Alberta · Receivership (court-appointed)
Receiver's Second Report to the Court
Court officer report · 3 January 2020
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 filing10 verified
- closing confirmedscope: 67 Avenue residential property (Grande Prairie) · outcome: completed · date basis: unstated; scope: 105 Street residential property (Grande Prairie) · outcome: completed · date basis: unstated
- disbursementsnote: Mechanical's total disbursements, including the $3,700,000 First Interim Distribution to ATB. Excess of receipts over disbursements is $834,276.46. Management's total disbursements were $464,452.42 and 687772 Alberta Ltd.'s were $68,868.90. · since: July 19, 2019 (Receiver's appointment), to January 3, 2020 · amount: 4833659.88 · currency: CAD
- operational summaryThe companies are in receivership with Mechanical's operations ceased. The Receiver is collecting accounts receivable, pursuing the Grande Prairie Regional Hospital Public Works Act and bond claims, and selling real estate and equipment (McDougall auction planned for around January 15, 2020). It is also seeking approval of the 76 Ave residential sale and further interim distributions to ATB of up to $1.0 million (Mechanical) and $2.75 million (Management).
- professional feesnote: Receiver's fees and disbursements per Mechanical's R&D; legal fees and disbursements of $279,793.19 also paid from Mechanical. Management R&D shows Receiver's fees and disbursements of $5,626.53 and legal fees of $5,383.00; 687772 R&D shows Receiver's fees and disbursements of $317.52. Tax treatment not stated. · party: Receiver (PricewaterhouseCoopers Inc.) - Schendel Mechanical Contracting Ltd. estate · amount: 138928.23 · period: July 19, 2019 to January 3, 2020 · currency: CAD
- purchaserprice: sealed: true · scope: 76 Ave Property, 10637 76 Avenue, Grande Prairie (residential) · status: proposed · name note: prospective purchaser of the 76 Avenue residential property; name and price in sealed Confidential Appendix A, not named in the text provided · structure: real_property · name source: operative · relationship: unstated; price: sealed: true · scope: Storage Yard · status: approved · name note: purchaser of the Storage Yard; unnamed in text provided · structure: real_property · name source: operative · relationship: unstated; price: basis: cash · amount: 330000 · sealed: false · currency: CAD · scope: 67 Avenue residential property (Grande Prairie) · status: closed · name note: purchaser of the 67 Avenue residential property; unnamed · structure: real_property · name source: operative · relationship: unstated; price: basis: cash · amount: 325000 · sealed: false · currency: CAD · scope: 105 Street residential property (Grande Prairie) · status: closed · name note: purchaser of the 105 Street residential property; unnamed · structure: real_property · name source: operative · relationship: unstated
- receipts cumulativenote: Mechanical's total receipts, which include $314,567.08 cash on hand and a $220,000 repayment of advances. Management's total receipts were $879,176.89 and 687772 Alberta Ltd.'s were $100,949.39. The 25% deposit received from McDougall is excluded from the R&D. · since: July 19, 2019 (Receiver's appointment), to January 3, 2020 · amount: 5667936.34 · currency: CAD
- report date3 January 2020
- report noSecond Report
- sale advisorMcDougall Auctions Ltd.; Colliers; Century 21; Re/Max
- sale outcometext: Receiver seeks approval of the 76 Ave Property sale; Storage Yard sale unconditional with closing extended to January 31, 2020; McDougall auction of Mechanical equipment scheduled around January 15, 2020; head office and Red Deer properties still marketed with no offers · scope: parcel · status: pending_approval