Métaux M.P.I. Inc

Métaux M.P.I. Inc. has a Division I proposal before its creditors under the Bankruptcy and Insolvency Act in Quebec, filed following a notice of intention. Internal, unreviewed financial statements put the company's book-value assets at $2,043,301 against liabilities of $2,084,709 as at March 31, 2019; the Statement of Affairs as at September 16, 2019 shows assets of $1,163K at estimated net realizable value, against $1,974K of book value, and liabilities of $3,513K. Laurentian Bank of Canada holds a conventional hypothec over all assets for $328,000 on a line of credit, and Wells Fargo Equipment Finance is owed $303,000 against waterjet equipment financed in February 2019. Revenu Québec and the Canada Revenue Agency claim source-deduction arrears of $228K and $31K respectively as at September 24, 2019, carrying super priority. Related party 9132-8914 Québec Inc., owed $1,669K, has confirmed it will not file a claim in the proposal and has postponed it, leaving $1,004K of other unsecured claims.