1665356 Ontario Ltd. (a/k/a Elite Air Systems)

1665356 Ontario Ltd., operating as Elite Air Systems, is proceeding under a Notice of Intention to Make a Proposal filed pursuant to BIA s. 50.4. Its Statement of Affairs lists total assets of $99,056.22, made up of $32,056.22 in cash, tangible assets with an estimated net realizable value of $51,000, and accounts receivable estimated at approximately $16,000. The Canada Revenue Agency holds a deemed trust claim for unpaid payroll taxes reported at approximately $1.5 million, the sole secured claim disclosed. The Statement of Affairs estimates unsecured claims at $978,425.14 across roughly one hundred creditors, though as of the date of the report only 14 proofs of claim totalling $183,209.21 had actually been filed.