MCG Construction Ltd.

MCG Construction Ltd. remains in Division I proposal proceedings under the Bankruptcy and Insolvency Act. A Statement of Affairs (Form 78), stated and estimated by Tony Naccarato as at July 18, 2018, records no assets against total liabilities of $9,277,097.88 and a deficiency of $9,277,097.88; doubtful accounts receivable of $4,003,300.00 are listed but excluded from total assets under the form. Unsecured creditors account for $9,238,379.96 of the liabilities, comprising $2,081,730.98 in balances of secured claims and $7,156,648.98 in List A unsecured claims, alongside $38,717.92 in preferred wage claims. ATB Financial holds the largest secured claim, $1,923,659.30, against accounts receivable and litigation, with four further secured claims held by the Business Development Bank of Canada. Kichton Contracting Ltd. at $978,282.29 and Robertson Building Systems Ltd. at $780,695.38 head the trade claims, and homeowner deposits of $260,000.00, $250,000.00 and $176,000.00 are among those listed.