British Columbia · Bankruptcy
Trustee's Preliminary Report
Court officer report · 24 January 2024
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What we verified from this filing14 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date5 January 2024
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file no11-3027849
- statutory basisthe Bankruptcy and Insolvency Act
- financial positionnote: Total liabilities of $1,361,440.59 per Statement of Affairs comprises secured $442,629.53, preferred Nil, unsecured $918,811.06; as of report date, proofs of claim filed totaled $268,132.55 (secured Nil, preferred $33,546.72, unsecured $234,585.83); final asset realization pending auction scheduled 2024-01-27 · page: 2 · basis: Statement of Affairs filed in the bankruptcy; asset value is initial estimated realization provided by auctioneer (Able Auctions), subject to confirmation following auction · scope: Happy Fish Inc. bankrupt estate (entity level) · currency: CAD · total assets: 350000 · total liabilities: 1361440.59
- secured creditorsnote: PPBC registration search 2023-12-22; no proof of claim submitted as of report date; independent legal opinion obtained confirming security valid and enforceable; part of $442,629.53 total secured per Statement of Affairs (component not broken out individually) · page: 2 · as of: 2023-12-22 · debtor: Happy Fish Inc. · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: General security agreement over all present and after-acquired personal property, securing floorplan financing arrangement
- secured creditorsnote: PPBC registration search 2023-12-22; no proof of claim submitted as of report date; part of $442,629.53 total secured per Statement of Affairs (component not broken out individually) · page: 2 · as of: 2023-12-22 · debtor: Happy Fish Inc. · creditor: The Bank of Nova Scotia · currency: CAD · security: General security agreement over all present and future personal property
- secured creditorsnote: Deemed trust class; based on T4 Summary for year ending 2023-12-31; CRA conducting audit of payroll trust accounts; no proof of claim received to date; amount subject to confirmation · page: 3 · as of: 2023-12-31 · amount: 62364.27 · debtor: Happy Fish Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust claim over unremitted payroll source deductions, ranking in priority to all other creditors
- secured creditorsnote: Estimated priority claim for wages/vacation pay/compensation for six months preceding bankruptcy; administered through WEPP · page: 3 · as of: estimated as of date of bankruptcy · amount: 8332.86 · debtor: Happy Fish Inc. · creditor: Employees (Wage Earners) · currency: CAD · security: Statutory security over Company's current assets under s.81.3(1) BIA, to extent of $2,000 per employee
- unsecured creditorsnote: Includes estimated deficiency of secured creditors; document names no individual creditors; separately, Statement of Affairs shows unsecured creditors line of $918,811.06 and preferred creditors line of Nil in the summary table, while proofs of claim filed totaled $234,585.83 for unsecured (and $268,132.55 total claims filed across all classes) as of report date · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 1011440.59 · debtor: Happy Fish Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred claim per BIA for unpaid rent for three months preceding bankruptcy and accelerated rent up to three months following, if entitled under lease; amount not stated · page: 3 · basis: Statutory priority claim as described in report · debtor: Happy Fish Inc. · creditor: Landlords (preferred - unpaid rent) · currency: CAD
- provinceBritish Columbia