Ontario · NOI
Trustee's Report to Creditors on Preliminary Administration dated February 12, 2024
Court officer report · 12 February 2024
What we verified from this filing7 verified
- cash on handnote: Net bank balance after considering unpaid operating costs, employee amounts and professional fees since the date of bankruptcy is estimated to be approximately $500,000. · as at: 2024-02-12 · amount: 1000000 · currency: CAD · qualifier: approximately
- financial positionnote: Components per Statement of Affairs: Cash $1,400,000; Accounts receivable $50,000; Due from LFI $1. Unsecured creditors' claims estimated to exceed $20 million as at date of bankruptcy. LBC (secured) was owed approximately $4.4 million as of the Filing Date but was repaid in full during the NOI proceedings. · as at: 2024-01-24 · basis: Value Per Statement of Affairs · scope: entity - Bad Boy Furniture Warehouse Limited · currency: CAD
- operational summaryThe Company completed a court-approved inventory liquidation and unsuccessfully attempted to restructure or sell its business; having failed to file a proposal, it was deemed to have made an assignment in bankruptcy on January 24, 2024, ending its operations.
- recovery outcomeentries: basis: unstated · quote: At this time, the Trustee is unable to estimate the amount, if any, that may be available for distribution to the Company's creditors. · pct of: unstated · outcome: undetermined · stated by: trustee · class label: creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-02-12 · table missing:
- report date12 February 2024
- sale advisorInfinity Asset Solutions Inc.
- sale outcometext: Sale Process conducted to market the Company's business and assets for sale; although several parties initially expressed an interest, no offers were received · scope: whole_business · status: no_acceptable_bid