Forte EPS Solutions

Forte EPS Solutions Inc. remains in active insolvency proceedings in the Ontario Superior Court of Justice at Barrie, court file 31-2253654, commenced 5 June 2017. A statement of affairs as at 19 May 2017, declared 2 November 2017 by officer John Cipressi, put assets at liquidation values of $1,125,000 — machinery, equipment and plant of $1,080,000 and trade fixtures of $20,000, with accounts receivable at nil — against liabilities of $8,114,975.62 and a stated deficiency of $6,989,975.62. Every secured claim listed carried security valued at $0.00, the balances falling into the unsecured pool; the largest claims are $1,500,000 each from directors Dominic Zita and John Cipressi, both deferred in favour of other unsecured creditors. Justice Myers granted a $200,000 administration charge on 30 October 2017 in favour of Albert Gelman Inc. A Canada Revenue Agency deemed trust claim of approximately $50,000 for unpaid employee source deductions ranks ahead of all other claims, with CRA's audit incomplete.