British Columbia · Receivership (court-appointed)
Second report of receiver
Court officer report · 1 May 2018
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What we verified from this filing11 verified · 2 withheld
- applicantNORTH PEACE SAVINGS AND CREDIT UNION
- courtSUPREME COURT OF BRITISH COLUMBIA
- appointeeMNP Ltd.
- appointee roleReceiver and Manager
- proceeding typereceivership_court
- secured creditorsnote: Receiver has borrowed the maximum amount of $500,000 authorized; ranks as receivership charge, priority financing · page: 4 · as of: date of report (May 1, 2018) · amount: 500000 · debtor: 0921477 B.C. Ltd. and Loewen Resort Management Ltd. · creditor: MNP Ltd. (Receiver) - Receiver's Borrowings Charge · currency: CAD · security: Receiver's Borrowing Charge pursuant to Receivership Order, increased from $250,000 to $500,000 by Order of January 10, 2018; funds borrowed from NPSCU
- unsecured creditorsnote: Deemed trust priority claim (unremitted GST/HST); CRA confirmed minimal debt owing by 092 on account of unremitted GST but without deemed trust priority · page: 9 · as of: 2018-03-01 · basis: Letter from CRA dated March 1, 2018 · amount: 42976.93 · debtor: Loewen Resort Management Ltd. · creditor: Canada Revenue Agency (CRA) - GST/HST · currency: CAD
- unsecured creditorsnote: Priority lien claim (unremitted provincial sales tax) · page: 9 · as of: 2018-03-02 · basis: Letter from Ministry of Finance dated March 2, 2018 · amount: 8362.48 · debtor: Loewen Resort Management Ltd. · creditor: Ministry of Finance (British Columbia) - PST · currency: CAD
- unsecured creditorsnote: Preferred/statutory priority claim under s.81.4 BIA ranking ahead of all registered security interests over Loewen's current assets; maximum estimated by Receiver was approximately $18,700; claims of 2 employees not yet processed · page: 9 · as of: 2018-03-24 · basis: Statement of Account dated March 24, 2018 · amount: 18354.37 · debtor: Loewen Resort Management Ltd. · creditor: Service Canada (Wage Earner Protection Program) · currency: CAD
- secured creditorsnote: Senior secured creditor; petitioning creditor; interest and legal costs continue to accrue · page: 10 · as of: 2018-04-25 · amount: 5227896.38 · debtor: 0921477 B.C. Ltd. and Loewen Resort Management Ltd. · creditor: North Peace Savings and Credit Union (NPSCU) · currency: CAD · security: General security agreements (May 15, 2012) over 092 and Loewen; mortgage and assignment of rents (June 7, 2012) over lands; assignment and postponement of loans (May 18, 2012); first-ranking mortgage on real property limited to an amount between $2,600,000 and $3,600,000 (registered ceiling)
- recovery outcomeentries: basis: estimated · quote: such an increase would prejudice NPSCU, which is anticipated to suffer a material shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: NPSCU · creditor name: North Peace Savings and Credit Union · interim final: unstated · claims qualifier: unstated · stated on: 2018-05-01 · table missing:
2 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.