Quebec · Bankruptcy
Trustee's Preliminary Report on the Administration of the Estate (Unofficial translation)
Court officer report · 2 April 2026
What we verified from this filing12 verified
- courtSUPERIOR COURT
- court file no150-11-006130-264
- proceeding typebia_bankruptcy
- provinceQUEBEC
- appointeeErnst & Young Inc.
- appointee roleTrustee
- commencement date13 March 2026
- secured creditorsnote: Debtor's records did not report balances owing to these lenders. Trustee understands security return arrangements between the Debtor, Mitsubishi and Ford Credit were completed prior to the Date of Bankruptcy, i.e., security effectively discharged/returned; assets subject to this security were not secured by the Receiver or Trustee. Statement of Affairs lists nominal $1.00 claims each for Ford Credit Canada Limited and Mitsubishi HC Capital Canada Leasing Inc. · page: 2 · debtor: 9431-9282 Québec Inc. · creditor: PPSA equipment financiers (PMSI class) — Mitsubishi HC Capital Canada Leasing Inc. and Ford Credit Canada · currency: CAD · security: Serial-numbered equipment registrations (PPSA) in various provinces
- secured creditorsnote: Deemed trust claim (quasi-governmental priority class), per proof of claim filed March 31, 2026; ranks in priority to other secured lender charges over Estate assets, including those charged to the Bank, Mitsubishi and Ford Credit. Prose in report separately references an approximate $970,788 outstanding balance notified to the operating lender on Dec 4, 2025 (comprising ~$454,367 GST/HST/QST and ~$516,422 source arrears) — the $881,137.87 deemed trust figure from the dated proof of claim is used here as the more precise balance. · page: 4 · as of: 2026-03-31 · amount: 881137.87 · debtor: 9431-9282 Québec Inc. · creditor: Revenu Québec · currency: CAD · security: Deemed trust for unremitted source deductions
- secured creditorsnote: Amount is per Trustee's summary of proofs of claim filed as at April 2, 2026 (secured claim column). Trustee's independent legal opinion on validity of Bank's security is pending. Debtor's own Statement of Affairs (Form 78, signed Mar 12, 2026) instead records Bank of Montreal claims of $1.00 and $3,170,268.19 under the 'unsecured' (non garantie) column and shows total 'Créanciers garantis' as $0.00 — a discrepancy with the Trustee's classification of BMO as secured (per receivership appointment and GSA). · page: 5 · as of: 2026-04-02 · amount: 600000 · debtor: 9431-9282 Québec Inc. · creditor: Bank of Montreal · currency: CAD · security: General security agreement (GSA) plus multiple provincial serial-numbered equipment registrations (Nova Scotia, Quebec, Ontario) and accounts receivable
- financial positionnote: Statement of Affairs shows Créanciers garantis (secured creditors) of $0.00 and Créanciers non garantis (unsecured) of $5,473,408.84, with a resulting deficit of $5,185,358.01. This SOA classification of $0 secured creditors conflicts with the Trustee's narrative description of Bank of Montreal, Mitsubishi and Ford Credit as secured lenders with registered security. · page: 8 · as at: 2026-03-12 · basis: Preliminary Statement of Affairs (Form 78) as declared/estimated by the bankrupt (debtor), unaudited/book value basis; Trustee notes the Company's books and records 'do not appear to have been properly maintained and appear not to be reliable' · scope: Entity-level: 9431-9282 Québec Inc. (Multi T.M.) · currency: CAD · total assets: 288050.83 · total liabilities: 5473408.84
- recovery outcomeentries: basis: estimated · quote: Consequently, the Trustee anticipates the amount of funds available for distribution to the unsecured creditors will be nil. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 1932350.15 · interim final: unstated · claims qualifier: listed · stated on: 2026-04-02 · table missing: