Alberta · Receivership (court-appointed)
Affidavit of J. Sullivan - sworn May 11, 2021
Affidavit · 17 May 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
- secured creditorsnote: No amount stated; claim against AFPL postponed/subordinated to ATB; related numbered company. · page: 2 · debtor: Alberta Foothills Properties Ltd. · creditor: 1367809 Alberta Ltd. · currency: CAD · security: Postponement and Assignment of Claims in favour of ATB Financial
- secured creditorsnote: No amount stated; claim against AFPL postponed/subordinated to ATB; related numbered company. · page: 2 · debtor: Alberta Foothills Properties Ltd. · creditor: 1713660 Alberta Ltd. · currency: CAD · security: Postponement and Assignment of Claims in favour of ATB Financial
- secured creditorsnote: No amount stated; claim against AFPL postponed/subordinated to ATB; related numbered company. · page: 2 · debtor: Alberta Foothills Properties Ltd. · creditor: 1367808 Alberta Ltd. · currency: CAD · security: Postponement and Assignment of Claims in favour of ATB Financial
- secured creditorsnote: Indebtedness stated inclusive of accrued interest to May 11, 2021, plus further accruing interest and full-indemnity legal costs. Also guaranteed by 1367803 Alberta Ltd. (unlimited, related party/co-Debtor operating as Holmes Communities) and by Drew Atkins, a director of the debtor, personally (limited to $7,000,000) - guarantee liabilities stated at $13,883,382.58 and $7,000,000 respectively as of same date. Notice of Intention to Enforce Security (BIA s.244) and demand letters issued Oct 27, 2020; Consent Receivership Order executed and held in escrow. · page: 11 · as of: 2021-05-11 · amount: 13883382.58 · debtor: Alberta Foothills Properties Ltd. · creditor: ATB Financial (Alberta Treasury Branches) · currency: CAD · security: General Security Agreement (Aug 17, 2015) over all present/after-acquired property; Collateral Mortgage against the Lands, registered principal amount $30,000,000 (originally $30,000,000, reduced to $10,300,000 by First Mortgage Amendment July 12, 2016, then increased back to $30,000,000 by Second Mortgage Amendment Sept 2017); General Assignment of Sales Agreements, Specific Assignment of Construction Contracts, and Specific Assignment of Development Agreements/Permits/Approvals (all Aug 17, 2015); first-in-time PPSA and Land Titles charge per Exhibits N and O
- secured creditorsnote: Related party - same entity is also an unlimited guarantor of AFPL's ATB debt. Amount is an aggregate principal ceiling ('not exceeding'), components stated rather than a confirmed balance. · page: 39 · debtor: Alberta Foothills Properties Ltd. · creditor: 1367803 Alberta Ltd. o/a Holmes Communities · currency: CAD · security: Unspecified security granted by AFPL to 1367803 Alberta Ltd. in connection with the '1367803 Obligations' (Permitted Encumbrance), comprising a promissory note dated Jan 1, 2013 in principal amount of $6,000,000 and debenture interest payments confirmed at $162,827.51 (Aug 9, 2017 confirmation letter); Permitted Indebtedness capped in aggregate at $6,162,827.51; claim subordinated and postponed to ATB Financial pursuant to a Subordination and Standstill Agreement dated Aug 17, 2015
- secured creditorsnote: Related party (Holmes Group entity). $2,000,000 is the stated loan principal/ceiling, not a confirmed outstanding balance. · page: 39 · debtor: Alberta Foothills Properties Ltd. · creditor: M. Holmes Holdings Limited · currency: CAD · security: Unspecified security granted by AFPL to M. Holmes Holdings Limited re: 'MHHL Obligations' - loan agreement dated Sept 8, 2016, principal amount $2,000,000; also referenced as 'Postponement and Subordination Agreement of up to $2,000,000.00 from The Holmes Group and 1367803 Alberta Ltd.'; subordinated and postponed to ATB Financial