UNDER THE BANKRUPTCY AND INSOLVENCY ACT INFORMATION STATEMENT (Subsection 246(1)) IN THE

UNDER THE BANKRUPTCY AND INSOLVENCY ACT
NOTICE OF APPOINTMENT OF RECEIVER
(Subsection 245(1) AND
INFORMATION STATEMENT
(Subsection 246(1))
IN THE MATII'ER OF THE RECEIVERSHIP OF
50549 NEWFOUNDLAND AND LABRADOR INC.
TAKE NOTICE THAT:
L
On the 5th day of February, 2016, the undersigned, PricewaterhouseCoopers Inc., became the
Receiver (the "Receiver") in respect of certain assets of 50549 Newfoundland and Labrador Inc.
(the "Company"), an insolvent person that is described below:
Trust Account
Bank Account
Commission Receivables
Agent Advances
Other Receivables
Prepaid Expenses
Property, Plant, and Equipment
Intangible Assets
Values $ (Note i)
$123,750
$i
$1
$1
$1
$1
$1
Note i - Limited books and records obtained. Further investigation mandated.
2. The undersigned became the Receiver in respect of the assets described above by virtue of being
appointed by BMO Bank of Montreal (the "Bank"), pursuant to security held by the Bank as follows:
•
General Security Agreement dated November 14, 2014, providing a security interest over
all present and after-acquired personal property of 50549 Newfoundland and Labrador
Inc. and registered at the Personal Property Security Registry for the Province of
Newfoundland and Labrador on November 25, 2014, as Registration No. 12501854.
3. The undersigned was appointed on February 5th, 2016 and since that date the following actions
have been taken:
•
•
•
Met and retained certain employees with knowledge of the Company's accounting and
business process operations.
Held discussions with the Bank, principal of the Company, and numerous stakeholders,
including:
o NL Association of Realtors;
o Landlord of the leased office space;
o Royal Newfoundland Constabulary; and
o Various creditors.
Limited books and records have been received.
4. The following information relates to the receivership:
i) Head office and mailing address of the insolvent person:
25 Kenmount Road
St. John's NL AiB iWi
ii) Principal line of business:
Real Estate Agency
iii) Location of Business:
25 Kenmount Road
St. John's NL AiB iWi
5. The name of and amount owed to each creditor of the insolvent person as determined by the review
of the books and records of the Company that were present and the total amount owing to all
creditors:
See Schedule "A".
6. Amount owed by insolvent person to each creditor who holds security on the property described
above:
Values $
BMO Bank of Montreal
$297,000
Trust Liabilities
S123,75o
CIT Financial Ltd.
$i
JJD Holdings Ltd.
$i
De Lage Landen Financial Services Canada Inc.
John Deere Financial Inc.
Ford Credit Canada Leasing
7. Receiver's intended plan of action:
The Receiver has been privately appointed by BMO Bank of Montreal. The Receiver will seek to
realize on the above noted assets. At this time the Receiver cannot comment on the estimated
realization for the various classes of creditors.
Unlike bankruptcy proceedings, the Bankruptcy and Insolvency Act does not require that a meeting of
creditors be held in a Receivership.
Interim reports regarding the status of the Receivership will be prepared in accordance with Section
246(2) of the Act approximately once every six months. Creditors who wish to receive a copy of the
interim report or the final report may request a copy by writing to the Receiver at the address set out
below.
PricewaterhouseCoopers Inc.
Receiver of 50549 Newfoundland and Labrador Inc.
i6oi Lower Water Street, Suite 400
Halifax, Nova Scotia B3J 3P6
Phone: (902) 491-7400
Fax: (902) 422-1166
David Boyd, CPA, CA, CIRP
DATED AT Halifax, Province of Nova Scotia, this 17th day of February 2016.
PricewaterhouseCoopers Inc.
Per:
David Boyd, CPA, CA, CIRP
Senior Vice President
Ust "K
Unsecured Creditors
50549 Newfoundland and Labrador Inc.
No,
Name of creditor
Address
1
Access Easy Funds
60 Granton Drive, Suite 104
Richmond Hill ON L4B 2N6
2
Babb Security
Unsecured claim
Balance of claim
Total claim
too
o.oo
1.00
6 Vanquard Court
P0 Box 1774
St. John's NL A1C 5P9
262.00
0.00
262.00
Bell Aliant
183-i 629
P.O. Box 12088
St. John's NL Al B 4C8
1.00
0.00
1.00
BellAliant
576-6622
P.O. Box 12088
St. John's NL Al B 4C8
176.00
0.00
176,00
Bell Aliant
576-6667
P.O. Box 12088
St. John's NL Al B 4C8
2,522.00
0.00
2,522.00
Bell Aliant
747-1644
P.O. Box 12088
St. John's NL A1B 4C8
1,603.00
0.00
1,603.00
Bell Mobility Cellular
511086914
P0 Box 5102
Burlington ON L7R4R7
1,533.00
0.00
1,533.00
8
Benson Buffett
P0 Box 1538
St John's NLA1C 5N8
5,038.00
0.00
5,038.00
9
Blossoms
10 Forbes St.
St. John's NL AlE 3L5
2,008.00
0.00
2,008.00
10
Blue Cross of Atlantic Canada
66 Kenmount Road
St. John's NL A1B 3V7
1.00
0.00
1.00
' '
Canada Revenue Agency
864174230RP0001
Regional Insolvency Intake Centre
P0 Box 638
Halifax NS B3J 2T5
1.00
0.00
1.00
12
Canadian Linen
103 Glencoe Drive
Mount Pearl NL Al N 4S7
1.00
0.00
1.00
13
Capital Hotel
208 Kenmount Road
P0 Box 8614
St. John's NL Al B 3P2
1.00
0.00
1.00
14
Chad Kennedy
69 London Road
Carbonear NL A1Y lA6
1,070.00
0.00
1,070.00
15
Counterforce
P0 Box 57004, Stn A
Toronto ON M5W 5M5
98.00
0.00
98.00
16
DeLage Leaden
3450 Superior Court, Unit 1
Oakville ON L6L 0C4
9,187.00
0.00
9,187.00
17
Delta
120 New Dower Street
St. John's NL AIC 6K4
3,157.00
0.00
3,157.00
18
Dicks and Company
385 Empire Ave.
St. John's NL AlE lW6
1.00
0.00
1.00
19
DSL Communication Systems Inc.
9 Hamel St.
St. John's NL Al C 5Al
1.00
0.00
1.00
20
Eastern Audio Limited
5 Waterford Bridge Road
St. John's NL AlE lC5
2,820.00
0.00
2,820.00
21
Esso
90 Wynford Drive P.O. Box 355
North York ON M3C 2S7
957.00
0.00
957.00
22
EXIT Realty Corp International
2345 Argentia Rd., #200
Mississauga ON L5N 8K4
1.00
0.00
1 . 00
23
Fairview lxv
360 Topsail Road
St. John's NL Al C 5M3
79000.00
0.00
79 , 000.00
T
4
•"'
List "A"
Unsecured Creditors
50549 Newfoundland and Labrador Inc.
No.
Name of creditor
Address
Unsecured claim
Balance of claim
Total claim
24
Fast Signs
9 Allston Street
Mount Pearl NL Al N 0A3
25
Fred Wight Limited
49 Larkhall St.
St. Johns NL Al B 2C5
26
Image 4
1170 Topsail Road
Mount Pearl NL AIN 5E8
1031.00
0.00
1031.00
27
Imprint Special Promotions Ltd.
erotr
P0 Box 5755
St. John ' s NL Al C 5X3
4,104.00
0.00
4,104.00
28
Imprint Speciality Promotions Ltd.
mtg doc
P0 Box 5755
St. John's NL Al C 5X3
1,983.00
0.00
1,983,00
29
Imprint Specialty Promotions Ltd.
P0 Box 5755
St. John ' s NL Al C 5X3
5,203.00
0.00
5,203.00
30
Infotech Canada
570 Newfoundland Drive
St. John's NL AlA 5A2
1.00
0.00
1.00
31
JJ Neville and Sons Ltd.
393 Hamilton Ave. Ext.
St. John's NL Al El K5
1.00
0.00
1.00
32
Kenmount Pizza Inc.
P0 Box 23071
St. John's NL AIB 4J9
1.00
0.00
1.00
33
Kirkland, Balsom and Associates
21 Mews P1.
St. John's NL A1B 4N2
452.00
0.00
452.00
34
MacLeod Sawing & Drilling Ltd.
P0 Box 21164
St. John's NL AlA 5B2
1,017.00
0.00
1,017.00
35
Metrobus Transit
25 Messenger Drive
St. John's NL Al B 0H6
2,863.00
0.00
2,863.00
36
Mount Pearl Chamber of Commerce
367 Old Placentia Road
Mount Pearl NL Al N 007
36700
0.00
367.00
37
NewCap
P0 Box 8590
St. John's NLAIB 3P5
9,066.00
0.00
9,066.00
38
Newfoundland Association of Realtors
28 Logy Bay Road
St. John's NLA1A 1J4
14,664.00
0.00
14,664,00
39
Newfoundland Association of Realtors
CBS
28 Logy Bay Road
St. John's NL AlA lJ4
1,247.00
0.00
1 , 247.00
40
Orkin Canada
5840 Falbourne St.
Mississauga ON L5R 4B5
1.00
0.00
1.00
41
Perfect Pen & Stationery
4-355 Admiral Boulevard
Mississauga ON L5T 2Nl
1.00
0.00
1.00
42
Photo Pros
46 Burnt Head road
St. John's NL A1Y lBl
1,270.00
0.00
1,270.00
43
Pinnacle Office Solutions
1200 Kenwount Road
Paradise NLA1L lN3
1.00
0.00
1.00
Pitney Bowes of Canada
Attn: Mike Timko
C/O Bankruptcyhighway.com
P0 Box 57100
Toronto ON M8Y 3Y2
1.00
0.00
1.00
45
PitneyWorks
P0 Box 280
Orangeville ON L9W 2Z7
1.00
0.00
1,00
46
Print Shop
1 Moffatt Rd.
Mount Pearl NL Al N 5B9
91.00
0.00
91.00
T'
286.00
000
286.00
410.00
0.00
410.00
List "A"
Unsecured Creditors
50549 Newfoundland and Labrador Inc.
No.
Name of creditor
Address
Unsecured claim
Balance of claim
Total claim
47
Purolator
19 Duffy Place
St. John's NL AIB 4M5
48
Rogers TV Listings
58 Kenmount Road
St. John ' s NL A2B I W2
1,277.00
0.00
1277.00
49
ShredGuard
PD Box 1289
Saint John NB E2L 407
174.00
0.00
174 . 00
50
St. John's Board of Trade
P0 Box 5127
St. John's NL Al C 5V5
1.00
0.00
1 , 00
51
Staples Advantage
P0 Box 2050
Halifax NS B3J 2Z1
784.00
0.00
784 . 00
52
Telegram
P0 Box 8660, Stn A
St. John's NL Al B 3T7
1.00
0.00
1 , 00
53
Telelink Call Centre
P0 Box 8038
St. John's NL Al B 3M7
1.00
0.00
1 . 00
54
Toni Tucker
47 Doyles Road
Goulds NL A1S 1N2
153.00
0.00
153 . 00
55
Town of CBS
P0 Box 14040, Stn Manuels
Conception Bay South NL A1W 3J1
1,140.00
0.00
1 , 140.00
56
Umbrella Security Services
P0 Box 10
Mount Pearl NL Al N 2C1
1,011.00
0.00
1 , 011.00
57
Web Quarters
40 Quidi VhS, Suite 102
St. John's NL AlA I Cl
1.00
0.00
1 , 00
58
Western Signs
81 Wight's Rd.
Deer Lake NL A8A 2J1
886.00
0.00
886.00
59
YouronhineAgents.com
101 Woodmount Ave.
Toronto ON M4C 3Y3
565.00
0.00
565.00
160,06200
0.00
160,062,00
Total:
566.00
0.00
566 . 00