Lakeside Produce Inc.
- Proceeding
- Bankruptcysection 49 of the Bankruptcy and Insolvency Act
- File
- 35-124676
Lakeside Produce Inc., the Ontario greenhouse produce grower and distributor, made an assignment under section 49 of the Bankruptcy and Insolvency Act on January 17, 2023, with Ernst & Young Inc. as trustee under court file 35-124676. The Statement of Affairs puts assets at $3,580,233.00 — chiefly $2,718,233.00 on deposit with financial institutions and $862,000.00 of inventory — against liabilities of $187,889,241.97, a deficiency of $184,309,008.97. Accounts receivable of $28,830,082.97 are classified entirely as doubtful and estimated to realize nothing. The pre-filing secured lenders, a Bank of Montreal and Farm Credit Canada syndicate, are shown with a balance of $166,013,444.00, a figure the document reports alongside a List 'B' secured total of $3,580,233.00. Hundreds of trade, freight and grower creditors are listed, the largest including Nature Fresh Farms at $907,840.00, JAG World Wide Imports at $894,896.22 and Coast to Coast at $879,717.12. The proceeding is active.
A claims procedure has been established — see the order for deadlines.
Motion of the Trustee of October 30, 2023 seeking Security for Costs from the PACA parties — Application / notice of application
Motion of June 14 2023 seeking leave from the bankruptcy to prosecute the PACA action in the U.S — Application / notice of application
The officer filed a report. Lakeside's operations ceased prior to the bankruptcy filing, with employees terminated and business wound down in an orderly manner; the Trustee is now realizing on assets such as receivables and inventory.
Source: Report of the Trustee's Preliminary Administration, dated February 2, 2023
The officer filed report no. Informe de la Administración Preliminar de la Masa Concursal de Lakeside Produce Inc. por parte del Fiduciario. Lakeside's operations had already ceased shortly before the bankruptcy filing on January 17, 2023, following termination of most employees; the Trustee is now winding down the estate by collecting receivables, evaluating a sale of remaining custom packaging inventory, and reviewing intercompany balances and lender security.
Source: Report of the Trustee's Preliminary Administration (Spanish), dated February 2, 2023
Debtor
Lakeside Produce Inc.
Trustee in bankruptcy
EY
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Pre-filing Secured Lenders (Bank of Montreal and Farm Credit Canada syndicate)Listed within List 'A' unsecured creditors table as balance of secured claims; also reported as Secured creditors as per List 'B' totaling $3,580,233.00 on the Statement of Affairs summary (page 2) - discrepancy between List B total ($3,580,233.00) and the syndicate balance shown ($166,013,444.00) as stated in the document. — debtor: Lakeside Produce Inc. · as of 17 Jan 2023 | $166M | English Creditor Package |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
300 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: no distribution. The Bank of Montreal as Agent short.EstimatedReport of the Trustee's Preliminary Administration · 2 Feb 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Securedthe Lenders' syndicate (the Agent) | The Bank of Montreal as Agent | — | short by | Estimatedper the trustee | Report of the Trustee's Preliminary Administration · 2 Feb 2023 |
| Unsecured | — | listed | no distribution | Estimatedper the trustee | Report of the Trustee's Preliminary Administration · 2 Feb 2023 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
Cash on hand
$2.72M
As at 17 Jan 2023Report of the Trustee's Preliminary Administration (Spanish), dated February 2, 2023
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Notice Requiring Proof of Claim | PDF · Subscribers | |
Motion of the Trustee of October 30, 2023 seeking Security for Costs from the PACA parties
| PDF · Subscribers | |
Motion of June 14 2023 seeking leave from the bankruptcy to prosecute the PACA action in the U.S
| PDF · Subscribers | |
Report of the Trustee's Preliminary Administration (Spanish), dated February 2, 2023
| PDF · Subscribers | |
Report of the Trustee's Preliminary Administration, dated February 2, 2023
| PDF · Subscribers | |
English Creditor Package
| PDF · Subscribers | |
Español Acreedores Paquete
| PDF · Subscribers | |
Certificate of Appointment 35-124676
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Lakeside Produce Inc.” (Bankruptcy), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/lakeside-produce-inc