Ontario · NOI
Report to Creditors on Proposal
Court officer report · 19 August 2026
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What we verified from this filing12 verified
- appointeeDodick Landau Inc.
- appointee roleProposal Trustee
- commencement date14 July 2026
- court file no32-3397915
- provinceONTARIO
- statutory basissection 62 of the Bankruptcy and Insolvency Act
- secured creditorsnote: Stated as the Company's one Secured Creditor with no amount owing at the Date of Filing; unaffected by the Proposal. · page: 4 · as of: Date of Filing · amount: 0 · debtor: Quality Pipefitting Systems Inc. · creditor: Bank of Nova Scotia (BNS) · currency: CAD
- unsecured creditorsnote: Approximate figure; subset of the $804,000 aggregate unsecured claims total, not additive. · page: 4 · as of: Date of Filing · basis: Reported by Management as approximately $317,000 before additional accrued penalties and interest, included within the $804,000 aggregate unsecured debt · amount: 317000 · debtor: Quality Pipefitting Systems Inc. · creditor: Canada Revenue Agency (CRA) - HST · currency: CAD
- unsecured creditorsnote: Includes CRA re HST of approximately $317,000 before additional accrued penalties and interest (see separate entry below); document does not itemise all five creditors by name. As of the Report, no proofs of claim had been received. · page: 4 · as of: Date of Filing · basis: Reported by Management as approximately $804,000 of third-party unsecured debt owed to five known unsecured creditors · amount: 804000 · debtor: Quality Pipefitting Systems Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Crown Priority Claim under s.60(1.1) BIA; deemed trust class; to be paid in full ahead of Unsecured Claims. Also referenced as approximately $147,000 elsewhere in the Report. · page: 4 · as of: Date of Filing · basis: Stated indebtedness as reported by the Proposal Trustee · amount: 146887 · debtor: Quality Pipefitting Systems Inc. · creditor: Canada Revenue Agency (CRA) - unremitted payroll source deductions · currency: CAD
- financial positionnote: Represents Summary of Estimated Liquidation Value as at August 12, 2026 (Total Receipts: Cash $125,059 [labelled in the table as unscaled despite (000's) header - taken as stated], Accounts Receivable $51,000, Holdback Receivable $14,000, Vehicles $0, Tools $36,000). Total liabilities not separately stated on a balance-sheet basis; Company's externally prepared financial statements indicate total debt of $847,525 (FY2024), $966,480 (FY2025), and $881,660 (6-month period ended March 31, 2026, internally prepared) - see page 3 for these separate figures, not combined here. · page: 8 · as at: 2026-08-12 · basis: Estimated liquidation value prepared by the Proposal Trustee based on representations of the Company, rounded to nearest thousand (000's) · scope: Quality Pipefitting Systems Inc. (entity level) · currency: CAD · total assets: 226059
- recovery outcomeentries: basis: plan · quote: Crown Priority Claims will be paid in full and shall be paid by the Company from funds paid to the Proposal Trustee in addition to the Funded Proposal Payments (defined below) and remitted by the Proposal Trustee to CRA, or the province, as applicable, within six (6) months of the Court Approval Date (' Additional Funds ') . · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Priority Claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: CRA in a bankruptcy and Proposal scenarios, in respect of Crown Priority Claims, will be 100% . · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · class label: CRA in respect of Crown Priority Claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Unsecured Creditors in a bankruptcy scenario will recover 7% while in the Proposal scenario they will recover approximately 17% . · pct of: unstated · outcome: distribution · pct low: 7 · pct high: 7 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 804000 · interim final: unstated · claims qualifier: estimated; basis: plan · quote: Unsecured Creditors in a bankruptcy scenario will recover 7% while in the Proposal scenario they will recover approximately 17% . · pct of: unstated · outcome: distribution · pct low: 17 · pct high: 17 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 804000 · interim final: unstated · claims qualifier: estimated · stated on: 2026-08-19 · table missing: