British Columbia · Receivership (court-appointed)
Affidavit #1 of J. Alambre
Affidavit · 4 December 2023
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What we verified from this filing1 verified
- secured creditorsnote: Amount stated is the outstanding balance of Term Loan (Loan No. 020632892974) as of the January 14, 2022 Offer of Financing, being the assumed balance of an original $11,970,000 term loan advanced June 29, 2020 to 1251773 B.C. Ltd. Additional facilities are facility limits, not balances: Line of Credit up to $300,000 CAD (new, 2022), Term Loan up to $2,500,000 CAD (new, 2022, for share acquisition), Mastercard credit cards up to $50,000 CAD. Guarantees from Gurmeet Mann, Komalpreet Mann, and Jaswant Mann are personal guarantees (individuals; not corporate creditors). Bank issued default notice August 29, 2023 and formal demand September 13, 2023 with BIA/Farm Debt Mediation Act notices; updated post-default balance not stated on the pages provided. · page: 9 · as of: 2022-01-14 · amount: 11492000 · debtor: 1326 Mann Farm Inc. (formerly 1251773 B.C. Ltd., amalgamated) · creditor: National Bank of Canada · currency: CAD · security: General Security Agreements (1st ranking all personal property) from Mann Farm (Jan 28, 2022 and July 11, 2022) and 1251773 B.C. Ltd. (July 15, 2020); GSA from K P Drywall Ltd.; GSA from 13 Mann Farms B.C. Ltd. (2nd ranking, 1st ranking held by Farm Credit Canada); GSA from Dyke Valley Berry Farms Ltd.; 1st ranking Unlimited Collateral Charge Mortgage on lands at 8201 Dyke Road, Abbotsford BC (PID 024-200-981) granted by Dyke Valley, plus general assignment of rents; Unlimited Guarantees from K P Drywall, 13 Mann Farms, Gurmeet Mann, Komalpreet Mann, Dyke Valley Berry Farms Ltd., and Jaswant Mann; Subordination Agreements from K P Drywall, 13 Mann Farms, Gurmeet Mann, and Komalpreet Mann; Assignment of Insurance Policies and Proceeds