Dowling Metal & Fabrication Inc Bankruptcy

Dowling Metal & Fabrication Inc., a Kingston-area metal fabricator, has been in bankruptcy under the Bankruptcy and Insolvency Act in Ontario since 18 September 2017, with MNP LTD. acting as trustee under court file no. 33-165628. The Statement of Affairs, stated and estimated as at 7 July 2017, records total assets of $305,000.00 against total liabilities of $1,177,322.89, leaving a deficiency of $872,322.89, with secured claims of $305,000.00 and no preferred or contingent claims. Royal Bank of Canada's Kingston Regional Commercial office is the principal secured creditor, claiming $579,000.00 against machinery and equipment, raw material inventory, a 2010 Chevrolet Silverado, a 2009 GMC Sierra and receivables valued at $305,000.00 in total, leaving an unsecured balance of $334,000.00. CRA asserts a $60,000.00 deemed trust over receivables and a $65,000.00 unsecured claim. The estate remains active.