Directions East Retail Ltd.- Bankruptcy

Directions East Retail Ltd. went into bankruptcy at 15:59 on January 12, 2024 under section 49 of the Act, with Rosen Goldberg Inc. as trustee of the Ontario estate. Zelick Goodbaum holds a general security agreement for $187,374 as reflected on the statement of affairs; after obtaining independent legal advice on that security, the trustee accepted appointment as receiver. The landlord of the Niagara Falls Casino held a security agreement that was not registered under the PPSA at the date of bankruptcy, which the trustee's counsel treats as ineffective against the trustee, and filed an unsecured proof of claim of $214,569. The statement of affairs reported unsecured creditors at $566,098; proofs of claim filed to date total $261,784, with preferred claims of $25,617.