1255261 Alberta Ltd., formerly known as On Site Project Ltd.
Follow- Proceeding
- Proposalsubsection 50.4(1) of the Bankruptcy and Insolvency Act (Canada)
- File
- 24-3278321
1255261 Alberta Ltd., formerly known as On Site Projects Ltd., filed a Notice of Intention to Make a Proposal on September 25, 2025, commencing a Division I proposal proceeding under the Bankruptcy and Insolvency Act. The proceeding carries court file no. 24-3278321 and remains active. The record to date consists of the commencement filing itself; no proposal terms, creditor meeting or further steps have been recorded.
Auction Approval and Vesting Order - Filed Nov 24, 2025 was filed.
Source: Auction Approval and Vesting Order - Filed Nov 24, 2025
1255261 Alberta Ltd., previously On Site Projects Ltd., filed its Notice of Intention to Make a Proposal, commencing the Division I proceeding under court file no. 24-3278321.
Debtor
1255261 Alberta Ltd., formerly known as On Site Project Ltd.
Proposal trustee
BDO
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | True Works Inc.General Security Agreement (blanket, all-property) dated March 14, 2023, registered in the Personal Property Registry March 17, 2023 — Sole secured creditor; non-arm's-length/related party (True Works Inc. owns 100% of the Debtor's shares). Per the Debtor's sworn Statement of Affairs (Oct 22, 2025), the $842,841.28 total claim is bifurcated by security value: $685,000.00 recorded as secured (value of assets securing the claim) and $157,841.28 as unsecured deficiency. Trustee's Form 40 report and Report to Creditors both show the full $842,841.28 as the secured claim balance; Report states aggr · as of 22 Oct 2025 | $843K | Report of Trustee on Proposal - Filed Nov 7, 2025 |
2 transactions · 1 proposed · 1 approved — Auction proposal approved and marketing/sale of assets authorizedAuction Approval and Vesting Order - Filed Nov 24, 2025 · 19 Nov 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| McDougall Auctioneers Ltd.the property of the Insolvent Person · auction | not statednet minimum guarantee auction proposal submitted by McDougall | Proposed | Report of Trustee on Proposal - Filed Nov 7,… |
| end purchaser(s) at auction of the Auction Assets, unnamedthe Debtor's right, title and interest in and to the assets described in Schedule 'A' to this Order (the 'Auction Assets') · auction · nominee/assignee: its nominee · agreement 21 Oct 2025 | not stated | Approved19 Nov 2025 | Auction Approval and Vesting Order - Filed Nov… |
Unsecured creditors: 20 %. True Works Inc. paid in full.Under the plan · sanctionedReport of Trustee on Proposal - Filed Nov 7, 2025 · 6 Nov 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | True Works Inc. | — | paid in fullconditional | Under the plansanctionedper the debtor | Report of Trustee on Proposal - Filed Nov 7, 2025 · 6 Nov 2025 |
| Unsecured | — | — | 20 % | Under the plansanctionedper the trustee | Report of Trustee on Proposal - Filed Nov 7, 2025 · 6 Nov 2025 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at 28 Jul 2025 · per Total assets are book value per the Debtor's internal (unaudited) Financial Statements for the period ended 2025-07-28, which the Trustee states have not been audited, reviewed, or otherwise verified for accuracy or GAAP compliance. Total liabilities are per the sworn Statement of Affairs (Form 78) dated 2025-10-22. · entity-level: 1255261 Alberta Ltd. (the Debtor) only; not consolidated — Assets and liabilities carry different as-at dates: assets as at 2025-07-28 (Financial Statements), liabilities as at 2025-10-22 (sworn SOA). Liabilities of $2,017,522 comprise secured creditors (1) $842,841 [True Works Inc., related party], preferred creditors nil, unsecured creditors (55) $1,174,681, and CRA deemed trust/deferred creditors nil.
| Date | Document | File |
|---|---|---|
Auction Approval and Vesting Order - Filed Nov 24, 2025
| ||
| Order Approving Proposal and Activities - Filed Nov 24, 2025 | ||
Restricted Court Access Order - Filed Nov 24, 2025
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Application for Order Approving Proposal
| ||
Report of Trustee on Proposal - Filed Nov 7, 2025
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First Trustee Report to Court - Dated Nov 6, 2025
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “1255261 Alberta Ltd., formerly known as On Site Project Ltd.” (Proposal), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/1255261-alberta-ltd-formerly-known-as-on-site-project-ltd