Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 15 February 2024
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What we verified from this filing18 verified
- proceeding typebia_bankruptcy
- financial positionnote: Shareholder's equity (deficit) of $(2,028,729) reconciles total liabilities and equity to total assets of $847,807; bookkeeping has not been completed from Dec 1, 2023 to the date of bankruptcy. · page: 3 · as at: 2023-11-30 · basis: Management prepared financial statements (unaudited); most current statements available · scope: The Deck Store Ltd. (single entity, non-consolidated) · currency: CAD · total assets: 847807 · total liabilities: 2876536
- statutory basisThe Bankruptcy and Insolvency Act
- secured creditorsnote: Estimated claim 'Unknown'; Dechant has postponed and subordinated its security interest in favour of BMO; no Proof of Claim filed as of report date. · page: 5 · debtor: The Deck Store Ltd. · creditor: Dechant Farms Ltd. · currency: CAD · security: General security agreement over all present and after-acquired property
- secured creditorsnote: Pursuant to BIA s.73(4), Gregg holds a preferred claim under s.136(1)(f) for rent arrears/accelerated rent, and a secured claim limited to costs of distress; claim not yet finalized. · page: 5 · amount: 125000 · debtor: The Deck Store Ltd. · creditor: Gregg Properties Co. Ltd. · currency: CAD · security: PPR registration re: landlord seizure/distress
- secured creditorsnote: Estimated claim 'Unknown'; no Proof of Claim or Property Claim filed as of report date. · page: 5 · debtor: The Deck Store Ltd. · creditor: James Robert Wagner · currency: CAD · security: PPR registration under Sale of Goods Act re: specific collateral (goods paid for but not received)
- secured creditorsnote: Estimated claim listed as 'Unknown' in Table 3; Company confirmed no amounts are actually owing; no Proof of Claim filed as of report date. · page: 5 · debtor: The Deck Store Ltd. · creditor: Pattison Sign Group · currency: CAD · security: Registered security interest re: two signage contracts
- secured creditorsnote: Deemed trust claim which ranks ahead of all creditors; CRA has not filed a Proof of Claim as of report date; distinct from CRA's separately listed unsecured claim of $135,000. · page: 5 · amount: 20000 · debtor: The Deck Store Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Property claim for source deductions
- secured creditorsnote: Estimated claim range of $2,000-$4,000 (000's) per Table 3; not a single figure, range as stated. · page: 5 · debtor: The Deck Store Ltd. · creditor: Wage Earner Protection Program (WEPP) · currency: CAD · security: Statutory security over current assets, max $2,000 per employee, for unpaid wages, vacation pay and severance
- secured creditorsnote: Books and records indicate amount owing of approximately $500,000; BMO has not filed a Proof of Claim as of report date; Trustee has agency agreement with BMO and obtained legal opinion confirming security is valid and enforceable. · page: 6 · amount: 500000 · debtor: The Deck Store Ltd. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security agreement over all present and after-acquired property
- unsecured creditorsnote: Table 4 lists only the 'major unsecured creditors' (subset), separately extracted below; this figure is the total reported for all 30 unsecured creditors. · page: 7 · basis: Trustee's estimate based on Company's books and records; 30 unsecured creditors identified · amount: 1055838 · debtor: The Deck Store Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorspage: 7 · basis: Major unsecured creditor per Table 4, per books and records · amount: 300000 · debtor: The Deck Store Ltd. · creditor: Darrell Schwab · currency: CAD
- unsecured creditorsnote: Possibly related to Sylvanix Outdoor Products Inc., which has filed a Statement of Claim against the Company for unpaid amounts and breach of agreement (stayed by bankruptcy). · page: 7 · basis: Major unsecured creditor per Table 4, per books and records · amount: 195000 · debtor: The Deck Store Ltd. · creditor: Sylvaniz Decking · currency: CAD
- unsecured creditorsnote: Distinct from CRA's secured/deemed trust claim of $20,000 for source deductions (Table 3). · page: 7 · basis: Major unsecured creditor per Table 4, per books and records · amount: 135000 · debtor: The Deck Store Ltd. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorspage: 7 · basis: Major unsecured creditor per Table 4, per books and records · amount: 60000 · debtor: The Deck Store Ltd. · creditor: Canadian Western Bank · currency: CAD
- unsecured creditorspage: 7 · basis: Major unsecured creditor per Table 4, per books and records · amount: 50000 · debtor: The Deck Store Ltd. · creditor: Hadrick Rentals · currency: CAD
- unsecured creditorspage: 7 · basis: Major unsecured creditor per Table 4, per books and records · amount: 16000 · debtor: The Deck Store Ltd. · creditor: Jason Clouter · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the review of the books and records of the Company and discussions with management and auctioneers we estimate the recoveries will be insufficient to repay secured claims in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: BMO · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As such, we do not anticipate a recovery to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-02-15 · table missing: