Ontario · Bankruptcy
Trustee's Report to Creditors on Preliminary Administration dated July 14, 2026
Court officer report · 14 July 2026
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What we verified from this filing15 verified
- court file no31-3390682
- provinceONTARIO
- appointeeAlixPartners Restructuring, Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date25 June 2026
- proceeding typebia_bankruptcy
- statutory basisBankruptcy and Insolvency Act, RSC 1985, c B-3, as amended
- statutory basisthe Bankruptcy and Insolvency Act, RSC 1985, c B-3
- secured creditorsnote: Indebtedness stated as 'not less than' US$3,673,750.95 (floor); originally DBI Lux Holdings S.à r.l.'s loan, assigned to 156 ULC Jan 16, 2026; foreclosure completed Feb 3, 2026 on non-Québec collateral, security now substantially realized/discharged through foreclosure and Québec asset purchase; Trustee not aware of secured claims advanced against Company as at report date · page: 6 · as of: 2026-01-16 · amount: 3673750.95 · debtor: 3038992 Nova Scotia Company · creditor: 1568476 B.C. Unlimited Liability Company (156 ULC) · currency: USD · security: Assigned DBI Loan Agreement security: general security agreement (Ontario law), share pledge, California-law security agreement, and Québec moveable hypothec; also registered 2025 Québec hypothec in amount of $6 million (registration ceiling)
- financial positionnote: Total assets figure combines Cash $39,774.00, Accounts Receivable estimated realizable value $168,316.97 (gross book value $84,158,485.72, wholly intercompany receivables from CM US, CMI and CM Europe, written down using 0.2% recovery factor), and Other Property $1,104,152.00 (prepaid deposit, Trustee does not expect recovery); total liabilities not stated as a balance sheet figure on these pages · page: 9 · as at: 2026-06-25 · basis: Book value per Company's books and records (accounts receivable shown at estimated realizable value of $168,316.97 rather than total book value of $84,158,485.72) · scope: 3038992 Nova Scotia Company (entity level, bankrupt estate) · currency: CAD · total assets: 1312242.97
- secured creditorsnote: Registration/ceiling amount, not a balance; Company advises the secured obligations underlying this hypothec have ceased to exist (discharged in substance) · page: 11 · as of: 2026-06-25 · debtor: 3038992 Nova Scotia Company · creditor: Ralph Lauren Corporation (RLC) · currency: CAD · security: Conventional movable hypothec registered in Québec in 2021, registration amount $10 million
- unsecured creditorsnote: Document does not individually itemize all 91 creditors on these pages; consists principally of related parties, trade suppliers, former landlords and service providers; RLC not included in statement of affairs despite ongoing litigation · page: 11 · as of: 2026-06-25 · basis: Company's internal accounting information, as reported on the Company's statement of affairs · amount: 54881324.27 · debtor: 3038992 Nova Scotia Company · creditor: Unsecured creditors (aggregate as reported, 91 known creditors) · currency: CAD
- unsecured creditorsnote: Related party; largest of seven intercompany loan claims; part of the $44,614,146 aggregate intercompany loan claims · page: 12 · as of: 2026-06-25 · basis: Statement of affairs / Company's internal accounting information · amount: 33900360.8 · debtor: 3038992 Nova Scotia Company · creditor: Club Monaco S.A.M. (CM SAM) · currency: CAD
- unsecured creditorsnote: Related parties; represents balance of $44,614,146 aggregate intercompany loan claims (7 creditors total) after subtracting CM SAM's $33,900,360.80; individual creditor names not stated on these pages · page: 12 · as of: 2026-06-25 · basis: Statement of affairs / Company's internal accounting information · amount: 10713785.2 · debtor: 3038992 Nova Scotia Company · creditor: Intercompany loan creditors (six other related parties, aggregate) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the current cash balance and quantum of realizable assets in the estate, the Trustee does not expect that any distributions will be made to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-07-14 · table missing: