The Upper Room Home Furnishings Inc.

The Upper Room Home Furnishings Inc., an Ontario furniture retailer, made an assignment in bankruptcy on September 23, 2024 under section 49 of the Bankruptcy and Insolvency Act, with BDO Canada Limited as trustee in bankruptcy under estate number 33-3102341. Its Statement of Affairs, prepared on financial statements as at August 15, 2024, reports total assets of $4,345,000 against provable claims the trustee reports as totalling $5,492,586.47 — secured $2,552,784, preferred $52,633.33 and unsecured $2,887,169.14. Secured positions include Royal Bank of Canada at $1,051,000, the Business Development Bank of Canada at $325,000 and Mega Group Inc. at $1,109,056, the last on a general security agreement Torkin Manes LLP has confirmed valid and enforceable; Mega Group appointed BDO as private receiver effective October 9, 2024. Approximately 67 unsecured creditors are reported, with 12 proofs of claim totalling $492,139.07 filed as at October 9, 2024 and roughly 1,000 further potential claimants holding forfeited prepaid deposits. The inventory count remains to be completed.