BRR Logistics Limited

BRR Logistics Limited filed a notice of intention to make a proposal under s. 50.4 of the Bankruptcy and Insolvency Act on April 12, 2024, with BDO Canada Limited as Proposal Trustee, before the Ontario Superior Court of Justice (Commercial List) in bankruptcy and insolvency under court files 31-3038619 and BK-24-03038619-0031. Internally prepared, unaudited statements as at November 25, 2023 showed entity-level assets of $13,496,170 against liabilities of $14,607,536; as at the NOI filing date the balance sheet showed creditors owed approximately $14.8 million, an approximate $400,000 increase. Secured claims include Sallyport Commercial Finance ULC at $2,392,002 under a general security agreement, BDC Capital Inc. at $1,290,610, related-party general security agreements held by Michael Wakefield ($240,000) and Judy Wakefield ($70,000), Back 40 Realty Co. Ltd. ($180,000), and $184,369 of PPSA equipment financing over serialized goods. BDC subordinated its first-ranking position to Sallyport, whose security independent counsel opined was valid, enforceable and prior to a trustee in bankruptcy. The proceeding remains active.