Ontario · Bankruptcy
Notice of Bankruptcy and First Meeting of Creditors, with Creditors Package (September 28, 2026)
Meeting materials · 28 September 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 filing13 verified
- financial positionnote: Sole asset is $1.00 nominal in a Royal Bank of Canada business account; all other asset categories 0.00. Liabilities: secured $1.00; preferred 0.00; unsecured $491,629.97; contingent 0.00. Form shows 'Deficiency -491,629.97' (the 'Surplus' line on page 3 reads 491,629.97, which is the deficiency amount). Subscribed and paid capital $100. Stated reason for difficulty: economic downturn — corporation served as director's personal real estate corporation; 2022-2024 accumulated CRA arrears (HST and payroll remittances) and bank/BDC debt while supporting operating costs of the real estate team during a slow market and director's medical challenges (taxpayer relief application filed). BDC commenced legal proceedings November 2025. · page: 3 · as at: 2026-09-25 · basis: Statement of Affairs (Form 78), sworn remotely by the director on 25 Sep 2026; figures as reported by the bankrupt, not audited or verified · scope: Steven Sarasin Enterprises Inc. (single entity, corporate bankruptcy) · currency: CAD · total assets: 1 · total liabilities: 491630.97
- secured creditorsnote: Loan dated 16-Mar-2026; Statement of Affairs lists it as the sole secured claim at a nominal $1.00 (placeholder-type figure; total secured creditors $1.00). Estimated surplus/(deficit) from security 0.00. Amount as stated in sworn Statement of Affairs, dated 25 Sep 2026; Form 68/bankruptcy date 28 Sep 2026. · page: 5 · as of: 2026-09-25 · amount: 1 · debtor: Steven Sarasin Enterprises Inc. · creditor: RBC Royal Bank / Banque Royale · currency: CAD · security: Asset securing the liability: item 101 (deposits in financial institutions - business account at Royal Bank of Canada, valued at $1.00)
- unsecured creditorsnote: CEBA loan. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt (Form 78, unsworn-audit, not proven) · amount: 60000 · debtor: Steven Sarasin Enterprises Inc. · creditor: Bank One Canada c/o Royal Bank of Canada · currency: CAD
- unsecured creditorsnote: Loan. Page 3 narrative states BDC commenced legal proceedings in November 2025. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 87000 · debtor: Steven Sarasin Enterprises Inc. · creditor: Business Development Bank of Canada - Toronto · currency: CAD
- unsecured creditorsnote: Overdraft. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 1101 · debtor: Steven Sarasin Enterprises Inc. · creditor: RBC Royal Bank Visa (overdraft) · currency: CAD
- unsecured creditorsnote: Sales taxes (HST arrears). Listed in the unsecured column with no priority ground stated; deemed-trust class in nature (Crown claim). · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 108374.97 · debtor: Steven Sarasin Enterprises Inc. · creditor: CRA - Tax - Ontario (sales taxes) · currency: CAD
- unsecured creditorsnote: Corporate taxes; nominal $1.00 placeholder figure, actual amount not stated. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 1 · debtor: Steven Sarasin Enterprises Inc. · creditor: CRA - Tax - Ontario (corporate taxes) · currency: CAD
- unsecured creditorsnote: Nominal $1.00 placeholder figure; actual amount not stated. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 1 · debtor: Steven Sarasin Enterprises Inc. · creditor: Export Development Canada · currency: CAD
- unsecured creditorsnote: Line of credit. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 51204 · debtor: Steven Sarasin Enterprises Inc. · creditor: RBC Royal Bank / Banque Royale (line of credit) · currency: CAD
- unsecured creditorsnote: Avion Business Visa business loan. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 32000 · debtor: Steven Sarasin Enterprises Inc. · creditor: RBC Royal Bank Visa (Avion Business Visa Business loan) · currency: CAD
- unsecured creditorsnote: Nature of liability: employee source deductions (payroll remittances). Listed in the unsecured column with no priority ground stated on the form, though deemed-trust class claims in nature; Crown/deemed trust. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 50948 · debtor: Steven Sarasin Enterprises Inc. · creditor: CRA - Tax - Ontario (payroll) · currency: CAD
- unsecured creditorsnote: Business loan. · page: 5 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 26000 · debtor: Steven Sarasin Enterprises Inc. · creditor: TD Canada Trust c/o FCT Default Solutions · currency: CAD
- unsecured creditorsnote: Nature of liability: other; no details given. · page: 6 · as of: 2026-09-25 · basis: Statement of Affairs as reported by the bankrupt · amount: 75000 · debtor: Steven Sarasin Enterprises Inc. · creditor: Vault Credit Corporation · currency: CAD