Ontario · Bankruptcy
Trustees Preliminary Report
Court officer report · 23 May 2024
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What we verified from this filing12 verified · 1 withheld
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- court file no32-3078193
- proceeding typebia_bankruptcy
- provinceOntario
- secured creditorsnote: Receiver's appointment order noted CWB concerned about shortfall on recovery; security opinion confirmed (not merely pending) · page: 1 · amount: 2966302.37 · debtor: 2724393 Ontario Inc. · creditor: Canadian Western Bank (CWB) · currency: CAD · security: Valid, enforceable and first ranking security over all of the Property, per legal opinion from Chaitons LLP
- statutory basissubsection 102(4) of the BIA
- unsecured creditorsnote: Trustee has not determined admissibility of claim for dividend purposes; this is proofs-filed figure, distinct from SOA reported aggregate of $2,390,986.00 · page: 2 · as of: 2024-05-22 · basis: Proofs of claim filed as of 5:00pm May 22, 2024 · amount: 1802275.32 · debtor: 2724393 Ontario Inc. · creditor: Canadian Western Bank (CWB) and Parkland Corporation (proofs of claim filed) · currency: CAD
- financial positionnote: Total per SOA breaks down as Secured $145,000.00, Unsecured $2,390,986.00, Preferred Nil; separately, total Claims as Filed (proofs of claim) were $1,802,275.32 unsecured and Nil secured/preferred as of May 22, 2024 · page: 4 · as at: 2024-05-07 · basis: Statement of Affairs (unaudited, prepared from Company's available books and records; not reviewed or audited by Trustee) · scope: entity - 2724393 Ontario Inc. · currency: CAD · total liabilities: 2535986
- secured creditorsnote: Statement of Affairs figure; no proofs of claim filed for secured class (Claims as Filed: Nil); document names no individual secured creditors in this SOA summary beyond CWB named separately in narrative · page: 4 · as of: 2024-05-07 · amount: 145000 · debtor: 2724393 Ontario Inc. · creditor: Secured creditors (aggregate as per Statement of Affairs) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors in this aggregate SOA figure · page: 4 · as of: 2024-05-07 · basis: Statement of Affairs as reported · amount: 2390986 · debtor: 2724393 Ontario Inc. · creditor: Unsecured creditors (aggregate as reported - Statement of Affairs) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: For reasons set out above, CWB will suffer a shortfall on its security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: CWB · creditor name: Canadian Western Bank · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, there will not be a distribution to any creditors whose claims are subordinate to CWB. · pct of: unstated · outcome: nil · stated by: trustee · class label: creditors whose claims are subordinate to CWB · interim final: unstated · claims qualifier: unstated · stated on: 2024-05-23 · table missing:
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.