Alberta · Receivership (court-appointed)
Fourth Report to the Court
Court officer report · 16 December 2011
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- closing confirmedscope: a majority of the land andpersonal property of Elaborate · outcome: completed · effective: 2011-06-21 · purchaser: 1601812 Alberta Ltd. · date basis: stated · approval order date: 2011-06-03
- operational summaryThe Receiver is winding down the receivership estates of Homes and Developments, having completed major asset sales, negotiated a settlement with CRA, and is now seeking court approval of a cost allocation and further distributions to secured creditors including ATB, Servus, and Alco.
- purchaser1601812 Alberta Ltd.; Great West Truck Lease and Rentals Ltd.
- recovery outcomeentries: basis: estimated · quote: With the prior distributions and the proposed distribution of $677,061 discussed above, Servus will suffer a shortfall of $351,895 plus costs plus per diem interest to the date of the final payment on its security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Servus · claims amount: 3122994 · creditor name: Servus · interim final: unstated · conditional on: plus costs plus per diem interest to the date of the final payment on its security · claims qualifier: estimated · shortfall amount: 351895; basis: estimated · quote: After the above payments are made in priority to Alco on this property, there should be $90,553.09 available to Alco as detailed in Exhibit 2. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 90553.09 · amount high: 90553.09 · class label: Alco Industries Inc. · creditor name: Alco Industries Inc. · interim final: unstated · conditional on: assuming ATB and other prior claims are paid and Alco security is behind ATB on the property · claims qualifier: unstated; basis: unstated · quote: CRA should be paid $167,806.93 in priority to all other creditors with claims to the personal property of Homes as settlement of its deemed trust claims in Homes, subject to confirmation by the Court. · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 167806.93 · amount high: 167806.93 · class label: CRA (Homes personal property deemed trust) · creditor name: Canada Revenue Agency · interim final: unstated · conditional on: subject to confirmation by the Court · claims qualifier: unstated; basis: unstated · quote: CRA should be paid $30,77o.02 in priority to all other creditors with claims to the remaining proceeds of Plan o728514 Block 3 Lot 2 as settlement of its deemed trust claims in Homes, subject to confirmation by the Court. · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 30770.02 · amount high: 30770.02 · class label: CRA (Plan 0728514 Block 3 Lot 2 deemed trust) · creditor name: Canada Revenue Agency · interim final: unstated · conditional on: subject to confirmation by the Court · claims qualifier: unstated; basis: estimated · quote: Assuming the available funds in Homes are distributed as contemplated above, there would be no funds available to the remaining secured creditors in the estate of Homes. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: remaining secured creditors (Homes) · interim final: unstated · conditional on: assuming the available funds in Homes are distributed as contemplated · claims qualifier: unstated · table missing: For the Great West Settlement, we have estimated the recoverable amount under the Settlement Agreement reached between the Receiver and Great West Truck Lease & Rentals Ltd. for the sale of certain equipment. No funds have been provided to the Receiver to date.
- report date16 December 2011
- report noFourth Report
- sale outcometext: the majority of assets of Elaborate have been sold pursuant to the Vesting Order · scope: whole_business · status: closed