Nova Scotia · Bankruptcy
Trustee's Preliminary Report
Court officer report · undated
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What we verified from this filing12 verified
- appointeeBDO Canada Limited
- appointee roleLicensed Insolvency Trustee in bankruptcy
- commencement date8 March 2023
- court file no45420
- proceeding typebia_bankruptcy
- provinceNova Scotia
- financial positionnote: Deficiency of $(1,843,557) reported based on Estimated Net Realization Value of assets versus total liabilities. · page: 3 · as at: 2023-03-07 · basis: Statement of Affairs as stated and estimated by the officer (Company-prepared); Net Book Value of total assets was $457,437, Estimated Net Realization Value was $317,886; not audited, reviewed, or otherwise verified by BDO · scope: Covina Biomedical Inc. (single entity, bankrupt estate) · currency: CAD · total assets: 317886 · total liabilities: 2161443
- unsecured creditorsnote: Document names no individual unsecured creditors. Proofs of claim filed for unsecured class total $676,112 per Section F table (labelled as proofs filed, distinct from SOA-declared amount). · page: 3 · as of: 2023-03-07 · basis: Statement of Affairs as stated and estimated by the officer · amount: 799442 · debtor: Covina Biomedical Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Listed separately as Deferred/Equity Claims on SOA; Section F table labels this class 'Contingent' with proofs of claim filed totaling $84,000. · page: 3 · as of: 2023-03-07 · basis: Statement of Affairs, listed as Deferred/Equity Claims · amount: 1112000 · debtor: Covina Biomedical Inc. · creditor: Contingent claims (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred creditors class - stated as $0/Nil on SOA and in Section F provable claims table. · page: 3 · as of: 2023-03-07 · basis: Statement of Affairs as stated and estimated by the officer · amount: 0 · debtor: Covina Biomedical Inc. · creditor: Preferred creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Declared on SOA (as at March 7, 2023) as $250,000; NSIC's proof of claim filed for $257,876 is the exact figure. Trustee states NSIC is owed approximately $750,000 in total, including this secured claim of $250,000. Trustee has not yet obtained legal opinion on validity/enforceability of NSIC's security; NSIC has not enforced its security as of report date. · page: 6 · as of: proof of claim filed · amount: 257876 · debtor: Covina Biomedical Inc. · creditor: Nova Scotia Innovation Corporation (NSIC) · currency: CAD · security: General security agreement dated July 21, 2022, covering all present and after-acquired personal property; Financing Statement registered July 21, 2022 (Instrument Number 27496629)
- recovery outcomeentries: basis: estimated · quote: Given the information available to the Trustee in respect of the estimated realization value of the assets and the amount owed to the secured creditor; the Trustee anticipates that there may not be any funds available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: