Top Draw Inc.
Follow- Proceeding
- Proposalsubsection 50.4 (1) of the Bankruptcy and Insolvency Act
- File
- 24-3077340
Top Draw Inc. has been in a Division I proposal under the BIA since May 7, 2024, with MNP Ltd. as Licensed Insolvency Trustee and the matter before the Court of King's Bench of Alberta. ATB Financial is unaffected by the proposal: its estimated claim of $95,412,000, secured by a general security agreement over all present and after-acquired property, is to be paid under the existing agreement. Subject to the proposal are Canada Revenue Agency Crown claims of $795,086 in payroll source deductions and $119,115 in GST arrears, both deemed trust priority claims. The Statement of Affairs puts total assets at $189,000, and the company identifies no unsecured creditors apart from amounts due to shareholders and no preferred creditors. The Trustee's comparison shows proposal-scenario funds available of $929 thousand, including a $914 thousand Proposal Fund, against a $779 thousand shortfall to CRA in bankruptcy.
Certificate of Notice of Intention to Make a Proposal was filed. Court file 24-3077340.
Source: Certificate of Notice of Intention to Make a Proposal
A court officer's report was filed on the commencement date of 7 May 2024, and stands as the only step recorded in the proceeding.
Source: Trustee's Report to Creditors
Debtor
Top Draw Inc.
Proposal trustee
MNP
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | ATB Financial · in 56 casesas of NOI filing date — General Security Agreement - all present and after-acquired property — Estimated claim per Table 2, stated in $000's (95,412); unaffected by the Proposal and to be paid per existing agreement — debtor: Top Draw Inc. | $95.4M | Trustee's Report to Creditors |
| 8 | Unsecured | Canada Revenue Agency (CRA) - source deductions · in 926 casesas of prefiling — Deemed trust / Crown priority claim (payroll source deductions); part of Certain Crown Claims subject to the Proposal — debtor: Top Draw Inc. | $795K | Trustee's Report to Creditors |
| 8 | Unsecured | Canada Revenue Agency (CRA) - GST · in 926 casesas of prefiling — Deemed trust / Crown priority claim (GST arrears); part of Certain Crown Claims subject to the Proposal — debtor: Top Draw Inc. | $119K | Trustee's Report to Creditors |
CRA: paid in full.Under the plan · sanctionedProposal to Creditors · 5 Jun 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | CRA | — | paid in full | Under the plansanctionedper the debtor | Proposal to Creditors · 5 Jun 2024 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
per Per Statement of Affairs, stated in $000's · entity - Top Draw Inc. — Company is not aware of any unsecured creditors besides amounts due to shareholders (related party); not aware of any indebtedness to preferred creditors; Table 4 also shows Bankruptcy scenario assets of 185 and Proposal scenario funds available of 929 (includes Proposal Fund of 914), with CRA Crown Claims of 914 and a bankruptcy shortfall to CRA of (779); total liabilities not stated as a single figure
| Date | Document | File |
|---|---|---|
| Order (Approval of Proposal) | ||
| Creditor's Package - Proposal and First Meeting of Creditors | ||
Trustee's Report to Creditors
| ||
| Certificate of the Proposal | ||
Proposal to Creditors
| ||
| Creditor Package - Notice of Intention to Make a Proposal | ||
Certificate of Notice of Intention to Make a Proposal
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Top Draw Inc.” (Proposal), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/top-draw-inc