Skymark Health and Fitness Inc.

Skymark Health and Fitness Inc. is in insolvency proceedings under a Trustee, with a Statement of Affairs listing total assets of $70,000, consisting solely of accounts receivable and equipment. Two liquidators engaged by the Trustee estimated the equipment's net realizable value at $5,000, advising there is little, if any, recoverable value given high dismantling and removal costs. Toronto Dominion Bank holds a secured line of credit against the company's assets, listed at approximately $88,000, and is described as the only secured creditor with an economic interest in those assets; TD declined to pursue realizing on the fitness club equipment. The Canada Revenue Agency holds a nominal secured claim, with the Trustee noting the ultimate amount owed is unknown. The Statement of Affairs also lists 12 unsecured creditors with potential provable claims totalling $253,914.50, though no proofs of claim had been filed with the Trustee as of the report date.