Quebec · NOI
Notice-and-statement-of-the-Receiver
Notice to creditors · 30 July 2012
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What we verified from this filing5 verified
- financial positionnote: LIABILITIES: $15,650,370 is the document's own “total amount due by the insolvent person”, all creditors included. ASSETS ARE COMPONENTS ONLY and are NOT summed here: the receiver states a “Realizable value” of $1,200,000 for inventory and receivables, $74,000 for equipment, and $1 for intangible and other assets, with no total given. Note also paragraph 3 — the receiver “did not take possession or control of the property described above because the powers conferred by the Judgment only authorized the Receiver to preserve the assets, dispose of them and sell them”, so these are stated realizable values rather than realized ones. · page: 2 · as at: 2012-07-27 · basis: BIA s.245(1) Notice and Statement of the Receiver, KPMG Inc. as receiver, dated 30 July 2012; the document is bilingual, p1 French and p2 its English translation, and the two agree · scope: Conceptwear Inc. alone — an operator of retail clothing stores at 5670 Paré Street, Mount-Royal, Québec · currency: CAD · total liabilities: 15650370
- secured creditorspage: 2 · as of: 2012-07-27 · amount: 462000 · debtor: Conceptwear Inc. · creditor: Roynat · currency: CAD · security: named under paragraph 4(d), “amount owed by insolvent person to each creditor who holds a security on the property described above” / “montant dû par la personne insolvable à chaque créancier qui détient une garantie sur les biens susmentionnés”
- secured creditorsnote: as at the date the receiver was appointed — “On July 27th, 2012, the undersigned, KPMG INC., became the receiver”. · page: 2 · as of: 2012-07-27 · amount: 3940919 · debtor: Conceptwear Inc. · creditor: Royal Bank of Canada · currency: CAD · security: named under paragraph 4(d), “amount owed by insolvent person to each creditor who holds a security on the property described above” / “montant dû par la personne insolvable à chaque créancier qui détient une garantie sur les biens susmentionnés”
- secured creditorspage: 2 · as of: 2012-07-27 · amount: 375000 · debtor: Conceptwear Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: named under paragraph 4(d), “amount owed by insolvent person to each creditor who holds a security on the property described above” / “montant dû par la personne insolvable à chaque créancier qui détient une garantie sur les biens susmentionnés”
- unsecured creditorsnote: NOT COMPUTED, DELIBERATELY. Paragraph 4(e) promises “the list of the other creditors of the insolvent person and the total amount due by the insolvent person is as follows: $15,650,370” — but no list follows, and the French is explicit that the figure is “le montant total dû à L'ENSEMBLE DES CRÉANCIERS”, the total due to ALL creditors, which therefore includes the three secured creditors above. Subtracting $4,777,919 of secured debt from it to derive an unsecured figure would be computing a number the document does not state. The $15,650,370 is recorded where it belongs, as total liabilities. · page: 2 · as of: 2012-07-27 · basis: BIA s.245(1) Notice and Statement of the Receiver, KPMG Inc. as receiver, dated 30 July 2012; the document is bilingual, p1 French and p2 its English translation, and the two agree · debtor: Conceptwear Inc. · creditor: Other creditors (existence stated, amount not separately stated) · currency: CAD