#Claims
Vencap Inc. filed an assignment in bankruptcy, opening the estate under Duff & Phelps Canada Restructuring Inc. as trustee, with a claims process approved.
Source: Notice of Bankruptcy and First Meeting of Creditors dated October 23, 2012
Vencap, Inc.
FollowActive
- Proceeding
- Bankruptcysection 49 of the Bankruptcy and Insolvency Act
- File
- 24-1677807
Filings held3
Last activity19 Oct 2012
On the record5,085 days
Secured debt$52.6M
OverviewSummary updated
Vencap, Inc. filed an assignment in bankruptcy on October 19, 2012 under the BIA in Alberta, court file no. 24-1677807, with Duff & Phelps Canada Restructuring Inc. as trustee. The proceedings remain active. The Government of Alberta, shown on the Company's Statement of Affairs as an unsecured creditor, filed a proof of claim on a secured basis for approximately $52.6 million, relying on a January 3, 1996 Pledge Agreement over a Government of Canada zero coupon strip Bond with a face value of $10.05 million at maturity and current market value of approximately $7.6 million, securing the October 12, 1983 Participating Debenture as amended. The Trustee intends to have counsel opine on the validity and enforceability of that security; Alberta is expected to incur a significant shortfall and become the largest unsecured creditor. Other Statement of Affairs claims include the Canada Revenue Agency at $127,000 for unpaid income taxes on a deemed trust basis, $70,000 owing to Alberta for unpaid income taxes, former VEAL debenture holders at $567,000, and Computershare at $2,600.
Proceedings AIAsk this case — answers cite the filings
Case updates3 dated entries
#Report
Recorded the date and time of bankruptcy as October 19, 2012 at 12:54, the commencement date for the Alberta estate.
#Report
A second court officer report bearing the same date; the record sets out no content for it.
Source: Report of the Trustee to Creditors dated November 12, 2012
Parties
Debtor
Vencap, Inc.
Trustee in bankruptcy
AlixPartners
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Government of Alberta (Her Majesty the Queen in Right of Alberta) · in 19 casesas of date of bankruptcy — Pledge Agreement dated January 3, 1996 pledging Government of Canada zero coupon strip Bond (face value $10.05 million at maturity, current market value approximately $7.6 million) to secure indebtedness under October 12, 1983 Participating Debenture, as amended — Company's Statement of Affairs reflected Government of Alberta as unsecured, but Government of Alberta filed proof of claim on a secured basis; Trustee intends to have counsel opine on validity/enforceability; Government of Alberta expected to incur significant shortfall (difference between claim value and | $52.6M | Report of the Trustee to Creditors dated November 12, 2012 |
| 8 | Unsecured | The Deputy Provincial Treasurer, Province of Alberta (Attention: Rod Matheson)Largest single unsecured claim on the list — debtor: Vencap, Inc. · as of 19 Oct 2012 | $52.6M | Notice of Bankruptcy and First Meeting of Creditors dated October 23, 2012 |
| 8 | Unsecured | Veal Debenture Holders - VariousDebenture holders, listed collectively as 'various' — debtor: Vencap, Inc. · as of 19 Oct 2012 | $567K | Notice of Bankruptcy and First Meeting of Creditors dated October 23, 2012 |
| 8 | Unsecured | Canada Revenue Agency 89058 9054 RC0001 Winnipeg Tax CentreCRA (deemed trust class) — debtor: Vencap, Inc. · as of 19 Oct 2012 | $127K | Notice of Bankruptcy and First Meeting of Creditors dated October 23, 2012 |
| 8 | Unsecured | Alberta Treasury 206747768 Tax and Revenue AdministrationProvincial tax authority (deemed trust class) — debtor: Vencap, Inc. · as of 19 Oct 2012 | $70.1K | Notice of Bankruptcy and First Meeting of Creditors dated October 23, 2012 |
| 8 | Unsecured | Computershare · in 36 casesdebtor: Vencap, Inc. · as of 19 Oct 2012 | $2.58K | Notice of Bankruptcy and First Meeting of Creditors dated October 23, 2012 |
RecoveriesAs stated in the filings
Government of Alberta: shortfall.EstimatedReport of the Trustee to Creditors · 12 Nov 2012
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Government of Alberta | — | shortfall | Estimatedper the trustee | Report of the Trustee to Creditors · 12 Nov 2012 |
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.
Estate financialsReported figures — never derived
Total assets at filing$8.25M
Total liabilities at filing$53.4M
As at 19 Oct 2012 · per Form 78 Statement of Affairs (Business Bankruptcy) - as stated and estimated by the officer (Original) · Vencap, Inc. (single entity) — Assignment in bankruptcy filed October 19, 2012. Form 78 states: unsecured creditors per list 'A' $53,354,583.02; secured creditors per list 'B' $0.00; preferred creditors per list 'C' $0.00; contingent/trust per list 'D' $0.00; total liabilities $53,354,583.02; surplus NIL. Asset side: deposits in financial institutions $557,818.00; other property per list 'H' $7,691,566.50; total assets $8,249,384.50; deficiency $45,105,198.52. Amount of subscribed capital and paid on capital each $25,200,001.00.
Documents3 filings
| Date | Document | File |
|---|---|---|
Report of the Trustee to Creditors dated November 12, 2012
| ||
Notice of Bankruptcy and First Meeting of Creditors dated October 23, 2012
| ||
Certificate of Appointment dated October 19, 2012
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Vencap, Inc.” (Bankruptcy). Retrieved 20 September 2026, https://proceedings.ca/case/vencap-inc