Ontario · Bankruptcy
First Report of the Trustee dated November 28, 2022
Court officer report · 28 November 2022
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 filing13 verified
- appointeeKSV Restructuring Inc.
- appointee rolelicensed insolvency trustee
- commencement date21 November 2022
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file no31-2886715
- proceeding typebia_bankruptcy
- provinceONTARIO
- statutory basisTHE BANKRUPTCY AND INSOLVENCY ACT, RSC 1985, c B-3, AS AMENDED
- cash on handnote: Cash on deposit in GoodGood's bank account; no as-at date stated for this figure. · amount: 180000 · currency: CAD · qualifier: approximately
- financial positionnote: Total assets taken from the unlabelled total row of the table (2,773,604); components stated: Rent Deposits 118,578; Inventory 80,026; Leasehold Improvements 1,755,000; Equipment 720,000. Total liabilities not stated as a total: intercompany loan owing to GoodGood Labs Inc. of approximately $5.6 million per GoodGood's unaudited financial statements as of the date of bankruptcy; approximately $8.3 million of unsecured creditor claims per books and records; Trustee is unaware of any secured claims or trust claims. · as at: 2022-11-21 · basis: Unaudited, internal balance sheet of the GoodGood Entities (book value); the Trustee notes realizable value is expected to be materially lower than book value; excludes intercompany amounts · scope: Combined balance sheet of the GoodGood Entities (GoodGood Cafe Inc. and its five subsidiaries); excludes intercompany amounts · currency: CAD · total assets: 2773604
- operational summaryThe GoodGood Entities operated a chain of five cafés in the Greater Toronto Area; the Trustee immediately ceased operations of the cafés upon its appointment, following sustained losses and the related-party lender's refusal to provide further financing.
- report date28 November 2022
- report noFirst Report