to November 30, 2020 were approved previously by inspectors/creditors. · party: PricewaterhouseCoopers Inc. (Trustee) and McCarthy Tetrault LLP (Trustee's counsel) · amount: 36125 · period: After November 30, 2020 (invoiced to January 2021, plus estimates for the s. 38 application) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: There is likely to be no funds available to the Trustee for distribution to the Company's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Company's unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: It appears there will be insufficient assets of Lenaco Homes Masterbuilder Inc. (Lenaco HMI) to extinguish the debts owed to ATB. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: ATB · creditor name: ATB · interim final: unstated · claims qualifier: unstated · stated on: 2021-02-16 · table missing:
- report date16 February 2021
- report noFirst Report