This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
Since the last update in June 2013 and subsequent to the Court’s approval of the sale of the lodge to its new owner, several activities took place over the months June – October, 2013. These are outlined in the Receiver’s Third Report to the Court (the “Third Report”) which can be found under the Reports tab. Notably, an amount of $50,000 was made available to creditors, due to the lack of response of the new ownership of the lodge.
The Receiver’s Third Report also provided the Court with information in respect of:
The Third Report also sought an order from the Court with respect to:
The Court issued an order, approving the above items, a copy of which can be found under the Court Orders tab.
Distribution to secured creditors and employees is set to take place by Friday, November 21, 2014.
As is noted in the Third Report, once these distributions are completed, the receivership administration is finalized.
At the Court hearing on Wednesday June 12, 2013 the Court granted an extension of time for 0970852 B.C. Ltd to complete its purchase of the Company's assets until 4pm June 13, 2013. We confirm that this has occurred and the new owner of the Company assets is 0970852 B.C. Ltd.
The effect of closing the sale on June 13, 2013 means all matters pertaining to the management and running of the lodge in now in the hands and discretion of 0970852 B.C. Ltd. As such, all customers, new and existing, should contact King Pacific Lodge direct on +1 604-987-5452 or Toll-Free 888.592.5464 to discuss how to proceed with future bookings.
All trade creditors engaged for goods and services from and including June 14, 2013 will be trading with the new owner. The Receiver is not incurring new or additional costs relating to the management of Company assets from this point on.
On Friday May 31, 2013 the anticipated closing of the sale to the new purchaser (0970852 B.C. Ltd) was not completed. As such, the Receiver approached both the second and third highest bidders to gauge their interest in resubmitting unconditional offers for the purchase of the Company assets under an Asset Purchase Agreement.
On Friday June 7, 2013 the Receiver entered into an unconditional Asset Purchase Agreement with Heathstone Investments Ltd. A Court hearing has been scheduled for Wednesday June 12, 2013 to approve the sale. Posted herein is a copy of the report prepared by the Receiver for the Court hearing.
Once the Receiver has received the Courts approval for the sale the transaction is scheduled to close on Friday June 14, 2013.
It is a condition of the sale with Heathstone Investments Ltd that all customer deposits will be honoured.
At the Court hearing on Friday May 24, 2013 the Court approved the sale of all Company assets to the winning bidder. We anticipate the sale to close Friday, May 31, 2013.
The effect of closing the sale on May 31, 2013 means all matters pertaining to the management and running of the lodge will be in the hands and discretion of the new owners. As such, all customers, new and existing, should contact King Pacific Lodge direct on +1 604-987-5452 or Toll-Free 888.592.5464 to discuss how to proceed with future bookings.
All trade creditors engaged for goods and services after May 31, 2013 will be trading with the new purchaser. The Receiver is not incurring new or additional costs relating to the management of Company assets from this point on.
On May 15, 2013 the winning bidder for the sale of the Company assets changed the structure of the sales agreement. No restructuring or BIA proposal process will now be required. The Receiver has received an executed Asset Sale Agreement and will be applying to the Court on Friday, May 24, 2013 for the approval of the sale. Posted herein is a copy of the report prepared by the Receiver for the Court hearing.
Once the Receiver has received the Courts approval of the sale it is anticipated that the transaction will close 5 business days thereafter.
It is still the intention of the winning bidder to open the lodge for the coming season and to honour all customer deposits.
The sales process has now been completed and the Trustee has selected a winning bidder. The purchaser has elected to restructure the Company through the BIA proposal process which is expected to be completed by mid June.
The purchaser intends to open the lodge for the coming operating season and to honour all customer deposits. PwC will be working with the purchaser over the coming weeks to prepare the lodge for opening as soon as possible. PwC expects that customers with bookings will be contacted by mid May and all creditors will be notified of the specific terms of the restructuring shortly.
Following the trustee's initial investigation into the affairs of the business, the Trustee began planning for the sale of the King Pacific Lodge and all operations on an en-bloc basis to a purchaser who intended to operate the business. During the investigation, the President of the Company filed a secured claim with the Trustee which the Trustee has disputed. As a result, the Trustee concluded that it required a further appointment as Receiver in order to facilitate the sale of the business. On March 28, 2013, PricewaterhouseCoopers Inc. was appointed as Receiver of the Company by order of the British Columbia Supreme Court. A copy of the order is posted on this website.
On April 5, 2013, PwC commenced a sales process whereby it contacted numerous lodge operators and other interested parties and invited them to review information about the Company on a confidential basis. Interested parties were asked to provide non-binding expressions of interest to PwC by Monday April 22, 2013.
At this point in time, PwC is not operating the King Pacific Lodge business although it is hoped that a relatively quick sale of the business will allow the purchaser to re-start operations as quickly as possible.
A copy of the first meeting of creditors may be found under Trustee's reports.
A copy of the Trustee's preliminary report to creditors may be found under Trustee's Reports.
The creditor package including a proof of claim form can be found under "Creditor Communications" on the left side of this page.
We advise that Northwest Angling Adventures Ltd. made an assignment into bankruptcy on March 14, 2013, and that PricewaterhouseCoopers Inc. ("PwC") was appointed Trustee. The First Meeting of Creditors is set for April 4, 2013, at 10:00 am at the offices of PwC, located at 700 - 250 Howe Street, Vancouver, BC.
An information package for creditors is being mailed to all known creditors on Monday, March 25, 2013.
The Trustee is presently evaluating the options of continuing the operations of the business. More information will be posted to this website as it becomes available.
Northwest Angling Adventures Ltd. made an assignment into bankruptcy on March 14, 2013. We will update this website with further information as it becomes available.
This Web site will be updated as information becomes available.
For more information, please contact: Trevor Hunton, Telephone: +1 604 806 7780 ext 4042, or via Email.