Alberta · Receivership (court-appointed)
Trustee’s Preliminary Report - Angelo's Building Supplies 2015 Inc.
Court officer report · 18 September 2017
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 filing2 verified
- financial positionnote: As at the date of the Trustee's appointment (Aug 28, 2017), book-record assets in the Trustee's possession: Cash 41,571; Inventory 48,159; Computers 1,373; Furniture/Fixtures 43,200; table total 134,303 (CAD, as presented in the table). Updated documents reflect realizable inventory with a net book value of approximately $290,000 (before Buckwold's secured claim over certain inventory) and accounts receivable of $259,000. No total liabilities statement; proofs of claim filed as at report date: secured 35,861, unsecured 2,549,202, with a second line of 2,585,063. Secured creditors ATB and Buckwold amounts 'to be determined'. · basis: Assets 'set out in the Company's books and records' as at the date of the Trustee's appointment; the Trustee notes the books and records are likely understated for inventory and accounts receivable. · scope: Single entity: Angelo's Building Supplies 2015 Inc. · currency: CAD
- recovery outcomeentries: basis: unstated · quote: At this time, the Trustee is unable to advise what, if any, distribution could be made to the unsecured creditors of the Company. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors of the Company · interim final: unstated · conditional on: Any recoveries will be subject to a potential deemed trust claim of Canada Revenue Agency, a potential secured claim of ATB and the secured claim of Buckwold Western Ltd. in respect of certain inventory supplied by Buckwold · claims qualifier: unstated · stated on: 2017-09-18 · table missing: