Ontario · Bankruptcy
Trustee’s Report on Preliminary Administration
Court officer report · 16 July 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 filing7 verified
- appointeeDeloitte Restructuring Inc.
- appointee roleTrustee
- commencement date27 June 2025
- provinceONTARIO
- statutory basissection 49 of the Bankruptcy and Insolvency Act (Canada)
- secured creditorsnote: Amount stated as 'approximately $3.2 million' based on review of RLA's books and records; validity/enforceability of security opinion pending review by Trustee's counsel. In Statement of Affairs, secured creditor amount is limited to book value of real property ($1,571,000) rather than full balance owed, per document's own caveat. · page: 3 · as of: Date of Bankruptcy (June 27, 2025) · amount: 3200000 · debtor: Robert Land Academy · creditor: AppGear Mortgage Investment Limited Partnership · currency: CAD · security: General charge over all assets of RLA (the "AppGear Security"), granted pursuant to April 25, 2025 Loan Agreement providing $3.2 million in funding (prior to fees)
- financial positionnote: Total Creditors includes Contingent Litigation Creditors of $135,000,000, described as 'at least $135 million' (floor, based on 2024 audited financial statements) and stated to be contingent, unproven, and increasing as additional claims may be filed. Secured Creditors line ($1,571,000) reflects book value of real property only per footnote, not the full ~$3.2 million owed to AppGear. · page: 4 · as at: 2025-06-27 · basis: Net Book Value (accounting), Statement of Affairs basis for liabilities; not updated to reflect current market or expected realization values · scope: Entity level - Robert Land Academy (the Bankrupt) · currency: CAD · total assets: 4743000 · total liabilities: 138270000