Ontario · Bankruptcy
Report of the Trustee's Preliminary Administration, dated February 2, 2023
Court officer report · 2 February 2023
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 filing5 verified
- cash on handnote: Reflected as Cash on the Statement of Affairs sworn January 17, 2023. · as at: 2023-01-17 · amount: 2718233 · currency: CAD
- financial positionnote: Assets stated as Net Book Value and Realizable Value (Low/High Scenario), not a single total: Cash $2,718,233; Trade Accounts Receivable NBV $5,843,435 (realizable $2,800,000-$3,800,000); Interco Accounts Receivable NBV $22,986,648 (realizable TBD); Inventory NBV $862,000 (realizable $0-$400,000); Total Assets (estimated realizable value) $5,518,233 (low) / $6,918,233 (high). Liabilities: Secured Creditors (approx.) $169,593,677; Unsecured Creditors $18,295,565; Total Liabilities $187,889,242. · as at: 2023-01-17 · basis: Statement of Affairs sworn on January 17, 2023 · scope: entity - Lakeside Produce Inc. · currency: CAD · total liabilities: 187889242
- operational summaryLakeside's operations ceased prior to the bankruptcy filing, with employees terminated and business wound down in an orderly manner; the Trustee is now realizing on assets such as receivables and inventory.
- recovery outcomeentries: basis: estimated · quote: the Trustee anticipates that there will not be any funds available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · currency: CAD · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 18295565 · interim final: unstated · currency quote: all amounts are in Canadian dollars unless stated otherwise · claims qualifier: listed; basis: estimated · quote: The Agent is under-secured against Lakeside in the approximate amount of $130.7 million due to Lakeside owing assets only valued in the approximate amount of $32.4 million. · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: trustee · class label: the Lenders' syndicate (the Agent) · creditor name: The Bank of Montreal as Agent · interim final: unstated · currency quote: all amounts are in Canadian dollars unless stated otherwise · claims qualifier: unstated · shortfall amount: 130700000 · stated on: 2023-02-02 · table missing:
- report date2 February 2023