British Columbia · NOI
Preliminary Trustee's Report dated June 16, 2025
Court officer report · 16 June 2025
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What we verified from this filing5 verified
- cash on handnote: Balance reflects only RBC and Venn accounts; no update received from Airwallex. · as at: 2025-06-05 · amount: 44443.27 · currency: CAD · qualifier: excludes Airwallex account, which has not confirmed freeze
- financial positionnote: Liabilities not stated as a single total; SOA listed total unsecured claims of approximately $4,985,000 (including CRA priority claims); Management advised outstanding payroll and GST liabilities to CRA of $1,550,545.73 and $116,911.53 respectively; Administrative Charge of $100,000 also secures professional fees; per SOA $nil secured claim identified though PPR registrations later found. · as at: 2025-05-27 · basis: Company's sworn Statement of Affairs (book value equal to net realizable value) · scope: entity - UpMeals Food Innovations Ltd. · currency: CAD · total assets: 1866609.2
- operational summaryFollowing the bankruptcy, the Trustee conducted an expedited sale of the Wholesale Food Business (closed June 2, 2025 for $100,000), while the Smart Vending Business remains unsold after a prior buyer withdrew; the Purchaser has retained most employees and continues operations under new ownership.
- professional feesnote: Only $5,000 of the $25,000 retainer had been received as of the date of this Report; remainder secured by a third-party guarantee from Mr. Munro. · party: Grant Thornton Limited (Trustee/Proposal Trustee) · amount: 25000 · period: NOI proceedings retainer, partial payment received March 10, 2025 · currency: CAD
- report date16 June 2025