York-Durham Heritage Railway Association
Follow- Proceeding
- BankruptcySection 49 of the Act; Rule 85
- File
- 32-3032394
York-Durham Heritage Railway Association is in bankruptcy under the BIA in Ontario, commenced 18 January 2024 under court file no. 32-3032394, with a licensed trustee administering the estate. The Statement of Affairs puts liabilities at $2,071,632.87 — secured $640,833.59, preferred $1.00 and unsecured $1,430,798.28, with no contingent claims — against estimated assets of $859,754, being cash of $9,754, railway equipment valued at $650,000 and a $200,000 insurance receivable. Claims filed with the trustee to the report date total $1,723,338.73. American Heritage Railways, Inc. and Rail Events, Inc. hold PPSA-registered security over locomotives, coaches, cars, cabooses and other rolling stock; the trustee has not commissioned an opinion on its validity, citing limited funding. The Canada Revenue Agency asserts a deemed trust claim of $304,468 for payroll source deductions as of 29 January 2024, ranking ahead of the secured creditors. The trustee is still determining amounts owed to employees under WEPPA and s. 81(3) of the BIA.
The same officer's reporting fixes the effective date and time of the assignment at 18:00 on January 18, 2024.
Source: Certificate of Appointment
Report of the court officer records that the association made an assignment for the general benefit of creditors on January 18, 2024, opening the proceedings.
Source: Trustee’s Preliminary Report
Debtor
York-Durham Heritage Railway Association
Trustee in bankruptcy
GlassRatner
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | American Heritage Railways, Inc. and Rail Events, Inc.as of date of bankruptcy — PPSA registered security interests in railway equipment (locomotives, coaches, cars, cabooses, and other rolling stock) — Per Statement of Affairs; $606,065.67 filed with Trustee as of report date. Security opinion as to validity not yet commissioned by Trustee due to limited funding. Deemed Trust Claim (CRA) ranks in priority to these Secured Creditors. — debtor: York-Durham Heritage Railway Association | $641K | Trustee’s Preliminary Report |
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesDeemed Trust Claim for payroll source deductions; ranks in priority to Secured Creditors; figure subject to change — debtor: York-Durham Heritage Railway Association · as of 29 Jan 2024 | $304K | Trustee’s Preliminary Report |
| 7 | Preferred (BIA s. 136) | Preferred claims (aggregate as reported) · in 12 casesas of date of bankruptcy — Preferred class per BIA priority; $1,200.00 filed with Trustee as of report date; document names no individual creditors; Trustee still determining amounts owed to employees under WEPPA/s.81(3) BIA — debtor: York-Durham Heritage Railway Association | $1 | Trustee’s Preliminary Report |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesas of date of bankruptcy — $1,116,073.06 filed with Trustee as of report date; document names no individual creditors; contingent claims reported as nil (-) — debtor: York-Durham Heritage Railway Association | $1.43M | Trustee’s Preliminary Report |
Marketed — The Trustee is undertaking this sale process to solicit interest in, and opportunities for a sale or combination of sales of all or substantially all of the Company's property.Teaser · 18 Jan 2024
per Statement of Affairs; assets are estimated realizable values per Trustee, unaudited books and records · entity - York-Durham Heritage Railway Association — Assets as at date of bankruptcy: Cash $9,754, Railway Equipment $650,000, Insurance Receivable $200,000, Total $859,754 (estimates only, actual realizations may differ). Liabilities total per Statement of Affairs $2,071,632.87 (secured $640,833.59, preferred $1.00, unsecured $1,430,798.28, contingent nil); total per amounts filed with Trustee $1,723,338.73.
| Date | Document | File |
|---|---|---|
Trustee’s Preliminary Report
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| Creditors Package | ||
Certificate of Appointment
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Teaser
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Filing titles, dates, and extracted key facts are public.
CiteProceedings., “York-Durham Heritage Railway Association” (Bankruptcy). Retrieved 20 September 2026, https://proceedings.ca/case/york-durham-heritage-railway-association