Zao Trading Corporation
Follow- Proceeding
- NOIsubsection 50.4(1) of the Bankruptcy and Insolvency Act
- File
- B150988
Zao Trading Corporation filed a notice of intention to make a proposal under s. 50.4 of the BIA on November 12, 2015, in the Supreme Court of British Columbia under file B150988, and the proceeding remains active. The company had reported net losses of $1.05 million and $789,000 for the fiscal years ending August 31, 2014 and 2015. Assets at February 15, 2016 carried a book value of $659,000, comprising inventory of $483,000, furniture and fixtures of $75,000 and cash of $101,000, against an estimated gross realizable value in bankruptcy of $297,000. Creditors with claims of $250 or more total $3,440,913.27 on the Form 92 list, led by related party Glenwood Preserves Ltd at $2,737,153.19. Glenwood and the director loans owed to Terry Crowley and Tom Reinhart are Non-Participating Creditors that have agreed to waive any dividend. VW Credit Canada Inc., holding a registered security interest in one leased vehicle, is the sole secured creditor and is unaffected by the proposal.
An interim order was granted on the same date the notice of intention was filed, opening the proceeding in the Supreme Court of British Columbia under file B150988.
Source: Court Order approving extension of time to file a Proposal
Creditor's Package - Notice of Intention to Make a Proposal was filed. Court file 11-2048177.
Source: Creditor's Package - Notice of Intention to Make a Proposal
Debtor
Zao Trading Corporation
Proposal trustee
MNP
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | VW Credit Canada Inc. · in 20 casesRegistered security interest in respect of one leased vehicle — Unaffected by the Proposal; claim to be addressed per security agreement or as arranged with the secured creditor. Note: VW Credit Canada Inc. also appears in the list of creditors with claims of $250 or more with a claim amount of $1,000.00 (page 4), which may relate to a separate unsecured portion of dealings. — debtor: Zao Trading Corporation | — | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Glenwood Preserves Ltd - InvestmentNon-Participating Creditor per Proposal; has agreed to waive entitlement to any dividend; related party (significant unsecured creditor) — debtor: Zao Trading Corporation | $2.74M | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Torrent Real Estate Services Inc. / Torrent InvestmentsSignificant unsecured creditor named in Trustee's report — debtor: Zao Trading Corporation | $101K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Tom Reinhart - LoanThomas Gregory Reinhart is a director; related party and Non-Participating Creditor who has agreed to waive entitlement to any dividend — debtor: Zao Trading Corporation | $96.1K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Bosa Properties - Dells Holdingdebtor: Zao Trading Corporation | $57.5K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Terry Crowley - LoanTerrance Crowley is a director; related party and Non-Participating Creditor who has agreed to waive entitlement to any dividend — debtor: Zao Trading Corporation | $52.4K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Timebomb Trading Inc. · in 2 casesdebtor: Zao Trading Corporation | $40.3K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | K-Swiss Canadadebtor: Zao Trading Corporation | $32.1K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Supra Distribution Ltd.debtor: Zao Trading Corporation | $26.3K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Burton Canada Companydebtor: Zao Trading Corporation | $21.9K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Centre Distributiondebtor: Zao Trading Corporation | $21K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Nike Canada Ltd · in 4 casesdebtor: Zao Trading Corporation | $19.1K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Ultimate Skateboard Distributors Inc.debtor: Zao Trading Corporation | $17.3K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Mostad Printing & Media · in 2 casesdebtor: Zao Trading Corporation | $17.3K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Volcom, LLCdebtor: Zao Trading Corporation | $16.8K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Take Five Trading Inc.debtor: Zao Trading Corporation | $15.8K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Dye Precision Incdebtor: Zao Trading Corporation | $15.6K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Adidas Canada Ltd · in 2 casesdebtor: Zao Trading Corporation | $14.5K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Vans (VF outdoor Canada Inc.) · in 2 casesdebtor: Zao Trading Corporation | $13.3K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | No Limitsdebtor: Zao Trading Corporation | $12.9K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Herschel Supply Company · in 2 casesdebtor: Zao Trading Corporation | $11.6K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Nidecker USA (KMU Factoring AG)debtor: Zao Trading Corporation | $11.1K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Oakley Canada · in 2 casesdebtor: Zao Trading Corporation | $10.7K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Smart & Biggar · in 5 casesdebtor: Zao Trading Corporation | $10.1K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Origin Distributiondebtor: Zao Trading Corporation | $8.63K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Mehrathon Trading Inc.debtor: Zao Trading Corporation | $8K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Clutch Distributiondebtor: Zao Trading Corporation | $7.93K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Outdoor Gear Canada · in 5 casesdebtor: Zao Trading Corporation | $5.84K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | K2 Corporation of Canada · in 3 casesdebtor: Zao Trading Corporation | $5.02K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Land Yachtz Longboards (Versal Manufacturing)debtor: Zao Trading Corporation | $4.52K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Spy Optic, Incdebtor: Zao Trading Corporation | $4.39K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | The Zone @ 91-3(CJZN-FM)debtor: Zao Trading Corporation | $3.78K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Electric Visual LLCdebtor: Zao Trading Corporation | $3.42K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | High Output Sportsdebtor: Zao Trading Corporation | $3.29K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Dakinedebtor: Zao Trading Corporation | $2.69K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | BC Hydro · in 71 casesdebtor: Zao Trading Corporation | $1.77K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | MOMENTUM Distribution Inc. -Endorphin Groupdebtor: Zao Trading Corporation | $1.74K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Chance Skateboards Inc.debtor: Zao Trading Corporation | $1.21K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Dwindle Distributiondebtor: Zao Trading Corporation | $1.16K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | VW Credit Canada Inc. · in 20 casesVW Credit Canada Inc. is also listed as the sole secured creditor (registered security interest in one leased vehicle); this $1,000.00 claim amount is listed among unsecured creditors, possibly a deficiency or separate account — debtor: Zao Trading Corporation | $1K | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Element Canadadebtor: Zao Trading Corporation | $925 | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Kitsch Skateboardsdebtor: Zao Trading Corporation | $876 | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | 1664BMX Distributiondebtor: Zao Trading Corporation | $854 | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Borden Ladner Gervais LLP · in 28 casesdebtor: Zao Trading Corporation | $578 | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Wells Fargo (NEFF) · in 14 casesdebtor: Zao Trading Corporation | $507 | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Kiwi Electrical Servicesdebtor: Zao Trading Corporation | $393 | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Cathedra Solutionsdebtor: Zao Trading Corporation | $356 | Creditor’s Package – Notice of Proposal to Creditors |
| 8 | Unsecured | Tom Reinhart - ExpensesThomas Gregory Reinhart is a director; related party — debtor: Zao Trading Corporation | $315 | Creditor’s Package – Notice of Proposal to Creditors |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: a distribution.Under the plan · sanctionedCreditor’s Package – Notice of Proposal to Creditors · 19 Feb 2016
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | unsecured creditors with claims over $5,000 (Proposal) | — | a distributionvs. 6 % in a bankruptcy | Under the plansanctionedper the proposal trustee | Creditor’s Package – Notice of Proposal to Creditors · 19 Feb 2016 |
| Unsecured | Glenwood Preserves Ltd., Thomas Gerald Reinhart and Terrance Crowly | — | no distribution | Under the plansanctionedper the proposal trustee | Creditor’s Package – Notice of Proposal to Creditors · 19 Feb 2016 |
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.
As at 15 Feb 2016 · per Book value; estimated realizable value in bankruptcy as of the date of filing of the Proposal (also reported), prior to remaining payments for post-filing obligations, occupancy costs, realization costs and professional fees · Zao Trading Corporation (entity level) — Total assets figure is book value ($659,000: Inventory $483,000, Furniture & Fixtures $75,000, Cash on hand $101,000) as at February 15, 2016; estimated gross realizable value in bankruptcy was $297,000. Unsecured creditor balance identified to date is approximately $3.4 million based on Company records (page 9); Total from itemised Form 92 list of creditors with claims of $250 or more is $3,440,913.27 (page 4). Company reported net losses of $1.05 million and $789,000 for fiscal years ending August 31, 2014 and 2015 respectively (page 5). Company stated it does not owe any arrears with respec
| Date | Document | File |
|---|---|---|
| Court Order approving the Proposal | ||
Creditor’s Package – Notice of Proposal to Creditors
| ||
| Certificate of Filing a Proposal | ||
Court Order approving extension of time to file a Proposal
| ||
| Certificate of Notice of Intention to Make a Proposal | ||
Creditor's Package - Notice of Intention to Make a Proposal
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Zao Trading Corporation” (NOI), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/zao-trading-corporation