Industrial Automation Components Corporation

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.