R. Litz & Sons Company Limited

R. Litz & Sons Company Limited, a Manitoba debtor, remains in active insolvency proceedings. A Statement of Affairs (Form 78) as at December 8, 2017 puts total assets at $12,788,039.00 against total liabilities of $17,607,870.80, a stated deficiency of $4,819,831.80, with no preferred, contingent or trust claims reported. Secured claims are led by Canadian Western Bank, which claims $8,700,000.00 against security estimated at $5,012,000.00 over machinery and equipment, accounts receivable of $1,703,977.00, cash of $196,528.00, real property at 120 Softley Road, Winnipeg valued at $200,000.00 and a $1,000,000.00 contingent claim in Court No. CI 17-01-11004. Equipment lessors Element Financial Inc. (ECN), Tribucore Capital Inc. and Business Development Bank of Canada claim $5,133,221.00, $1,386,000.00 and $1,063,163.00; their unsecured balances are also listed among unsecured creditors, alongside a $100,000.00 Canada Revenue Agency GST claim.