British Columbia · Receivership (court-appointed)
Receiver's Second Report
Court officer report · 14 October 2026
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 filing18 verified
- secured creditorsnote: Refresh is not a petitioner in these proceedings; this is guarantee indebtedness, secured under RBC's security. · page: 16 · as of: date of this Second Report (October 14, 2026) · amount: 271051 · debtor: Evo Tunes Inc. and Black Bandit Industries Inc. (guarantors of Refresh Evolution Vancouver Ltd.) · creditor: Royal Bank of Canada (RBC) – Refresh Guarantee · currency: CAD · security: Secured corporate guarantee granted by the RBC Secured Debtors as security for indebtedness owing by Refresh Evolution Vancouver Ltd. to RBC
- secured creditorsnote: Report's own stated total of RBC – Debtors, RBC – Refresh Guarantee, BNS and BDC estimates. · page: 17 · as of: date of this Second Report (October 14, 2026) · amount: 25750129 · creditor: Estimated Owing to Secured Creditors (as stated total) · currency: CAD
- secured creditorsnote: Amount is the estimate based on information provided by the Primary Secured Creditors ('claimed'). BDC is described as the primary secured creditor and is the petitioner. Also holds the Receiver's Borrowings Charge: Receiver borrowed $100,000 from BDC (authorized up to $250,000, first-ranking priority charge over the Property), to be repaid ~$104,040 under the Proposed Distribution. · page: 17 · as of: date of this Second Report (October 14, 2026) · amount: 23672499 · debtor: Evo Industrial Ltd., 1318347 B.C. Ltd. (Borrowers) and Guarantors (Evo Tunes, Heavin Holdings, KPD, Black Bandit) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreement and mortgage security against certain real property of the Debtors; ranks subsequent to RBC and BNS over the assets subject to their respective first-priority security. Independent security review confirms registered, valid and enforceable.
- secured creditorsnote: Amount estimated from information provided by the creditor. Security opinion on BNS mortgage NOT yet obtained — Receiver will obtain an independent opinion before any distribution to BNS (contemplated on sale of the Vancouver Condo); security not confirmed valid. · page: 17 · as of: date of this Second Report (October 14, 2026) · amount: 1162864 · creditor: Bank of Nova Scotia (BNS) · currency: CAD · security: First-ranking mortgage against the Vancouver Condo (3902-1151 West Georgia Street, Vancouver) and related security
- secured creditorsnote: Amount estimated from information provided by the creditor. RBC security registered earlier than BDC's against the RBC Secured Debtors; independent security review confirms valid and enforceable. Receiver proposes payment of approximately $915,000 to RBC in full satisfaction of indebtedness secured by security ranking in priority to BDC (figure differs from the $643,715 + $271,051 estimate; reason not stated on these pages). · page: 17 · as of: date of this Second Report (October 14, 2026) · amount: 643715 · debtor: Evo Tunes Inc. and Black Bandit Industries Inc. (RBC Secured Debtors) · creditor: Royal Bank of Canada (RBC) – Debtors · currency: CAD · security: First-registered general security agreement over assets and undertakings of the RBC Secured Debtors, plus certain equipment financing security relating to financed equipment
- unsecured creditorsnote: Quasi-governmental claim (GST). Receiver is not aware of any deemed trust claim from unremitted source deductions ranking ahead of secured claims; no s. 81.4(1) BIA priority amount (wages) contemplated. The two debtors responsible for the GST liabilities were assigned into bankruptcy. CRA continuing to work with Receiver on outstanding tax matters and trust audits. · page: 18 · as of: date of this Second Report (October 14, 2026) · basis: CRA has advised approximately $152,215 owing in respect of GST obligations · amount: 152215 · debtor: Evo Industrial Ltd. and Heavin Holdings Inc. · creditor: Canada Revenue Agency (CRA) – GST · currency: CAD
- cash on handnote: Available Cash Balance held in trust; net of the deposit, the Current Net Proceeds are $1,036,461. Statement period ends October 9, 2026. · as at: 2026-10-09 · amount: 1321461 · currency: CAD · qualifier: inclusive of the LOI Deposit of $285,000; the body text states approximately $1,321,461.05
- closing confirmedscope: the Auction Assets · outcome: completed · date basis: stated_partial · approval order date: 2026-06-15
- disbursementsnote: Total disbursements per the interim statement; the largest items are occupation rent $85,654, security/locksmith/fire inspection $84,656 and insurance $75,057. · since: April 24, 2026 (to October 9, 2026) · amount: 353017 · currency: CAD
- operational summaryThe Receiver is preserving the Debtors' property, including the Surrey commercial property and the Vancouver condo, and marketing both for sale. It auctioned equipment in June 2026 and is seeking approval of a share sale of PFR Autogroup, which holds the PFR vehicles, along with an interim distribution to secured creditors. PFR's dealer licence was cancelled and it has made no retail sales or leases since the Receiver's appointment.
- process resultsbids: 5 · note: targeted sales process for the PFR Vehicles: three luxury dealerships contacted, offers requested from three auctioneers, and the former director declined to participate
- professional feesnote: Legal fees per the interim statement of receipts and disbursements; PST on legal fees ($2,690) and GST paid on disbursements ($12,486) are shown as separate lines. The report states no Receiver fee figure; it proposes a $550,000 reserve for accrued and future professional costs of the Receiver and its counsel. · party: Receiver's counsel (legal fees) · amount: 38637 · period: April 24, 2026 to October 9, 2026 · currency: CAD
- purchaser1585936 BC Ltd.; price: note: net proceeds remitted to the Receiver after the Auctioneer's fee entitlement · basis: cash · amount: 1170000 · sealed: false · currency: CAD · scope: the Auction Assets · status: closed · name note: purchasers at the June 16-17, 2026 auction of the Auction Assets, unnamed; Auctioneer is Joiner Sales Corp. · structure: auction · name source: operative · relationship: unstated
- receipts cumulativenote: Total receipts include sale of equipment $1,168,525, return of retainer $105,785, Receiver's draw from BDC $100,000, cash on hand $7,661 and accrued interest $7,507. · since: April 24, 2026 (to October 9, 2026) · amount: 1389478 · currency: CAD
- report date14 October 2026
- report noSecond Report
- sale advisorJoiner Sales Corp.; Lee & Associates; The Agency Real Estate Marketing Group
- sale outcometext: The Receiver seeks approval of the sale of the Shares of PFR Autogroup Inc. to 1585936 BC Ltd. for $950,000; the application for the Approval and Vesting Order was adjourned on June 15, 2026 and is now before the Court again. · scope: parcel · status: pending_approval