Ontario · Proposal
Proposal Trustee’s First Report to Court – June 24, 2021
Court officer report · 24 June 2021
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What we verified from this filing12 verified
- appointeeBaigel Corp.
- appointee roleProposal Trustee
- commencement date26 May 2021
- courtONTARIO SUPERIOR COURT OF JUSTICE (IN BANKRUPTCY AND INSOLVENCY)
- court file no31-2740556
- provinceONTARIO
- statutory basisSection 50.4 of the Bankruptcy and Insolvency Act
- cash on handnote: Actual opening cash position versus a projected $247,900 in the Initial Cash-Flow. · as at: 2021-06-21 · amount: 187340 · currency: CAD
- financial positionnote: Only components stated, no total: cash on hand of $187,340 as of June 21, 2021; accounts receivable surplus after Sallyport factoring balances of approximately $122,300 as of June 22, 2021; computer/office equipment of nominal realizable value; NOI-listed unsecured creditors totaling approximately $1,300,850 (including $1,027,150 owed to related party 167 ONT), which the Trustee notes excludes the Toronto Landlord's disclaimed-lease claim and may vary significantly; one secured creditor (Sallyport) under a General Security Agreement, quantum not stated. · basis: unaudited, Debtor-prepared/estimated figures relied upon by the Proposal Trustee · scope: entity - 2600167 Ontario Inc. (the Debtor) · currency: CAD
- operational summaryThe Debtor continues operating as a temporary staffing and permanent placement agency with a reduced workforce, has disclaimed its Toronto office lease effective June 30, 2021, and is seeking a 45-day extension to file its proposal while relying on related-party funding to maintain liquidity.
- report date24 June 2021
- report noFirst Report