Drill Rite Systems Inc.

Drill Rite Systems Inc., an Alberta company, has been in bankruptcy since 7 April 2017, with MNP Ltd. acting as trustee under the Bankruptcy and Insolvency Act in the Court of King's Bench of Alberta, court file ED A02038848. The proceeding remains active. The Statement of Affairs (Form 78), stated as at 5 April 2017, put entity-level assets at $236,306.00 against liabilities of $1,676,660.48, for a reported deficiency of $1,440,354.48. Unsecured claims total $945,653.48, secured claims $7.00 and preferred claims nil, with a further $731,000.00 shown as a Canada Revenue Agency deemed trust claim under contingent or other liabilities. The Canada Revenue Agency is the largest listed unsecured creditor at $677,000.00, followed by The Pipe Yard Ltd. at $62,433.67. Westcore Holdings Ltd. holds blanket security over business assets, machinery, vehicles and receivables.