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Receivership
On December 21, 2004, the Court of Queen's Bench of Alberta, Judicial District of Calgary (the "Court"), appointed Deloitte & Touche Inc. as Interim Receiver over all current and future cash, payments and receipts of Bonnett Farms and the Bonnetts.
On January 5, 2005, the Court granted a further Order appointing Deloitte & Touche Inc. Receiver over certain assets, property and undertaking registered in the name of, or owned by, Allan Bonnett, Douglas Bonnett, Richard J. Bonnett, Gerald Bonnett, Ryan Allan Bonnett and Casey Bonnett that constitute the assets of Bonnett Farms or are subject to security granted to CIBC to secure the indebtedness of Bonnett Farms or the Bonnetts to CIBC.
We provide the following details with respect to the realization of assets: - On April 15, 2005 the Receiver concluded the sale of Bonnett Farms’ machinery, equipment, vehicles, office equipment and computers;
- On April 29, 2005, the Receiver concluded the sale of Bonnett Farms’and, buildings, remaining inventory, and one-third interest in the joint venture partnership, BMV Feed Lot;
- The Receiver has also realized upon cash on hand, collectable accounts receivable, livestock, certain prepaid deposit amounts, and certain GST receivables;
- The Receiver has determined that there is no value to the temporary investments, investments and certain prepaids and deposits that were recorded in Bonnett Farms’ financial statements as at the date of receivership; and
- It has been determined that the government receivables, namely the refunds to be received under the Canadian Agricultural Income Stabilization program, will be collected by Bonnett Farms’ Trustee in Bankruptcy.
Copies of the Receiver’s reports are provided below. The Receiver is continuing to deal with the funds paid into Court to determine entitlement. Upon completion of the outstanding administrative matters, the receivership of Bonnett Farms will be summarily wound up.
Bankruptcy
On January 5, 2005, Deloitte & Touche Inc. was appointed as Trustee of the Estates of Bonnett Farms, Allan Melvin Bonnett and Douglas Ervan Bonnett. The Trustee has realized upon certain government assistance program subsidies and has recovered a preference payment made by Bonnett Farms prior to the date of bankruptcy. On November 20, 2007, the Trustee issued an interim dividend to all proven preferred and unsecured creditors. The interim dividend represented payment of 9.53% of proven unsecured claims. A copy of the Trustee’s Interim Statement of Receipts and Disbursements for the period January 5, 2005 to November 20, 2007 and the Interim Dividend Sheet is found below.
Preliminary Court Orders
Interim Receiver Appointment - December 21, 2004
Extension Order - December 29, 2004
Bankruptcy Order - January 5, 2005
Notice of Motion - January 5, 2005
Order - February 2005
Preliminary Affidavits to the Court
Wim Faassen - December 17, 2004
Allan Bonnett - December 29, 2004
Robert Thompson - January 10, 2005
Receiver's Court Reports
Interim Receiver's First Report
Interim Receiver's Second Report
Receiver's Third Report
Receiver's Fourth Report
Receiver's Fifth Report
Receiver's Sixth Report
Receiver's Seventh Report
Receiver's Eighth Report
Receiver's Ninth Report
Receiver's Tenth Report
Receiver's Eleventh Report
Receiver's Twelfth Report
Receiver's Thirteenth Report Receiver's Reports
Notice of Receiver and Receiver's Statement
Receiver's First Report - July 31, 2005
Receiver's Second Report - January 16, 2006
Receiver's Third Report - June 22, 2006
Receiver's Fourth Report - January 4, 2007
Receiver's Fifth Report - July 20, 2007
Receiver's Sixth Report - January 2, 2008
Preliminary Creditor Information
Amended Notice of Bankruptcy
Proof of Claim
Trustee's Statements of Receipts ad Disbursements
Trustee's Interim Statement of Receipts and Disbursements as at November 20, 2007
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