Nauss Plumbing & Heating Inc.

Nauss Plumbing & Heating Inc., an Ontario company, has been bankrupt since February 26, 2021, with MNP Ltd. acting as trustee under the Bankruptcy and Insolvency Act. The proceeding is carried under court file numbers 31-459175 and B-3003-21. The Statement of Affairs, prepared on information available to MNP in its capacity as Receiver and neither reviewed nor audited, puts total liabilities at $2,251,519, comprising secured and deemed trust claims of $1,763,253 owed to the Canadian Imperial Bank of Commerce, no preferred claims, and unsecured claims of $488,266. A legal opinion was obtained confirming that CIBC's security is valid and enforceable. As at March 18, 2021, no claims had been filed in any category, and the Receiver does not anticipate a distribution to unsecured creditors given the size of CIBC's secured debt and other priority charges.