Sugar Daddies Bakery Inc

Sugar Daddies Bakery Inc. has been in bankruptcy in Ontario since January 22, 2024, with MNP Ltd. acting as trustee under estate number 35-3033170 and section 67(b) of the Bankruptcy and Insolvency Act cited as the statutory basis. The Statement of Affairs reports secured claims of $378,764 in the aggregate, comprising Royal Bank of Canada under a general security agreement over the Company's assets, a Canada Revenue Agency deemed trust of $105,950 for unremitted source deductions, and Mercedes Benz registrations against two leased vehicles. None of the three has filed a proof of claim. RBC is obtaining an appraisal before deciding whether to seize and sell or abandon the assets; the vehicles are to be released to Mercedes Benz, there being no equity in the leases on buyout and black book values. Unsecured claims were estimated at $136,710 in the Statement of Affairs, while proofs of claim filed for unsecured claims total $973,148.