Quebec · Bankruptcy
Trustee's Report on Preliminary administration
Court officer report · 6 May 2022
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What we verified from this filing22 verified · 2 withheld
- court file no500-11-060913-221
- provinceQUÉBEC
- statutory basisBankruptcy and Insolvency Act
- financial positionnote: Assets shown at Statement of Affairs value ($6,598K); realized value to date only $195K. Total claims of $17,539K comprise Preferred $0K, Secured $9,058K, Secured convertible debentures $4,500K, and Ordinary $3,981K. Trustee notes estimated asset value ($6.6M) is lower than total secured claims ($13.5M: term loans + debentures), so no distribution to ordinary creditors is anticipated. · page: 2 · basis: Unaudited, per Statement of Affairs (assets) and per Company's books and records (claims), in thousands of $ · scope: Effenco Development Inc. (entity level) · currency: CAD · total assets: 6598000 · total liabilities: 17539000
- unsecured creditorsnote: Ordinary/unsecured creditors; $3,356 thousand received (i.e., proven/reported) to date per Trustee's report; document names no individual creditors · page: 2 · as of: As per Company's books and records · basis: Statement per Company's books and records (unaudited, in thousands) · amount: 3981000 · debtor: Effenco Development Inc. · creditor: Ordinary Creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred class; $262 thousand received to date per Trustee's report; document names no individual creditors · page: 2 · as of: As per Company's books and records · basis: Statement per Company's books and records (unaudited, in thousands) · amount: 0 · debtor: Effenco Development Inc. · creditor: Preferred Creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Secured convertible debenture holder; individual; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 5000 · debtor: Effenco Development Inc. · creditor: David Arsenault · currency: CAD · security: Universality of movable property
- secured creditorsnote: Operating line of credit; based on internal unaudited financial statements as at March 31, 2022; independent legal opinion on validity/ranking of security not yet obtained · page: 3 · as of: 2022-03-31 · amount: 2880000 · debtor: Effenco Development Inc. · creditor: Bank of Montréal · currency: CAD · security: Universality of movable property
- secured creditorsnote: Term loan; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 162000 · debtor: Effenco Development Inc. · creditor: Bank of Montréal · currency: CAD · security: Research and Development Tax Credits
- secured creditorsnote: Term loan; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 500000 · debtor: Effenco Development Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: Universality of movable property
- secured creditorsnote: Term loan; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 2983000 · debtor: Effenco Development Inc. · creditor: BDC – Capital · currency: CAD · security: Intellectual property
- secured creditorsnote: Term loan; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 2533000 · debtor: Effenco Development Inc. · creditor: Investissement Québec · currency: CAD · security: Intellectual property
- secured creditorsnote: Secured convertible debenture; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 2125000 · debtor: Effenco Development Inc. · creditor: BDC – Capital · currency: CAD · security: Universality of movable property
- secured creditorsnote: Secured convertible debenture; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 2125000 · debtor: Effenco Development Inc. · creditor: Investissement Québec · currency: CAD · security: Universality of movable property
- secured creditorsnote: Secured convertible debenture; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 100000 · debtor: Effenco Development Inc. · creditor: GML · currency: CAD · security: Universality of movable property
- secured creditorsnote: Secured convertible debenture; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 65000 · debtor: Effenco Development Inc. · creditor: FR Capital · currency: CAD · security: Universality of movable property
- secured creditorsnote: Secured convertible debenture; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 50000 · debtor: Effenco Development Inc. · creditor: C3E · currency: CAD · security: Universality of movable property
- secured creditorsnote: Secured convertible debenture; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 25000 · debtor: Effenco Development Inc. · creditor: 8777527 Canada inc. · currency: CAD · security: Universality of movable property
- secured creditorsnote: Secured convertible debenture holder; individual; based on internal unaudited financial statements as at March 31, 2022 · page: 3 · as of: 2022-03-31 · amount: 5000 · debtor: Effenco Development Inc. · creditor: Bryan Wallis · currency: CAD · security: Universality of movable property
- appointeeMNP LTD.
- appointee roleTrustee
- recovery outcomeentries: basis: estimated · quote: Considering that the estimated value of the assets ($6.6 million) would be lower than the total secured claims ($13.5 million), the Trustee does not anticipate any distribution to ordinary creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: ordinary creditors · interim final: unstated · claims qualifier: unstated · table missing:
2 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.