Fusion Pipe Solutions Inc.

Fusion Pipe Solutions Inc. is subject to insolvency proceedings, with a Statement of Affairs sworn on March 12, 2019 showing total liabilities of $2,844,987.33 against total assets of $2,360,126.60, a stated deficiency of $484,860.73. Secured claims include a Canada Revenue Agency deemed-trust claim of $339,951.96 against accounts receivable and a 2009 Western Star hydrovac truck, and a Scotiabank claim of $205,729.43 secured by GIC securities and the same vehicle. A further group of equipment financiers, including ADD Capital Corp., Brandt Finance, Caterpillar Financial Services, CWB National Leasing, Ford Credit Canada and Tricor Lease & Finance, hold purchase-money security interests over specific vehicles and equipment. The statement also lists preferred wage claims and contingent claims from two bonding companies, each valued at nil for dividend purposes, alongside more than ninety unsecured trade creditors.