Alberta · Receivership (court-appointed)
Second Report to Court
Court officer report · 10 January 2019
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What we verified from this filing8 verified
- cash on handnote: Remaining balance of the $65,000 holdback for professional fees and disbursements in the Westridge/188 receivership estate. · as at: 2019-01-08 · amount: 2520.09 · currency: CAD
- disbursementsnote: Westridge and 188 Final Statement of Receipts and Disbursements, includes a $10,000 professional fees accrual to complete the administration. · since: May 17, 2018 · amount: 207479.91 · currency: CAD
- operational summaryGAP purchased the assets of Westridge and 188 en bloc for $200,000 under the June 15 Order, RBC and priority claims have been paid in full, and the Receiver of GAP has already been discharged; the report seeks approval of final accounts, fees, and discharge of the Receiver for Westridge and 188.
- professional feesnote: Includes a $5,000 accrual to complete the administration; excludes separate legal fees of $21,527.77 (Schedule E) as at August 27, 2018 and GST paid separately of $2,967.14 per the Westridge Final R&D. · party: Receiver (MNP Ltd.) · amount: 38646.06 · period: May 17, 2018 to January 10, 2019 · currency: CAD
- receipts cumulativenote: Westridge and 188 Final Statement of Receipts and Disbursements, from Sale of Assets En-Bloc; GAP's separate Final R&D reported total receipts of $485,749.03 for the period May 17, 2018 to June 22, 2018. · since: May 17, 2018 · amount: 200000 · currency: CAD
- recovery outcomeentries: basis: actual · quote: RBC confirmed to the Receiver that all amounts outstanding by the Company had been paid in full by the distribution from the Receiver (referenced in paragraph 12) and monies paid directly to RBC through the refinancing by GAP. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: RBC as first position secured creditor · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The Receiver confirmed that as of July 12, 2018 all claims in priority to RBC (known to the Receiver) had been paid in full. · pct of: unstated · outcome: paid_in_full · stated by: receiver · class label: all claims in priority to RBC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As noted in the Westridge Final RD there is a shortfall of approximately $7,500 based upon the estimated accruals for professional fees to complete the receivership administration. · pct of: unstated · outcome: shortfall · stated by: receiver · class label: Westridge Final RD shortfall (professional fees) · interim final: unstated · claims qualifier: unstated · shortfall amount: 7500 · stated on: 2019-01-10 · table missing:
- report date10 January 2019
- report noSecond Report