The Paper Express Shoppe (2017) Inc.

The Paper Express Shoppe (2017) Inc., an Ontario paper supplier, made an assignment in bankruptcy on June 26, 2020 under section 49 of the Bankruptcy and Insolvency Act, with Baigel Corp. as trustee under estate number 32-2654637. The Statement of Affairs, sworn as at June 19, 2020, puts total assets at $46,228.34 against total liabilities of $620,664.51, a stated deficiency of $574,436.17, with no preferred, contingent or trust claims. Unsecured claims total $313,796.28, a figure that includes the unsecured balances of the secured claims. BDC holds two loans, $145,740.00 secured on a cutting machine, inventory, forklift, receivables and furniture valued at $46,228.34, and $47,221.92 for which the security is valued at nil; 1320268 Ontario Limited's $167,062.70 claim is likewise shown as wholly unsecured. Other creditors include REWB at $148,000.00 and BMO at $40,000.00. The estate remains open.