Ontario · Bankruptcy
First Report of the Trustee, dated May 1, 2025
Court officer report · 1 May 2025
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What we verified from this filing10 verified
- cash on handnote: Cash on hand figure taken from MCC's Statement of Affairs as at the date of bankruptcy. · as at: 2025-02-03 · amount: 21421 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: tax: label: HST · quote: HST of $3,978.52 · amount: 3978.52 · fees: quote: for a total of $30,604.00 · amount: 30604 · total: quote: for a total of $34,732.52 · amount: 34732.52 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: plus disbursements of $150.00 · amount: 150 · period: end: 2024-04-25 · kind: invoice · quote: WeirFoulds fees for the period January 1, 2025 to April 25, 2024 · start: 2025-01-01 · approval: quote: approving the fees and disbursements WeirFoulds LLP, counsel to the Trustee · state: sought · averages: rate: 596.57 · quote: at an average hourly rate of $596.57 (after applying a courtesy discount) · scope: after applying a courtesy discount · currency: · invoices: · firm text: WeirFoulds LLP · firm quote: approving the fees and disbursements WeirFoulds LLP, counsel to the Trustee · hours total: quote: encompasses 51.3 hours · value: 51.3 · context quote: counsel to the Trustee · discount note: text: courtesy discount applied to average hourly rate · quote: after applying a courtesy discount
- financial positionnote: Asset categories per Statement of Affairs: Cash $21,421; Intangible Assets $1; Shares of wholly owned subsidiary $1; Inventory $834,564; Semi-precious crystals N/A (later determined ~$40,000, not included in SOA); Accounts Receivable $458,049. Liabilities per Appendix A: Secured Creditors $1,314,036 (RBC's actual filed secured claim later reported as $1,554,434); Preferred Creditors $15,890; Unsecured Creditors $1,578,951. Appendix A states Total Assets as $1,314,037 (minor rounding difference from main report's $1,314,036). Given RBC's Secured Claim of $1,554,434 exceeds realizable asset value, unsecured creditors are not expected to recover any amount. · as at: 2025-02-03 · basis: Statement of Affairs, unaudited book/net book value · scope: Mindful Collective Co., Ltd. (entity-level) · currency: CAD · total assets: 1314036 · total liabilities: 2908877
- operational summaryMCC ceased operating around November 1, 2024 after losing its RBC operating line and terminating all employees; the Trustee has since conducted a Sales Process to sell substantially all of MCC's remaining assets rather than continue operations.
- professional feesnote: Comprises base fees of $30,604.00 (51.3 hours at average discounted rate of $596.57/hour), disbursements of $150.00, and HST of $3,978.52. · party: WeirFoulds LLP, counsel to the Trustee · amount: 34732.52 · period: January 1, 2025 to April 25, 2024 · currency: CAD
- purchaserAndrea McKay; price: note: Purchase Price amount not stated in provided text; Advanced Payment/Deposit amounts redacted · sealed: false · scope: Books and Records, inventory and other assets described in Schedule 'A', and goodwill of the Business in the Territory · status: proposed · name note: Purchaser identified only as party to agreement; Bernard Mariette described as President of the Purchaser · structure: assets · name source: operative · relationship: unstated
- recovery outcomeentries: basis: unstated · quote: At this time, the Trustee is not in a position to determine for certain if there will be any funds available for distribution to the creditors. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on the preliminary information available regarding MCC's assets, it appears unlikely that there will any assets available for distribution to creditors after the payment of debt to the Royal Bank of Canada has been paid. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: creditors · interim final: unstated · conditional on: after the payment of debt to the Royal Bank of Canada has been paid · claims qualifier: unstated · stated on: 2025-05-01 · table missing:
- report date1 May 2025
- report noFirst Report of the Trustee
- sale outcometext: two separate resulting transactions that, combined, will result in the sale of substantially all of the assets of MCC · scope: whole_business · status: pending_approval