British Columbia · Receivership (court-appointed)
F irst A ffidavit of John Lee, filed August 7, 2024
Affidavit · 7 August 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 filing3 verified
- secured creditorsnote: Outstanding secured liabilities to FWCU referenced but balance not stated in this affidavit; priorities are subject to a subordination agreement, not a statement of order of registration. · page: 4 · debtor: G3 Genuine Guide Gear Inc. · creditor: FWCU Capital Corp. · currency: CAD · security: PPSA security registration against Debtor's personal property; per Subordination and Standstill Agreement dated June 16, 2017, RBC has priority over FWCU for 'Bank Collateral' (all Debtor's personal/real property, assets, effects and undertaking other than FWCU Collateral) up to a principal amount of $3,550,000 (registration/priority ceiling, not a balance); FWCU has priority over RBC for 'FWCU Collateral' (FWCU Key Man Insurance and Debtor's Intellectual Property) up to a principal amount of $2,200,000 (registration/priority ceiling, not a balance)
- secured creditorspage: 4 · debtor: G3 Genuine Guide Gear Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Mercedes-Benz Financial / Mercedes-Benz Financial Services Canada Corporation registered a PPSA Security Agreement against the Debtor in relation to a Mercedes-Benz 2C144X vehicle (purchase-money security interest)
- secured creditorsnote: Amount described in affidavit as 'approximate', excludes legal fees accrued and interest accruing after Aug 7, 2024; interest/fees continue to accrue. NITES and demand letter issued May 9, 2024; Forbearance Agreement (June 14, 2024) expired July 19, 2024 without repayment. · page: 5 · as of: 2024-08-07 · amount: 2443429.67 · debtor: G3 Genuine Guide Gear Inc. · creditor: Royal Bank of Canada (formerly HSBC Bank Canada) · currency: CAD · security: General Security Agreement dated May 1, 2001 over all present and future/after-acquired personal property; Agreement for security over cash, credit balances and deposit instruments dated June 2, 2003; also holds guarantee from Oliver Steffen (guarantor/director) secured by a second fixed and specific mortgage charge (CAD 2,500,000 registered amount, not a balance) over lands at 418 Felton Avenue, North Vancouver; Export Development Canada Export Guarantees of CAD 250,000 and CAD 1,350,000; assignment of key man insurance CAD 400,000