British Columbia · Receivership (court-appointed)
First Report of the Court Appointed Receiver and Manager dated November 10, 2023
Court officer report · 10 November 2023
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What we verified from this filing10 verified
- secured creditorsnote: Deemed trust class; comprised of $49,727 outstanding deemed trust payroll deductions and $649 outstanding GST. CRA has not yet conducted a payroll/GST audit; additional liabilities may be assessed. · page: 25 · amount: 50376 · debtor: CanWest Aerospace Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Statutory deemed-trust/priority property claim
- secured creditorsnote: Original Administration Charge was $350,000; partially satisfied by the Mar One Deposit, leaving the 'Remaining Administration Charge' of $125,000. CCAA professionals have outstanding unpaid fees of approx. $146,000, of which $21,000 will be an unsecured claim. · page: 25 · amount: 125000 · debtor: CanWest Aerospace Inc. and Can West Global Airparts Inc. · creditor: Monitor (FTI Consulting Canada Inc.), Monitor's counsel and Companies' counsel (CCAA Administration Charge) · currency: CAD · security: Court-ordered first charge on the Property in priority to all other security interests, trusts and liens, granted in the CCAA Proceedings
- secured creditorspage: 25 · amount: 2250 · debtor: Can West Global Airparts Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Statutory priority property claim (outstanding GST)
- secured creditorsnote: Regulatory claim; registration filed after RBC's security registrations and therefore subordinate to RBC security; proof of claim not yet received. · page: 26 · amount: 41000 · debtor: CanWest Aerospace Inc. · creditor: Minister of Finance (British Columbia) - Employer Health Tax · currency: CAD · security: Security interest registered in the Personal Property Registry on August 23, 2022 pursuant to the Employer Health Tax Act
- secured creditorsnote: Regulatory claim; proof of claim not yet received. · page: 26 · amount: 7531 · debtor: CanWest Aerospace Inc. · creditor: Minister of Finance (British Columbia) - PST · currency: CAD · security: Potential statutory priority on all Property under section 87 of the BC Sales Tax Act
- secured creditorsnote: Estimated minimum charge only; further information required from Management to confirm final amount and eligible employees. · page: 26 · amount: 10000 · debtor: CanWest Aerospace Inc. · creditor: Terminated employees (WEPPA statutory priority claims) · currency: CAD · security: Statutory priority charge under section 81.4(4) of the BIA ranking ahead of the Receiver's Charge and RBC (maximum $2,000 per employee)
- secured creditorsnote: Regulatory claim; Receiver had not yet received a proof of claim as of report date - existence/amount not yet confirmed. · page: 26 · amount: 11834 · debtor: CanWest Aerospace Inc. · creditor: WorkSafeBC · currency: CAD · security: Potential statutory lien on all property or proceeds of property used or produced by CW Aerospace
- secured creditorsnote: Report states total of $3.8M plus accrued interest; prose elsewhere gives approx. breakdown of $3.6M owed by CW Aerospace and $0.2M owed by CW Airparts. Mr. Jackson (sole director/shareholder) is a personal guarantor - related party. Receiver has not instructed counsel to review validity/enforceability of RBC Security. · page: 27 · amount: 3800000 · debtor: CanWest Aerospace Inc. and Can West Global Airparts Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Various registered security over the Companies' assets, undertakings and properties, together with various corporate and personal guarantees (the 'RBC Security'); subject to prior-ranking Court-ordered charges and statutory interests (Remaining Administration Charge, CRA Property Claims, Unpaid Wages Priority Claim, Potential WorkSafeBC Lien Claim, Potential Minister of Finance Claim, Receiver's Charge, Receiver's Borrowing Charge)
- secured creditorsnote: CW Airparts has provided a guarantee in respect of BDC Loan 3. · page: 27 · as of: 2023-03-08 · amount: 171453 · debtor: CanWest Aerospace Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General Security Agreement; priority agreement dated July 7, 2017 granting BDC priority over RBC in respect of the Laselec MRO 200-B Laser Wire Marker; comprised of BDC Loan 1 ($54,718, facility 127900-01) and BDC Loan 3 ($116,735, facility 127900-03)
- secured creditorsnote: CW Aerospace and CW Airparts are guarantors of this loan; borrower is a related party; BDC has commenced an action against 0845BC for recovery of amounts owing. · page: 27 · as of: 2023-03-08 · amount: 63317 · debtor: 0845BC (0854271 BC Ltd., a company owned by Ms. Lundy, the Companies' former CFO) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General Security Agreement