Quebec · Receivership (court-appointed)
Receivership Order
Receivership order · 23 May 2017
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 filing12 verified
- applicantHSBC BANK CANADA
- commencement date23 May 2017
- courtSUPERIOR COURT (Commercial Division)
- court file no500-11-041305-117
- provinceQUÉBEC
- appointeePricewaterhouseCoopers Inc.
- appointee rolereceiver
- statutory basissection 243 of the Bankruptcy and Insolvency Act
- secured creditorsnote: Order does not state HSBC's debt balance or describe its security instruments; HSBC's secured status is inferred from its enforcement recourses over the Properties, not from a stated security description. · page: 3 · debtor: North Calgary Land Ltd. · creditor: HSBC Bank Canada · currency: CAD · security: Petitioner seeking to exercise recourses against NCLL's Properties (Alberta immoveable assets); receiver appointed under s.243 BIA at HSBC's request
- secured creditorsnote: Court-ordered priority charge for professional fees of the Receiver, its attorneys and advisors; stated as a maximum ('to the extent of the aggregate amount of $80,000'), not an outstanding balance. · page: 7 · as of: Effective Time: 12:01 a.m. (Montreal time) on the day of the Order (2017-05-23) · amount: 80000 · debtor: North Calgary Land Ltd. · creditor: Receiver's attorneys and other advisors (Administration Charge) · currency: CAD · security: Administration Charge over NCLL's Properties, present and future; ranks ahead of all other Encumbrances
- secured creditorsnote: Charge ceiling of $48,000 securing monies the Receiver may borrow; borrowing authority is capped at $40,000 outstanding principal at any time. Charge amount covers principal plus interest and charges; no borrowing is stated as having occurred and no lender is named. · page: 7 · as of: Effective Time: 12:01 a.m. (Montreal time) on the day of the Order (2017-05-23) · amount: 48000 · debtor: North Calgary Land Ltd. · creditor: Lender(s) to the Receiver (Receiver's Borrowing Charge) · currency: CAD · security: Fixed and specific charge over the whole of the Property, subordinate to the Administration Charge but ranking ahead of other Encumbrances
- presiding officerJustice Louis J. Gouin