Alberta · Receivership (court-appointed)
Second Report of the Court Appointed Receiver
Court officer report · 7 February 2022
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 filing8 verified
- cash on handnote: Held in the Receiver's trust account; the Receiver estimates these funds will be applied against costs to oversee the Canadian Properties, so no funds will be available for distribution. · as at: 2022-01-31 · amount: 30156 · currency: CAD
- disbursementsnote: Combined actual plus estimated disbursements to January 31, 2022: Eaglesmed $108,123 and CMPC $47,526. · since: February 12, 2021 (Date of Receivership) · amount: 155650 · currency: CAD
- operational summaryEaglesmed ceased operations before the receivership. The Receiver closed the sale of Eaglesmed's assets and is now running a sales process for CMPC's Canadian investment properties, seeking approval of the sale of Unit 703 and an increase in the Borrowing Facility from $100,000 to $200,000.
- professional feesnote: Excludes GST. Comprises two interim invoices (Feb 12, 2021 to Nov 1, 2021) totalling $106,000 plus unbilled work-in-progress to Jan 31, 2022 of $10,000. About $64,000 (excl. GST) has been paid from net Eaglesmed estate proceeds under the CRA Administrative Agreement, with the remainder to be paid from Receiver's Borrowings. Receiver's legal counsel (Cassels) fees and disbursements total approximately $92,000 excl. GST (about $87,000 in eight interim invoices plus $5,000 unbilled WIP). · party: Deloitte Restructuring Inc. (Receiver) · amount: 116000 · period: February 12, 2021 to January 31, 2022 · currency: CAD
- receipts cumulativenote: Combined actual plus estimated receipts to January 31, 2022: Eaglesmed Group Inc. $108,123 and Chris Musah Professional Corporation $77,682. Includes $100,000 of Receiver's borrowings, which are not operating receipts. · since: February 12, 2021 (Date of Receivership) · amount: 185805 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Receiver advised Dr. Akinsipe and her legal counsel, that based on the information available to the Receiver that Dr. Akinsipe had an unsecured claim against the Eaglesmed receivership, and the Receiver did not anticipate any distributions to unsecured creditors as the secured creditors of Eaglesmed are expecting to suffer a significant shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: secured creditors of Eaglesmed · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver advised Dr. Akinsipe and her legal counsel, that based on the information available to the Receiver that Dr. Akinsipe had an unsecured claim against the Eaglesmed receivership, and the Receiver did not anticipate any distributions to unsecured creditors as the secured creditors of Eaglesmed are expecting to suffer a significant shortfall. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: There are insufficient funds to settle the Receiver's Borrowings and Receiver's fees; consequently, there will be no funds available for CRA's priority claim at this time. · pct of: unstated · outcome: nil · class key: deemed_trust · stated by: receiver · class label: CRA's priority claim · creditor name: Canada Revenue Agency · interim final: unstated · conditional on: at this time · claims qualifier: unstated; basis: estimated · quote: As a result, the Receiver does not anticipate any distribution will be available to any unsecured creditors of the Debtors in the course of the receivership. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors of the Debtors · interim final: unstated · claims qualifier: unstated · table missing:
- report date7 February 2022
- report noSecond Report