Coast Textiles Sales Inc.

Coast Textiles Sales Inc. has been bankrupt since August 7, 2024, with MNP Ltd. acting as Licensed Insolvency Trustee of the estate under the Bankruptcy and Insolvency Act in the Supreme Court of British Columbia. The Statement of Affairs filed in the bankruptcy puts liabilities at $240,333.72, comprising $124,656.15 secured and $115,677.57 unsecured, against estimated realizable values of $25,000 in accounts receivable, $50,000 in inventory and $24,650 for a vehicle. Only $1,115 in proofs of claim had been filed. Scotiabank claims $95,000 against accounts receivable and inventory on its PPSA registration, and Hyundai Capital Canada $24,650 on a leased vehicle the Trustee is working to return. The Canada Revenue Agency asserts a $5,006.15 deemed trust over inventory for unremitted payroll source deductions, ranking ahead of all other creditors, and has not filed a proof of claim. One employee is reported not to have received full wages and vacation pay, secured to $2,000 under section 81.3(1) of the Act.