Ontario · Proposal
Report to Creditors – March 31 2025
Court officer report · 31 March 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing11 verified · 1 withheld
- appointeeDodick Landau Inc.
- appointee roleProposal Trustee
- court file no31-3203257
- provinceONTARIO
- statutory basissection 62(1) of the Bankruptcy and Insolvency Act
- unsecured creditorsnote: Approximate figure ('approximately $63,000'); one of two components comprising the reported ~$142,000 total unsecured debt. · page: 3 · as of: 2025-03-26 · basis: According to Management, reported as approximate unsecured third-party debt at the Date of Filing · amount: 63000 · debtor: Ayacon Limited · creditor: Canada Revenue Agency (CRA) - HST · currency: CAD
- unsecured creditorsnote: Approximate figure ('approximately $62,000'); unpaid CEBA loan originally advanced by RBC, assigned to Service Canada. · page: 3 · as of: 2025-03-26 · basis: According to Management, reported as approximate unsecured third-party debt at the Date of Filing · amount: 62000 · debtor: Ayacon Limited · creditor: Service Canada (CEBA loan, assigned from Royal Bank of Canada) · currency: CAD
- unsecured creditorsnote: Approximate figure ('approximately $17,000'). · page: 3 · as of: 2025-03-26 · basis: According to Management, reported as approximate unsecured third-party debt at the Date of Filing · amount: 17000 · debtor: Ayacon Limited · creditor: Canada Revenue Agency (CRA) - Corporate Tax · currency: CAD
- unsecured creditorsnote: Also stated as $5,916 elsewhere in the Report (page 4) - minor discrepancy in source figure. This is a Crown Priority Claim under s.60(1.1) BIA (deemed-trust/priority class), to be paid in full ahead of, and separately from, the Unsecured Class distributions. · page: 3 · as of: 2025-03-26 · basis: Reported by Trustee as at the Date of Filing · amount: 5917 · debtor: Ayacon Limited · creditor: Canada Revenue Agency (CRA) - Crown Priority Claim (unremitted source deductions) · currency: CAD
- financial positionnote: Table header states '(000's)' but the underlying line items (Tools of the Trade $100, Vehicle $25,000) match the dollar-value notes beneath the table and the 'rounded to the nearest thousand dollars' recovery chart on page 8 (which shows Liquidation Value of Assets as 25 in thousands, i.e. ~$25,000) - the header appears to be a template error and the total is treated as $25,100 in actual dollars, not $25,100,000. No liabilities are stated in this analysis. Separately, estimated unsecured claims are reported at $142,000 (page 8) and Crown Priority Claim of ~$5,916-$5,917 (pages 3-4). · page: 7 · as at: 2025-03-26 · basis: Estimated liquidation value of assets based on Company's representations (point-in-time estimate as at the Date of Filing); not audited or reviewed · scope: Ayacon Limited (single entity) · currency: CAD · total assets: 25100
- recovery outcomeentries: basis: plan · quote: Crown Priority Claims will be paid in full and shall be paid by the Company from funds paid to the Proposal Trustee in addition to the Funded Proposal Payments (defined below) and remitted by the Proposal Trustee to CRA, or the province, as applicable, within six (6) months of the Court Approval Date (' Additional Funds '). · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Priority Claims · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: | Estimated Recovery to Crown Claims | 100% | Estimated Recovery to Crown Claims | 100% | · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Claims · interim final: unstated · cents on dollar: 100 · claims qualifier: unstated · stated on: 2025-03-31 · table missing:
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.