Goodlevel Enterprises Canada ULC

Goodlevel Enterprises Canada ULC is the subject of an active Division I proposal under the Bankruptcy and Insolvency Act, commenced August 13, 2025. The financial and security particulars of record are stated for Pioneer Balloon Canada Limited: unaudited total assets of $9,292,935 against total liabilities of $7,037,081 as at May 26, 2024, with the Proposal Trustee cautioning that book value — largely related party receivables, inventory and fixed assets — is not likely representative of realizable value, particularly receivables owed by entities subject to the Chapter 11 proceedings. Royal Bank of Canada, the senior secured creditor, is owed approximately $2,300,000 as at the June 12, 2024 filing date under a general security agreement over substantially all assets, and issued a demand and s. 244(1) notice on May 30, 2024. The Canada Revenue Agency claims $43,000 in pre-filing HST arrears, and a limited number of PPSA equipment financiers hold PMSI registrations. Trustee's counsel BLG has begun a review of RBC's security; its validity and enforceability opinion is pending.