Galaxy Group of Companies
- Proceeding
- BankruptcySubsection 102(1) of the Act
- File
- 32-3132853
Galaxy Group of Companies Incorporated became bankrupt on September 25, 2024 under subsection 102(1) of the Act, with Crowe Soberman Inc. as trustee of the Ontario estate. A statement of affairs as at September 18, 2024, sworn by Michael Freeman on September 21, put total assets at $402,371.37 against total liabilities of $1,640,182.77, comprising $879,916.82 secured and $760,265.95 unsecured, and reported a deficiency of $1,237,811.40. The Canada Revenue Agency holds the largest claims, $669,261.13 secured for corporate tax and $369,497.00 unsecured for HST. Mike Freeman is owed $240,000.00 on a shareholder loan, LIUNA Local 506 $120,000.00 in union dues and Sunbelt Rentals of Canada Inc. $90,653.69 on equipment rental.
Debtor
Galaxy Group of Companies
Trustee in bankruptcy
Crowe Soberman
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | CRA - Tax - Ontario · in 259 casesAsset securing liability: Deposits in financial institutions (item 101) and Accounts receivable (item 1301) — Corporate tax debt; deemed trust / secured claim as listed in Statement of Affairs; estimated deficit from security -266,893.76 — debtor: Galaxy Group of Companies Incorporated · as of 12 Jul 2024 | $669K | Notice of Bankruptcy |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
10 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
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The 2 totals the debtor stated at filing
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See all plans| Date | Document | File |
|---|---|---|
Notice of Bankruptcy
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Preliminary Report
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CiteProceedings., “Galaxy Group of Companies” (Bankruptcy). Retrieved 5 November 2026, https://proceedings.ca/case/galaxy-group-of-companies