Ontario · Bankruptcy
Trustee Preliminary Report - Wasaw Construction Inc. & LP
Court officer report · 21 April 2025
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 filing9 verified
- appointeeMNP Ltd.
- appointee roleTrustee
- commencement date3 April 2025
- court file no21-3207522/ 21-3207523
- financial positionnote: Companies listed creditors with claims totalling approximately $2.4 million for WCI and approximately $2.8 million for WCLP as at the Filing Date (April 3, 2025); figures are separate per-entity totals and are not summed here per reporting rules. · page: 3 · as at: 2025-04-03 · basis: unaudited, as listed by the Companies on the Filing Date; books and records not reviewed or audited by Trustee · scope: Two separate bankrupt entities, not consolidated: Wasaw Construction Inc. (WCI) and Wasaw Construction LP (WCLP) · currency: CAD
- secured creditorsnote: No proof of claim received yet; nature/validity of security interest unconfirmed · page: 3 · debtor: Wasaw Construction Inc. and/or Wasaw Construction LP · creditor: ITEC 2000 Equipment Inc. · currency: CAD · security: Potential security interest in two pieces of equipment (one rented and owned by ITEC, one held for repair)
- secured creditorsnote: No proof of claim received yet; Trustee awaiting confirmation of possession of secured equipment or other equipment · page: 3 · debtor: Wasaw Construction Inc. and/or Wasaw Construction LP · creditor: Bodkin, A Division of Bennington Financial Corp. · currency: CAD · security: Registered security interest at the Personal Property Registry of Ontario over a piece of equipment
- secured creditorsnote: DTL filed a proof of claim of approximately $2.2 million total, of which $1.2 million was filed as secured and approximately $1.0 million was filed as unsecured (claim is bifurcated secured/unsecured). Validity and enforceability of the DTL Security is unconfirmed pending completion of a Security Opinion by counsel (PRHM), who cannot complete it without the Land Lease. DTL has already repossessed most of the secured Purchased Assets pre-filing. · page: 4 · as of: proof of claim filing · amount: 1200000 · debtor: Wasaw Construction Inc. and Wasaw Construction LP · creditor: Don Tucker Limited (DTL) · currency: CAD · security: DTL Security - security agreement over Purchased Assets, including vehicles and equipment (with replacements), the Building and proceeds, securing a Promissory Note for approximately $2.0 million (original advance/purchase price balance); PPSA search in Ontario does not reflect a registration for the DTL Security
- secured creditorsnote: Deemed trust claim (employee portion of payroll source deductions); CRA has not yet filed a proof of claim in these proceedings · page: 4 · amount: 71800 · debtor: Wasaw Construction Inc. and Wasaw Construction LP · creditor: Canada Revenue Agency (CRA) · currency: CAD