British Columbia · Receivership (court-appointed)
First Report of the Receiver (March 11, 2026)
Court officer report · 11 March 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing12 verified
- financial positionnote: Stated as a floor: 'estimated liabilities totaling in excess of $6,319,000'; total excludes several creditor amounts listed as 'Unknown' (CRA-GST, CRA-Source Deductions, BDC, Merchant Capital, Ford Credit, Bank of Nova Scotia, Toyota Industries) and thus likely understates true liabilities; no total assets figure stated (inventory noted separately at $5.7 million cost basis, p.10) · page: 11 · as at: 2026-02-27 · basis: Receiver's estimate, unaudited, based on discussions with Cantrex, Wells Fargo, RBC, former employees and limited books and records · scope: combined Westcoast Appliance Centre 2014 Ltd. and Capital Iron (2022) Ltd. · currency: CAD · total liabilities: 6319000
- secured creditorsnote: Table figure in $000's ($2,320 Westcoast + $324 Capital Iron = $2,644 total, as stated); priority over RBC and Wells Fargo for financed inventory until paid in full · page: 11 · as of: 2026-02-27 · amount: 2644000 · debtor: Westcoast Appliance Centre 2014 Ltd. and Capital Iron (2022) Ltd. · creditor: Cantrex Nationwide Group Inc. · currency: CAD · security: PMSI over inventory financed by Cantrex; PPR registrations: Capital Iron #823875P (Oct 3, 2023) over all inventory/equipment/accounts/property/proceeds, Westcoast #670895K (Apr 5, 2018) over all inventory/equipment/accounts/general property
- secured creditorsnote: Table figure in $000's ($156 Westcoast + $151 Capital Iron = $307 total, as stated); priority over RBC/Cantrex for Brand Specific Goods (Westcoast) and financed inventory (Capital Iron) · page: 11 · as of: 2026-02-27 · amount: 307000 · debtor: Westcoast Appliance Centre 2014 Ltd. and Capital Iron (2022) Ltd. · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: PMSI over inventory financed by Wells Fargo; PPR registrations: Capital Iron #886885P (Nov 2, 2023), Westcoast #851621J (Mar 1, 2017)
- secured creditorsnote: Identified via PPR review as secured creditor of Capital Iron; amount 'Unknown', not applicable to Westcoast (N/A); Receiver establishing contact to confirm nature/amount of indebtedness · page: 11 · debtor: Capital Iron (2022) Ltd. · creditor: Merchant Capital Group LLC · currency: CAD
- secured creditorsnote: Identified via PPR review as secured creditor of Westcoast; amount 'Unknown', not applicable to Capital Iron (N/A); Receiver establishing contact to confirm nature/amount of indebtedness · page: 11 · debtor: Westcoast Appliance Centre 2014 Ltd. · creditor: Ford Credit Canada Company · currency: CAD
- secured creditorsnote: Identified via PPR review as secured creditor of Westcoast; amount 'Unknown', not applicable to Capital Iron (N/A); Receiver establishing contact to confirm nature/amount of indebtedness · page: 11 · debtor: Westcoast Appliance Centre 2014 Ltd. · creditor: The Bank of Nova Scotia · currency: CAD
- secured creditorsnote: Identified via PPR review as secured creditor of Westcoast; amount 'Unknown', not applicable to Capital Iron (N/A); Receiver establishing contact to confirm nature/amount of indebtedness · page: 11 · debtor: Westcoast Appliance Centre 2014 Ltd. · creditor: Toyota Industries Commercial Finance Canada Inc. · currency: CAD
- secured creditorsnote: Amount owed listed as 'Unknown' for both Westcoast and Capital Iron in liabilities table; Receiver establishing contact to confirm nature/amount of indebtedness · page: 11 · debtor: Westcoast Appliance Centre 2014 Ltd. · creditor: Business Development Bank of Canada · currency: CAD · security: All present and after-acquired personal property; PPR registration #595697J (Oct 13, 2016)
- secured creditorsnote: Table figure in $000's ($1,797 Westcoast + $1,511 Capital Iron = $3,308 total, as stated); priority subordinate to Cantrex/Wells Fargo PMSIs on financed inventory per priority agreements, but flips to first priority once specific item paid in full · page: 11 · as of: 2026-02-27 · amount: 3308000 · debtor: Westcoast Appliance Centre 2014 Ltd. and Capital Iron (2022) Ltd. (cross-collateralized and cross-guaranteed) · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement over all present and after-acquired personal property; PPR registrations: Westcoast #290839I (Nov 17, 2014, amended Feb 19, 2026), Capital Iron #900124P (Nov 9, 2023)
- unsecured creditorsnote: Preferred/priority claim ranking ahead of all secured creditors over current assets, up to $2,000 per employee (BIA); estimated at $34,000 for Westcoast and $26,000 for Capital Iron, totaling $60,000 · page: 12 · as of: 2026-02-27 · basis: Receiver's estimated liabilities schedule; Wage Earners Protection Program estimate for unpaid wages, vacation pay and termination pay · amount: 60000 · debtor: Westcoast Appliance Centre 2014 Ltd. and Capital Iron (2022) Ltd. · creditor: Employees (WEPP priority claims) · currency: CAD
- secured creditorsnote: Deemed trust class; Receiver states no outstanding source deductions known as at date of receivership, but a CRA payroll trust examination remains to be completed to verify this (table at p.11 lists as 'Unknown'); ranks ahead of secured creditors per para 50 · page: 13 · as of: date of receivership · debtor: Westcoast Appliance Centre 2014 Ltd. and Capital Iron (2022) Ltd. · creditor: CRA - Source Deductions · currency: CAD
- secured creditorsnote: Deemed trust class; exact pre-receivership balance for Westcoast per para 48 (table at p.11 shows 'Unknown' for both entities). No pre-receivership balance stated for Capital Iron, but additional GST returns for the pre-filing quarter remain to be filed and are expected to create substantial further GST liabilities; per para 50, GST (subject to bankruptcy) ranks ahead of secured creditors · page: 13 · as of: pre-receivership · amount: 2737.6 · debtor: Westcoast Appliance Centre 2014 Ltd. · creditor: CRA - GST · currency: CAD