Metropolitan Preparatory Academy Inc.

Metropolitan Preparatory Academy Inc. made an assignment under section 49 of the Bankruptcy and Insolvency Act on August 14, 2024 at 07:14, with BDO Canada Limited as trustee under court file 31-3115655 in the Ontario Superior Court of Justice in Bankruptcy and Insolvency. The Statement of Affairs put liabilities at $1,819,721.33, against $1,376,480.50 as filed and admitted; preferred and contingent claims are nil. CIBC holds a general security agreement over all assets and property registered under the PPSA, ranking first save for statutory priority claims, trust claims and PMSI holders, with a claim of $847,406.61 filed and admitted against indebtedness of $814,814 stated at the June 20, 2024 demand; Blaney McMurtry LLP opined the security is valid and enforceable. Canada Revenue Agency asserts a $36,097 deemed trust for employee payroll withholdings. The proceeding remains active.