A health clinic operator with several clinics around Vancouver is now in receivership, owing millions to creditors.
Seymour Health Centre operates several health clinics around Vancouver, including one in downtown Vancouver and one in North Vancouver.
A receivership order was filed on June 26, listing the creditors and Seymour Health Centre’s assets.
Receivership orders are a little different from bankruptcies. In the case of Seymour Health Centre, which still has three health clinics in operation, a receivership should help keep the clinics, which are still staffed and running, open.
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As of April 30 of this year, total assets for Seymour Health Centre are listed at $11,987,806. $4.6 million of those assets are related to equipment.
According to the receivership documents filed, one of the issues was rent owed by Seymour Health Centre at its clinics could not be paid. Vancouver Coastal Health provided financial support to keep the Vancouver clinics functioning.
Beyond that, Seymour Health owed millions to creditors.
In total, $8,266,769.34 is owed to creditors, including $5,111,753.52 to the Vancouver Coastal Health Authority, listed as a secured creditor.
Over 60 creditors are listed on the receivership notice: medical equipment companies, computer companies, and institutions like the Canada Revenue Agency. It also lists Impark as one of the creditors owed $301.42.
The notice also states, “The Receiver has secured a financial commitment from Vancouver Coastal Health to maintain the same level of quality care at the clinics as previously provided.”
The three clinics that Seymour Health operates include The Hornby Clinic at 1290 Hornby Street, a clinic at 1530 West 7th Avenue, and a clinic at 221 Esplanade West in North Vancouver. Seymour Health Centre’s main office is located in Langley.
According to the receivership notice, each health clinic will be under Vancouver Coastal Health’s operational control by August 2023.
“It is anticipated that VCH will submit a bid to acquire these clinics to preserve
and ensure the level of care necessary to meet the needs of the patients and the
citizens of British Columbia. The Receiver expects an outcome from the sales process
in or around late summer or early fall 2023.”
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