#Sale
The court granted a reverse vesting order in favour of the Subscribed Shares issued by Tricanna to the Purchaser.
Source: Reverse Vesting Order
Tricanna Industries Inc.
FollowActive
- Proceeding
- NOIsections 69.1 and 69.6 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B 3
- File
- B250052
Filings held6
Last activity14 Mar 2025
On the record593 days
OverviewSummary updated
Tricanna Industries Inc. filed a notice of intention to make a proposal under BIA s. 50.4 on February 5, 2025, and the proceeding remains active. Management reported assets of approximately $1,101,901.40 in book value against liabilities of $4,622,053.10 as at February 4, 2025: unsecured debt of $2,901,467.89 and secured debt of $1,720,585.21, the latter carrying $250,000 as the maximum that could be owing to Community Savings Credit Union under a November 21, 2023 receivables factoring facility. CRA arrears lead the unsecured claims, with excise of $1,056,593.25 and GST of $31,408.26 as at January 31, 2025, payable by February 7. Gary Leong, Victor Neufeld and Thomas Tardi hold a June 30, 2023 guarantee capped at $1,470,585.21 and claimed approximately that sum in a civil claim filed May 14, 2024; they have agreed under a renegotiated purchase agreement to accept partial payment, a transaction that has not closed.
Proceedings AIAsk this case — answers cite the filings
Case updates6 dated entries
#Report
The officer filed report no. Supplement to the First Report to Creditors.
Source: Trustee's Report to Creditors - Supplement to the First Report to Creditors
3 earlier updates, back to 5 February 2025 — subscribers.
Parties
Debtor
Tricanna Industries Inc.
Proposal trustee
MNP
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Deemed trusts (CRA and other) | Canada Revenue Agency (Excise Tax Arrears) · in 926 casesDocument states CRA 'is an unsecured creditor of Tricanna'; arrears relate to excise duties (incl. $280,042.02 tied to stolen inventory) accrued June 2023–January 2025; payable by February 7, 2025; excise/GST arrears carry Crown deemed-trust characteristics though pleaded as unsecured — debtor: Tricanna Industries Inc. · as of 31 Jan 2025 | $1.07M | Notice of Application - |
4 more claims across lower-ranking classesSubscribe to view
Sale processAs stated in the filings
2 transactions · 1 proposed · 1 approved — Transaction pending approval; recovery comparison against bankruptcy scenario providedTrustee's Report to Creditors - Supplement to the First Report to… · 4 Mar 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| unnamed subscriber under the Subscription Agreementthe Assets · share subscription | Subscribers | Proposed | Trustee's Report to Creditors - Supplement to… |
| Purchaser under Subscription Agreement, not named in operative textthe Subscribed Shares issued by Tricanna to the Purchaser · share subscription · ResidualCo: ResidualCo | not stated | Approved14 Mar 2025 | Reverse Vesting Order |
Closing termsClosing Time defined by Proposal Trustee's Certificate; Trustee may extend with Purchaser's consentReverse Vesting Order
RecoveriesAs stated in the filings
Unsecured creditors: no distribution. Betty Sorensen no distribution.EstimatedTrustee's Report to Creditors - Supplement to the First Report to… · 4 Mar 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Victor Neufeld, Gary Leong, and Thomas Tardi | — | a distribution | Under the planper the trustee | Trustee's Report to Creditors - Supplement to the First Report to… · 4 Mar 2025 |
| Unsecured | — | — | no distribution | Estimatedper the trustee | Trustee's Report to Creditors - Supplement to the First Report to… · 4 Mar 2025 |
| Unsecured | Betty Sorensen | — | no distribution | per the trustee | Trustee's First Report to Court · 12 Feb 2025 |
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.
1 stated figure across 3 outcomes, each sourcedSubscribe to view
Estate financialsReported figures — never derived
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
Documents6 filings
| Date | Document | File |
|---|---|---|
Reverse Vesting Order
| PDF · Subscribers | |
Trustee's Report to Creditors - Supplement to the First Report to Creditors
| PDF · Subscribers | |
Trustee's First Report to Court
| PDF · Subscribers | |
Affidavit #1 of Dayna Lange
| PDF · Subscribers | |
| Notice of Intention to File a Proposal | PDF · Subscribers | |
Notice of Application -
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Tricanna Industries Inc.” (NOI), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/tricanna-industries-inc