Alberta · Receivership (court-appointed)
Trustee's Preliminary Report
Court officer report · 7 June 2022
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What we verified from this filing13 verified
- secured creditorsnote: Approximate figure per demand letter dated May 5, 2022; security reviewed by counsel and confirmed effective, valid and enforceable · page: 2 · as of: Filing Date (May 20, 2022) · amount: 9200000 · debtor: Home Solutions Corporation · creditor: Private Debt Partners Senior Opportunities Fund GP d.b.a. Private Debt Partners (PDP) · currency: CAD · security: General security agreement over all present and after-acquired assets of HSC
- secured creditorsnote: Approximate figure per demand letter dated May 6, 2022; security reviewed by counsel and confirmed effective, valid and enforceable · page: 2 · as of: Filing Date (May 20, 2022) · amount: 2200000 · debtor: Home Solutions Corporation · creditor: Toronto-Dominion Bank (TD Bank) · currency: CAD · security: Various general security agreements over all HSC assets; senior ranking security over inventory and accounts receivable (Current Assets)
- secured creditorsnote: Approximate amount as listed by HSC · page: 4 · as of: Filing Date · amount: 732000 · debtor: Home Solutions Corporation · creditor: 3M Holdings Ltd. · currency: CAD
- secured creditorsnote: Approximate amount as listed by HSC · page: 4 · as of: Filing Date · amount: 732000 · debtor: Home Solutions Corporation · creditor: Gemstone Lights Calgary Ltd. · currency: CAD
- secured creditorsnote: Related party; approximate amount as listed by HSC · page: 4 · as of: 2021-11-29 · amount: 800000 · debtor: Home Solutions Corporation · creditor: S. Nielsen Family Trust · currency: CAD · security: Promissory note issued November 29, 2021 in connection with sale of HSC shares
- unsecured creditorsnote: Employee payroll source deductions; priority claim ranking ahead of secured creditors · page: 4 · as of: Filing Date · basis: Priority claim as listed by the Company at Filing Date · amount: 31500 · debtor: Home Solutions Corporation · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Unpaid vacation pay claim; granted super-priority over current assets pursuant to s. 81.4(1) BIA · page: 4 · as of: Filing Date · basis: Priority claim as listed by the Company at Filing Date · amount: 50400 · debtor: Home Solutions Corporation · creditor: Service Canada (Wage Earners' Protection Program - WEPP) · currency: CAD
- unsecured creditorsnote: Amount not stated; approximately 89 employees affected · page: 4 · as of: Filing Date · basis: Unsecured claims related to unpaid severance/termination obligations · debtor: Home Solutions Corporation · creditor: Former employees (approximately 89) · currency: CAD
- secured creditorsnote: Amount not stated; leased/financed vehicles and equipment to the Company · page: 5 · as of: Filing Date · debtor: Home Solutions Corporation · creditor: Summit Acceptance Corp. · currency: CAD · security: Lease/finance of various vehicles/equipment (PMSI-type equipment financing)
- secured creditorsnote: Related party; approximate amount as listed by HSC · page: 5 · as of: 2021-11-29 · amount: 800000 · debtor: Home Solutions Corporation · creditor: W. Sonego Family Trust · currency: CAD · security: Promissory note issued November 29, 2021 in connection with sale of HSC shares
- unsecured creditorsnote: Document names no individual unsecured creditors except landlords for Calgary and Edmonton locations, noted separately as potentially preferred under s. 136(1)(f) BIA; proofs of claim received to date total approximately $314,700 unsecured (separate figure, labelled as proofs filed, not adjudicated) · page: 5 · as of: Filing Date · basis: Listing of Creditors as reported by HSC · amount: 1800000 · debtor: Home Solutions Corporation · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred claim potentially applicable pursuant to Section 136(1)(f) of the BIA; amount not separately stated · page: 5 · as of: Filing Date · basis: Included within unsecured creditor listing as reported by HSC · debtor: Home Solutions Corporation · creditor: Landlords (Calgary and Edmonton Premises) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the above, all of HSC's assets are fully secured and there is anticipated to be a substantial shortfall in satisfying the claims of the Company's secured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: the Company's secured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-06-07 · table missing: