British Columbia · Bankruptcy
Trustee’s Preliminary Report
Court officer report · 23 May 2023
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing11 verified
- appointeeB. Riley Farber Inc.
- appointee rolelicensed insolvency trustee
- commencement date4 May 2023
- proceeding typebia_bankruptcy
- provinceBritish Columbia
- financial positionnote: Company's Statement of Affairs reflects no recoverable assets for unsecured creditors. Book values disclosed (List H): Inventory $100,000.00; Trade Fixtures & Leaseholds $1,126,428.77; Cash on hand $1.00; Machinery & Equipment $230,919.50; Deferred Income Taxes $2,057,993.08; Goodwill $77,512.58; Right of use assets $7,163,620.05 - all pledged to Agent, no recoverable value to estate, not summed per reporting rules. Debts due to Bankrupt: over $22 million owed by two Jenny Craig affiliates (Chapter 7), recoverable value estimated at nominal $1.00 each; trade receivables book value ~$19,000, subject to Agent's security. Accumulated accounting losses totaling approximately $5.5 million (forecast/historical narrative, not a balance sheet figure). · page: 2 · basis: Statement of Affairs (List H book values, unaudited, no recoverable value ascribed by Trustee) · scope: JC Weight Loss Centers Canada Ltd. (entity level) · currency: CAD
- secured creditorsnote: One of two secured creditors as at date of Assignment per Statement of Affairs; lien has since been discharged - DISCHARGED, not current security. · page: 4 · as of: date of the Assignment (May 4, 2023) · debtor: JC Weight Loss Centers Canada Ltd. · creditor: Ministry of Finance (Ontario) · currency: CAD · security: Lien on account of Employer Health Tax
- secured creditorsnote: Statement of Affairs listed secured claims at $4.00 (nominal); amount used is the figure filed with the Trustee (in thousands per table header, but see note on scale ambiguity). Unsecured portion of this secured loan estimated at approximately $320 million (see unsecured entry). Agent has not filed a proof of claim to date for the secured debt. No enforcement of security taken as of report date. · page: 4 · as of: date of this report (May 23, 2023) · amount: 31514.88 · debtor: JC Weight Loss Centers Canada Ltd. · creditor: Brightwood Loan Services, LLC, as Collateral Agent · currency: CAD · security: All present and after-acquired assets pledged as collateral; guarantor under JC US senior credit facility
- unsecured creditorsnote: Preferred claims rank ahead of ordinary unsecured claims per BIA; Statement of Affairs showed nil for this class ('-'). · page: 4 · as of: date of this report (May 23, 2023) · basis: Filed with Trustee (2 creditors filed Preferred Claims totaling $109,126.27) · amount: 109126.27 · debtor: JC Weight Loss Centers Canada Ltd. · creditor: Preferred claimants (aggregate, filed with Trustee) · currency: CAD
- unsecured creditorsnote: Statement of Affairs figure was $323,796,369.33 (prose/SOA approximation, includes unsecured portion of secured loan estimated at approximately $320 million per para 28); document names no individual unsecured creditors. · page: 4 · as of: date of this report (May 23, 2023) · basis: Filed with Trustee, as reported in claims table (12 creditors filed Unsecured Claims totaling $2,823,231.53) · amount: 2823231.53 · debtor: JC Weight Loss Centers Canada Ltd. · creditor: Unsecured creditors (aggregate, filed with Trustee) · currency: CAD
- statutory basisBankruptcy and Insolvency Act