Effenco Development Inc.
- Proceeding
- Bankruptcysection 49 of the Bankruptcy and Insolvency Act
- File
- 500-11-060913-221
Effenco Development Inc. has been in bankruptcy under the Bankruptcy and Insolvency Act since April 6, 2022, with MNP LTD. acting as trustee in proceedings before the Superior Court of Québec under file no. 500-11-060913-221. The estate remains active. Assets are carried at Statement of Affairs value of $6,598K, against realizations to date of only $195K, while claims per the company's books and records total $17,539K: nil preferred, $9,058K secured, $4,500K in secured convertible debentures and $3,981K ordinary. The trustee reports that the estimated asset value of $6.6M falls below total secured claims of $13.5M in term loans and debentures, and that no distribution to ordinary creditors is anticipated. Secured positions, based on internal unaudited statements as at March 31, 2022, include a Bank of Montréal operating line of $2,880,000 and term loans from Investissement Québec, BDC – Capital and the Business Development Bank of Canada; an independent legal opinion on the validity and ranking of that security had not been obtained.
Certificate of Appointment was filed. Court file 500-11-060913-221.
Source: Certificate of Appointment
Debtor
Effenco Development Inc.
Trustee in bankruptcy
MNP
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Banque de développement du Canada - Québec (BDC) · in 24 casesRegistered against intellectual property (shown as 'Intellectual property (2/2)', estimated value of security 2,337,371.00) and business assets - machinery/equipment, IT equipment, office furniture, software, trade fixtures/leasehold improvements, motor vehicles (Freightliner, Ram Promaster), book debts/prepayments, stock in trade/inventory, cash, accounts receivable and other receivables (each estimated at 0.00). — Amount of claim 5,607,848.40; estimated value of security 2,337,371.00 (shared IP collateral with Investissement Québec's 'Intellectual property (1/2)'). Unsecured balance/shortfal · as of 6 Apr 2022 | $5.61M | Notice of Bankruptcy and First meeting of Creditors |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
112 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: no distribution.EstimatedTrustee's Report on Preliminary administration · 6 May 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | no distribution | Estimatedper the trustee | Trustee's Report on Preliminary administration · 6 May 2022 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Trustee's Report on Preliminary administration
| PDF · Subscribers | |
Notice of Bankruptcy and First meeting of Creditors
| PDF · Subscribers | |
Certificate of Appointment
| PDF · Subscribers | |
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CiteProceedings., “Effenco Development Inc.” (Bankruptcy), Superior Court of Québec. Retrieved 5 November 2026, https://proceedings.ca/case/effenco-development-inc