Alberta · Bankruptcy
Trustee's Preliminary Report dated August 17, 2021
Court officer report · 17 August 2021
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 filing9 verified
- commencement date30 July 2021
- provinceALBERTA
- appointeeGrant Thornton Limited
- appointee roletrustee in bankruptcy
- cash on handnote: Cash balance in the receivership estate as at the date of bankruptcy; portion (est. $20,000) to be transferred to bankruptcy estate, remainder distributed via receivership. · as at: 2021-07-30 · amount: 830779 · currency: CAD
- financial positionnote: Assets not summed by Trustee: SOA listed cash balance of $830,779 in the receivership estate; SOA listed AR and other receivables of $2,768,459, estimated to produce $19,017 (comprising $333,066 AR expected to realize additional $18,017, and $2,435,393 inter-company balances due from Subsidiaries expected to realize $1,000). Liabilities figure is approximate and stated to be reduced by future distributions from receivership proceedings. · as at: 2021-07-30 · basis: Statement of Affairs · scope: entity - 1069416 Alberta Ltd. · currency: CAD · total liabilities: 5022559
- operational summaryThe company ceased operations and laid off all employees prior to a private receivership appointment; the Receiver liquidated its assets and made interim distributions, and it was subsequently assigned into bankruptcy with the Receiver also acting as Trustee.
- recovery outcomeentries: basis: estimated · quote: It is expected that there will be a shortfall on BDC's secured claim. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: BDC's secured claim · creditor name: BDC Capital Inc. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As such, it is not expected that funds will be distributed to 106's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: 106's unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2021-08-17 · table missing:
- report date17 August 2021