#Claims
Meeting of creditors in the estate, with MNP Ltd. acting as trustee under estate file 35-2755346 and total provable claims reported at $588,029.
Source: Creditor Package
Industrial Automation Components Corporation
FollowActive
- Proceeding
- BankruptcyBankruptcy and Insolvency Act
- File
- 35-2755346
Filings held3
Last activity29 Jul 2021
On the record1,880 days
Secured debt$79.3K
OverviewSummary updated
Industrial Automation Components Corporation entered bankruptcy in Ontario on July 29, 2021 under the Bankruptcy and Insolvency Act, with MNP Ltd. as trustee, estate file 35-2755346. The Statement of Affairs reports total provable claims of $588,029 — $508,770 unsecured and a $79,259 secured claim of Ray Cullen Chevrolet and Buick, resting on a PPSA registration dated January 31, 2020 over a leased 2020 Chevrolet Suburban — with preferred and deemed trust claims nil. Proofs of claim received to date total $34,644, and the trustee has asked Cullen to submit a proof of claim with details of its security. The company held cash of $48,981 at the bankruptcy date, $21,620 of receivables had been collected, and $7,850 of $11,085 remaining receivables is estimated collectible. Quantum First Automation Inc., pursuing $179 thousand in unpaid invoices through a stayed action, was permitted to prove its claim. The bankruptcy is active.
Proceedings AIAsk this case — answers cite the filings
Case updates3 dated entries
#Report
Further court officer report fixed commencement precisely at July 29, 2021, 10:08 — the date under which the proceeding is carried.
Source: Certificate of Appointment
#Report
Court officer report recorded the company as having made an assignment on July 28, 2021, the earlier of the two commencement dates on this record.
Source: Trustee Preliminary Report
Parties
Debtor
Industrial Automation Components Corporation
Trustee in bankruptcy
MNP
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Ray Cullen Chevrolet and Buick (Cullen)as of Statement of Affairs — PPSA registration dated January 31, 2020 over 2020 Chevrolet Suburban (leased vehicle) — Per Statement of Affairs, secured claims total $79,259; no claims received to date. Trustee has requested Cullen submit proof of claim with details of its security. — debtor: Industrial Automation Components Corporation | $79.3K | Trustee Preliminary Report |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesas of Statement of Affairs — Document names no individual unsecured creditors in the aggregate figure. Claims received to date total $34,644 (proofs filed), distinct from the reported Statement of Affairs figure. Quantum First Automation Inc. is separately identified as pursuing $179 thousand for unpaid invoices via stayed legal proceeding, permitted to prove its claim under the Act; unclear if included in aggregate. — debtor: Industrial Automation Components Corporation | $509K | Trustee Preliminary Report |
Estate financialsReported figures — never derived
Total assets at filing$155K
Total liabilities at filing$588K
As at 27 Jul 2021 · per as stated and estimated by the officer · entity - Industrial Automation Components Corporation (Statement of Affairs of the bankrupt corporation) — Asset total of 154,746.00 appears as an unlabeled summary row after itemized assets (inventory, receivables, cash, vehicles, etc.); a further figure of 433,283.00 (deficiency) is shown separately, consistent with Total liabilities 588,029.00 minus Total assets 154,746.00. Surplus stated as 'NIL'.
Documents3 filings
| Date | Document | File |
|---|---|---|
Trustee Preliminary Report
| ||
Creditor Package
| ||
Certificate of Appointment
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Industrial Automation Components Corporation” (Bankruptcy). Retrieved 20 September 2026, https://proceedings.ca/case/industrial-automation-components-corporation