Ontario · Bankruptcy
Trustee's Preliminary Report
Court officer report · 11 August 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing10 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date23 July 2026
- court file no31-3401652
- provinceOntario
- financial positionnote: ONE-SIDED BY DESIGN: the Report states total SOA liabilities of $7,206,887 ($23,330 secured + $7,183,557 unsecured + $2 contingent/trust/other) but states NO total asset figure. What it gives instead are realizations into the Trustee's trust account on July 29, 2026 — approximately CAD $207,894.87 from a CAD RBC account (itself a $180,000 credit memo, a $44,249.30 SR&ED refund and about $5,450.37 of pre-existing balance, less $20,352 of commission and state taxes), approximately USD $916.20 remitted as about CAD $1,260.87, and a GIC of CAD $35,000 principal plus $638.63 interest that “was not separately disclosed in the SOA”. Those are recoveries, not a stated balance sheet, so no asset total is reported here. A further U.S.-based USD account of about USD $812.50 appears in the SOA and the Trustee “has not attributed any realizable value to it”. · page: 3 · as at: 2026-07-23 · basis: Statement of Affairs as reported, per the Trustee's Preliminary Report; the Report states it was “prepared from the available books and records of the Company … The Trustee has not audited or otherwise reviewed those books and records and … expresses no opinion as to the validity, accuracy or reliability” · scope: Nudestix OldCo alone. The Report is explicit that “these bankruptcy proceedings relate only to Nudestix OldCo, which no longer operates the business, and not to the Purchaser or Nudestix NewCo”, the U.S.-based acquirer of substantially all assets in August 2025. · currency: CAD · total liabilities: 7206887
- secured creditorsnote: RELATED PARTY — the Report identifies them as the Company's shareholders. SECURITY NOT CONFIRMED: the Trustee describes an “apparent security interest” and is “investigating whether any estate cash may be subject to a security interest, beneficial ownership claim, or other third-party entitlement”. NIL FILED: the Report's claims table shows secured claims as filed of Nil against the $23,330 stated in the SOA. SUBORDINATED: subject to confirmation the security is valid, enforceable and perfected, the Shareholders agreed to subordinate to the Trustee's fees, which the Trustee capped at $40,000 in reliance on that subordination. · page: 3 · as of: 2026-07-23 · amount: 23330 · debtor: Nudestix Inc. (“Nudestix OldCo”) · creditor: Jenny Frankel and Lorne Frankel (the “Shareholders”) · currency: CAD · security: general security agreement dated August 22, 2025; a search of the Ontario PPSA registry against the Company “did not identify any registrations”
- unsecured creditorsnote: the document states an aggregate only and names no individual unsecured creditor. PROOFS FILED ARE A DIFFERENT NUMBER: the Report's table shows unsecured claims as filed of $1,026,509 against $7,183,557 reported in the SOA, and records that the Trustee “has admitted certain claims for voting purposes only and has not yet determined whether, or in what amount, those claims will be admitted for dividend or distribution purposes”. PREFERRED STATED NIL on both the SOA and as-filed columns. · page: 3 · as of: 2026-07-23 · basis: Statement of Affairs as reported, per the Trustee's Preliminary Report; the Report states it was “prepared from the available books and records of the Company … The Trustee has not audited or otherwise reviewed those books and records and … expresses no opinion as to the validity, accuracy or reliability” · amount: 7183557 · debtor: Nudestix Inc. (“Nudestix OldCo”) · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: CONTINGENT and UNQUANTIFIED — a claim “relating to an alleged investment in the Company and allegations of misrepresentation and oppressive conduct”; the Report states “the amount, if any, of Michelle Glied-Goldstein's claim remains undetermined”. · page: 4 · as of: 2026-07-23 · basis: Statement of Affairs as reported, per the Trustee's Preliminary Report; the Report states it was “prepared from the available books and records of the Company … The Trustee has not audited or otherwise reviewed those books and records and … expresses no opinion as to the validity, accuracy or reliability” · debtor: Nudestix Inc. (“Nudestix OldCo”) · creditor: Michelle Glied-Goldstein · currency: CAD
- unsecured creditorsnote: CONTINGENT, and the Report says it is no longer live against this estate: an alleged severance entitlement listed among the SOA's contingent claims, which “Nudestix NewCo settled … after the bankruptcy, and … the settlement included a full release in favour of the Company”. No amount stated. The SOA carries contingent/trust/other claims at $2 in total with Nil filed. · page: 4 · as of: 2026-07-23 · basis: Statement of Affairs as reported, per the Trustee's Preliminary Report; the Report states it was “prepared from the available books and records of the Company … The Trustee has not audited or otherwise reviewed those books and records and … expresses no opinion as to the validity, accuracy or reliability” · debtor: Nudestix Inc. (“Nudestix OldCo”) · creditor: Kylie Dymock · currency: CAD