Ontario · Bankruptcy
Trustee’s Preliminary Report
Court officer report · 30 May 2024
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What we verified from this filing12 verified
- courtSUPERIOR COURT OF JUSTICE IN BANKRUPTCY AND INSOLVENCY
- proceeding typebia_bankruptcy
- provinceONTARIO
- statutory basisBankruptcy and Insolvency Act
- appointeeBDO Canada Limited
- appointee roleTrustee
- commencement date14 August 2024
- secured creditorsnote: As at June 20, 2024 (demand date), Indebtedness was stated as $814,814; as filed and admitted secured claim was $847,406.61 per Statement of Provable Claims. Legal counsel (Blaney McMurtry LLP) opined security is valid and enforceable. · page: 2 · as of: 2024-08-22 · amount: 847407 · debtor: Metropolitan Preparatory Academy Inc. · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: General security agreement (GSA) over all assets and property, registered under PPSA; first priority save for statutory priority claims, trust claims, and PMSI holders
- financial positionnote: Table shows Secured, Preferred, Unsecured, Contingent, Total both 'As Per Statement of Affairs' ($1,819,721.33) and 'As Filed and Admitted' ($1,376,480.50). Preferred and Contingent claims both nil. · page: 3 · basis: Statement of Affairs (per Company); As Filed and Admitted total was $1,376,480.50 · scope: Metropolitan Preparatory Academy Inc. (single entity) · currency: CAD · total liabilities: 1819721.33
- secured creditorsnote: Deemed trust class claim · page: 3 · amount: 36097 · debtor: Metropolitan Preparatory Academy Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust - outstanding employee payroll withholdings
- unsecured creditorsnote: As filed and admitted amount was $529,073.89. Document names no individual creditors; primarily consists of $949,259 in tuition deposits from parents of students, which per legal opinion do not constitute trust funds. · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 968809.64 · debtor: Metropolitan Preparatory Academy Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Given the estimated net realizable value of the Assets which are shown on the Statement of Affairs, the Trustee anticipates that there will be funds available for a dividend to the unsecured creditors. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-09-03 · table missing: