Searchfast Systems Limited

Searchfast Systems Limited, an Ontario educational bookseller and distributor, is in bankruptcy under estate number 32-3048317, commenced 27 February 2024 and still active. Its sworn Statement of Affairs (Form 78), as at 27 February 2024, declares total assets of $81,000.00 against total liabilities of $3,126,162.43, a declared deficit of $3,045,162.43, with unsecured creditors reported at $1,477,030.43, secured creditors at $81,000.00 and no preferred or contingent claims. The sole secured creditor shown is Hugh Middleton, a related party, at $81,000.00, whose $1,568,132.00 equilibrium of secured claims also appears as an unsecured entry. The Creditor Mailing List of 28 February 2024 adds 12,642 individual consignment creditors owed $664,092.78 in aggregate and 803 school consignment creditors owed $169,337.68, alongside trade claims including Penguin Random House Canada at $44,879.77 and Toronto Dominion Bank at $40,000.00. The proceeding rests on subsection 49(2) and paragraph 158(d), and subsections 50(2) and 62(1), of the Act.