Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 27 March 2023
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What we verified from this filing16 verified
- proceeding typebia_bankruptcy
- financial positionnote: Shareholder's equity (deficit) of $(1,928,000) as at March 7, 2023; comparative figures also shown for Sep. 30, 2021 ($6,732,000 assets / $5,769,000 liabilities, reviewed) and Sep. 30, 2022 ($4,974,000 assets / $6,812,000 liabilities, reviewed) · page: 3 · as at: 2023-03-07 · basis: management prepared draft balance sheet · scope: entity - Multi-Task Industrial Ltd. · currency: CAD · total assets: 3599000 · total liabilities: 5527000
- secured creditorsnote: Trustee intends to redeem RBC's security; balance owing approximately $989,000 as at date of bankruptcy · page: 4 · as of: date of bankruptcy (March 8, 2023) · amount: 989000 · debtor: Multi-Task Industrial Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: GSA - all present and after-acquired property
- secured creditorsnote: Trustee assessed no equity available to estate; vehicles released to Koch subject to surrender of any surplus · page: 4 · amount: 80000 · debtor: Multi-Task Industrial Ltd. · creditor: Koch Ford Lincoln Sales (2003) Ltd. · currency: CAD · security: Secured - leased vehicles (two vehicles)
- secured creditorsnote: Deemed trust class; books and records indicate source deductions paid in full; CRA has not filed a proof of claim as of date of report · page: 5 · debtor: Multi-Task Industrial Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Potential deemed trust claim - source deductions
- secured creditorsnote: Related party (director); amounts owing relate to shareholder loans; no secured claim filed as at date of report · page: 5 · debtor: Multi-Task Industrial Ltd. · creditor: T. Kipper · currency: CAD · security: PPR registration
- secured creditorsnote: Management confirmed no amounts owing; no secured claim filed as at date of report · page: 5 · debtor: Multi-Task Industrial Ltd. · creditor: 2198144 Alberta Ltd. ("219") · currency: CAD · security: PPR registration
- secured creditorsnote: Management confirmed no amounts owing; no secured claim filed as at date of report · page: 5 · debtor: Multi-Task Industrial Ltd. · creditor: 2216301 Alberta Ltd. ("221") · currency: CAD · security: PPR registration
- secured creditorsnote: Related party (director); amounts owing relate to shareholder loans; no secured claim filed as at date of report · page: 5 · debtor: Multi-Task Industrial Ltd. · creditor: J. Kipper · currency: CAD · security: PPR registration
- unsecured creditorspage: 5 · basis: Based on the Company's books and records, per Table 4 major unsecured creditors listing · amount: 1185000 · debtor: Multi-Task Industrial Ltd. · creditor: Catalyst Changers Inc. · currency: CAD
- unsecured creditorspage: 5 · basis: Based on the Company's books and records, per Table 4 major unsecured creditors listing · amount: 341000 · debtor: Multi-Task Industrial Ltd. · creditor: Altex Field Services · currency: CAD
- unsecured creditorsnote: Same creditor also holds separate secured claim over leased vehicles · page: 5 · basis: Based on the Company's books and records, per Table 4 major unsecured creditors listing · amount: 210000 · debtor: Multi-Task Industrial Ltd. · creditor: Koch Ford Lincoln Sales (2003) Ltd. · currency: CAD
- unsecured creditorsnote: Also plaintiff in a stayed Florida Statement of Claim against the Company · page: 5 · basis: Based on the Company's books and records, per Table 4 major unsecured creditors listing · amount: 158000 · debtor: Multi-Task Industrial Ltd. · creditor: Geopolymer Solutions LLC · currency: CAD
- unsecured creditorspage: 5 · basis: Based on the Company's books and records, per Table 4 major unsecured creditors listing · amount: 117000 · debtor: Multi-Task Industrial Ltd. · creditor: Steel Bull Construction Ltd. · currency: CAD
- unsecured creditorsnote: Table 4 lists only the 5 major unsecured creditors named above; remaining creditors not individually named. Table 5 also shows total unsecured creditors of $2,527 (000's) matching this aggregate. · page: 5 · basis: Based on the Company's books and records, the Trustee is aware of 57 unsecured creditors owed approximately $2,527,357 · amount: 2527357 · debtor: Multi-Task Industrial Ltd. · creditor: Unsecured creditors (aggregate as reported, 57 creditors) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Trustee estimates there will be a recovery to the unsecured creditors between $215,000 and $647,000 or $0.08 to $0.26 per $1 of unsecured claim. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · amount low: 215000 · amount high: 647000 · class label: unsecured creditors · claims amount: 2527000 · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Accordingly, no recovery is expected from Task-Master. · pct of: unstated · outcome: nil · stated by: trustee · class label: Task-Master Inspections Ltd. · creditor name: Task-Master Inspections Ltd. · interim final: unstated · claims qualifier: unstated · stated on: 2023-03-27 · table missing: