A court-appointed receiver overseeing the assets of Manney Transport and affiliated companies says key financial information remains outstanding as the companies attempt to restructure and avoid a broader receivership.
According to a first report filed by Alvarez & Marsal Canada Inc. in the Supreme Court of British Columbia, National Bank of Canada obtained a receivership order on March 10 covering the assets of 1030931 B.C. Ltd., including two Surrey, B.C., properties. The order delayed the receiver’s full powers over affiliated transportation and liquor-store businesses until later dates.
The companies involved include Manney Transport Ltd., NCG National Container Group Inc., Pacific Mountain Transport, and several numbered companies tied to liquor-store operations, according to filings.
The receiver’s report outlines efforts by company management to retain control of the trucking operations through a proposed restructuring and purchase transaction.
On March 16, management submitted a proposal to acquire the trade names and operating assets of Manney Transport, NCG, and Pacific Mountain Transport through a reverse vesting order structure designed to preserve operating authorities and contracts while shedding liabilities.
“The purchaser proposes to acquire the business via a Reverse Vesting Order (RVO),” the proposal states. “This structure allows desired assets, including critical governmental transportation licenses, permits, and trade names, to remain within the existing corporate entities to ensure operational continuity.”
The original proposal offered $700,000 cash plus payment of payroll-related Canada Revenue Agency liabilities and unpaid payroll obligations.
Supporting documents provided by management listed approximately $2.4 million in equipment value, $1.1 million in accounts receivable, about $280,000 in payroll source deductions owed to CRA, and roughly $2 million in trade payables.
However, the receiver later discovered an unfiled affidavit prepared by Gagandeep Singh Nahal that reflected significantly higher asset values, including approximately $4.6 million in equipment and $3.1 million in accounts receivable.
Alvarez & Marsal told the court the discrepancies amounted to roughly $2.2 million in equipment values and $2 million in receivables.
On March 20, the receiver said it “communicated the above findings” to counsel for the debtors and requested “a reconciliation and/or explanation of the asset values.”
Management’s legal counsel later said the higher equipment valuation was tied to discussions with a potential third-party buyer that did not proceed, while the drop in receivables was attributed to accelerated collections and revised payment terms after the receivership filing.
A revised letter of intent submitted March 26 increased the proposed consideration to $1.35 million plus the assumption of payroll liabilities, equipment lease obligations, unpaid payroll, and trade payables. Later updates raised the proposed purchase price to $1.45 million, allocating $1 million to equipment and $450,000 to accounts receivable.
But the receiver said several key items remained unresolved as of April 8, including a detailed reconciliation of accounts receivable balances, supporting CRA statements, and clarification around refinancing tied to affiliated liquor-store businesses.
Court documents indicate the trucking businesses employed 63 workers and relied on approximately 100 dependent owner-operators. The proposal also cited an estimated $1.8 million in potential severance liabilities if operations ceased.
The proposal argued the restructuring effort would preserve jobs and reduce liabilities tied to a shutdown.
“This proposal satisfies the Soundair factors required for court approval of a receivership sale,” the March 16 proposal states. “It protects the livelihoods of 63 employees and 100 dependent operators.”
Founded in Abbotsford, B.C., Manney Transport has operated in container and longhaul freight hauling, with links to Pacific Mountain Transport and NCG National Container Group. The companies operated fleets of tractors and trailers serving Western Canada and port-related freight markets.
The court filings also reveal broader financial strain across related businesses. In affidavits filed by Nahal, the companies outlined efforts to refinance liquor-store assets and sell equipment to satisfy creditor demands.
“The respondents are aggressively pursuing a plan for repayment of the petitioner’s debt in full,” Nahal stated in an affidavit filed March 9. “I sought a sale of the Properties and certain assets, and/or through a potential refinancing, with interim pay-downs anticipated in the next two to three months.”
One affidavit said Manney Transport had agreements to sell multiple truck chassis to Truckworld Sales Inc. in March 2026. The same filing said affiliated companies were pursuing refinancing discussions with Coast Capital Savings tied to liquor-store operations.
The receivership proceedings continue before the B.C. Supreme Court.
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