British Columbia · Bankruptcy
Trustees preliminary report to creditors
Court officer report · undated
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- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date17 June 2019
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY AND INSOLVENCY
- court file noB190405
- proceeding typebia_bankruptcy
- financial positionnote: Total liabilities per Statement of Affairs claims table = secured $196,251 + preferred $22,000 + unsecured $394,245 = $612,496 (document's own stated total, not computed by extractor). Total claims filed to date (proofs) amount to only $21,703.17. · page: 3 · as at: date of bankruptcy · basis: Statement of Affairs sworn by Ms. Williamson on behalf of Tritex · scope: entity - Tritex Fabrics Ltd. · currency: CAD · total assets: 83935 · total liabilities: 612496
- secured creditorsnote: Secured to extent of $2,000 per employee; up to $14,000 may be eligible for security under the BIA; ranks ahead of other secured creditors except CRA's deemed trust. · page: 3 · as of: date of bankruptcy · amount: 14000 · debtor: Tritex Fabrics Ltd. · creditor: Wage earners (seven former employees) - Section 81.3(1) BIA secured claim · currency: CAD · security: Statutory security over Company's current assets, up to $2,000 per employee under s.81.3(1) BIA
- secured creditorsnote: Deemed trust claim for unremitted payroll deductions; ranks ahead of all other creditors including secured creditors. Company's reporting indicates all payroll withholdings remitted up to date of bankruptcy; CRA may conduct a trust audit; no proof of claim filed as of report date; amount not stated. · page: 3 · as of: date of bankruptcy · debtor: Tritex Fabrics Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- statutory basisBankruptcy and Insolvency Act ("BIA")
- unsecured creditorsnote: Preferred creditor class per Statement of Affairs claims table; ranks ahead of ordinary unsecured creditors; no proofs filed as of report date. · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 22000 · debtor: Tritex Fabrics Ltd. · creditor: Employees (wage/vacation/severance/termination pay not covered by s.81.3(1) secured priority) · currency: CAD
- secured creditorsnote: Company's largest creditor; Statement of Affairs reports CWB owed approximately $200,000 (secured creditors total per Statement of Affairs is $196,251); no proof of claim filed as of report date; priority claim subordinate only to CRA's deemed trust and wage earner priority claim. · page: 4 · as of: Statement of Affairs · amount: 200000 · debtor: Tritex Fabrics Ltd. · creditor: Canadian Western Bank (CWB) · currency: CAD · security: Security interest registered in BC Personal Property Registry on November 23, 2001 covering all present and after-acquired personal property of the debtor
- unsecured creditorsnote: Document names no individual unsecured creditors. Proofs of claim filed to date total $21,703.17 (per claims table). Final amounts owing will be based on proofs of claim filed and admitted by the Trustee. · page: 4 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 394245 · debtor: Tritex Fabrics Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Given the amount of secured debt; which includes CRA, claims of wage earners, and BDC, there is no expectation for a dividend to be payable to the general unsecured creditors of the Company. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: general unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-07-09 · table missing: