Margosa Credit Union Limited

Margosa Credit Union Limited has been in bankruptcy in Ontario since 9 December 2011 under the Bankruptcy and Insolvency Act, court file 31-1570748, with Duff & Phelps Canada Restructuring Inc. as trustee and the Deposit Insurance Corporation of Ontario administering the entity. The proceeding remains active. The Statement of Affairs for the business bankruptcy, as stated and estimated by the officer as at the date of bankruptcy, reports total assets of $736,116.00 against total liabilities of $488,868.00, comprising unsecured claims of $475,371.00, preferred claims of $13,316.00 and secured claims of $1.00, and records a surplus of $247,428.00. Depositors account for $470,142.00 of the unsecured claims in aggregate. Central 1 Credit Union is listed as secured creditor at $1.00, reflecting a balance due that is undetermined. Other claims include the Deposit Insurance Corporation of Ontario at $4,500.00 and the Canada Revenue Agency at $728.00.