Ontario · Bankruptcy
Motion Record returnable
Application / notice of application · 12 August 2015
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What we verified from this filing8 verified · 4 withheld
- appointeeDodick Landau Inc.
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY AND INSOLVENCY) [COMMERCIAL LIST]
- court file no31-OR-208091-T
- provinceOntario
- financial positionnote: Figure is the approximate 'total debt' for the 5-months ended June 30, 2015 (closest reported period to the Date of Bankruptcy, June 16, 2015); comparative figures also disclosed: total debt ~$1.1 million as at FYE January 31, 2014 and ~$1.0 million as at FYE January 31, 2015. Shareholder deficiency of approximately $2.6 million as at June 30, 2015 (vs. $992,000 at Jan 31, 2014 and $2.4 million at Jan 31, 2015) indicates liabilities exceed assets; total assets are not separately stated in the excerpted pages. A search of the Ontario Personal Property Security Registry in respect of Whatswhat 'revealed no security registrations as at July 13, 2015' — i.e., the Trustee found no secured creditors. · page: 16 · as at: 2015-06-30 · basis: Company's internally prepared, unaudited/draft financial statements as referenced in the Trustee's First Report · scope: Entity-level — Whatswhat, Inc. · currency: CAD · total liabilities: 1200000
- unsecured creditorsnote: Document does not itemize these creditors or state an exact aggregate dollar figure for this class (total unsecured debt of ~$1.2 million less the $1,084,000 Tench Debt would approximate this balance but is not stated directly, per no-computation rule). At the Creditors' Meeting held July 30, 2015, 5 of these unsecured creditors, representing $41,022.93 in claims, were present/voting and voted 100% in favour of the Proposal. · page: 16 · as of: Date of Bankruptcy · basis: Trustee's First Report states the balance of known unsecured indebtedness (approximately 10% of total debt) is owed to approximately 12 unsecured creditors; no individual creditors or amounts are named · debtor: Whatswhat, Inc. · creditor: Unsecured creditors (aggregate, approximately 12 creditors, non-Tench) · currency: CAD
- unsecured creditorsnote: Related party — Russell and Irma Tench are parents of founder/director Aaron Tench and holders of the Company's Class B common shares; loans were made on an unsecured basis. Represents approximately 90% of total unsecured debt of ~$1.2 million at the Date of Bankruptcy (prose approximation given as 'approximately $1.1 million'); exact figure of $1,084,000 given as the 'face value of the Tench Debt' used in the Proposal's Closing Date purchase price calculation (see page 13). Under the Proposal this debt is to be assumed by the Purchaser (Tench Labs Incorporated, owned by Aaron Tench), not paid in cash. Aaron, Russell and Irma Tench were ineligible to vote on the Proposal as related persons. · page: 16 · as of: Date of Bankruptcy · basis: Trustee's First Report, based on the Company's financial statements, states unsecured debt owed to Russell and Irma Tench; exact face value stated in the Proposal's Closing Date purchase price calculation · amount: 1084000 · debtor: Whatswhat, Inc. · creditor: Russell Tench and Irma Tench (Tench Debt) · currency: CAD
- secured creditors
4 extracted values are 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.