What we verified from this filing18 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- courtIN THE COURT OF KING’S BENCH OF ALBERTA
- court file no24-3394353
- proceeding typebia_bankruptcy
- commencement date3 July 2026
- financial positionnote: Comparative figures as at Apr 30, 2024 also presented (total assets $4,331,000; total liabilities $3,910,000; shareholder's equity $421,000); most recent available year (Apr 30, 2025) reported here (shareholder's equity: $(421,000)). No financial statements were prepared for FY2026 or the stub period ending on the date of bankruptcy, July 3, 2026 (page 2). · page: 3 · as at: 2025-04-30 · basis: Financial statements compiled by an independent, external accountant · scope: Entity level - 1606602 Alberta Ltd. · currency: CAD · total assets: 6018000 · total liabilities: 6439000
- secured creditorsnote: Aggregated per Table 3 (page 5): BMO Transport Finance $134,000; Arundel Capital Corporation $1,000; Coast Capital Equipment Financing $415,000; Current Financial Corp. $287,000; Daimler Trucker Financial $567,000; De Lage Landen Financial Services Canada Inc. $62,000; National Bank Equipment Finance $563,000; RCAP Leasing $73,000; Wells Fargo $41,000. Arundel Capital Corporation also commenced legal proceedings against the Company (page 8). · page: 5 · as of: as of the date of this report · amount: 2143000 · debtor: 1606602 Alberta Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Specific serial number registrations (PMSI) over specific vehicles/equipment
- secured creditorsnote: Disputed/alternative claim - Trustee reviewing whether this is a property claim over future receivables or a secured PPSA claim; instructions to be sought from Inspectors if necessary (page 6). · page: 5 · as of: as of the date of this report · amount: 236000 · debtor: 1606602 Alberta Ltd. · creditor: Merchant Opportunities Canada Ltd. ("Merchant Growth") · currency: CAD · security: Secured proof of claim - all present and after-acquired personal property; alternatively asserts a property interest in future receivables under an Agreement for the Purchase and Sale of Future Receivables
- secured creditorsnote: Synergy has provided limited guarantees for the Trustee's fees and disbursements (page 9). Estimated recovery to Synergy per Table 5 (page 7): $195,000-$728,000. · page: 5 · as of: as of the date of this report · amount: 984000 · debtor: 1606602 Alberta Ltd. · creditor: Synergy Credit Union · currency: CAD · security: General Security Agreement, Assignment of Book Debts, specific serial number registration over equipment, and all present and after-acquired property; completed a pre-bankruptcy stationary seizure of certain equipment at the Wabasca premises
- secured creditorsnote: Deemed trust claim, priority class; CRA has not filed a proof of claim as of the date of this report and may constitute a deemed trust property claim with priority over all other claims (page 6). · page: 5 · as of: as of the date of this report · amount: 373000 · debtor: 1606602 Alberta Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed Trust - all present and after-acquired property (unremitted payroll source deductions)
- unsecured creditorsnote: One of the five largest unsecured creditors named in Table 4, included within the $720,482 aggregate. · page: 6 · as of: as of the date of this report · basis: Table 4 - highest five unsecured creditors per Company's records · amount: 47000 · debtor: 1606602 Alberta Ltd. · creditor: Slave Lake Communications Ltd. · currency: CAD
- unsecured creditorsnote: 33 potential unsecured creditors identified; complete listing included in the First Meeting of Creditors package on the Case Website (not part of this filing). Table 4 (page 6) names the five largest, which sum to approximately $889,000, exceeding this reported aggregate - apparent inconsistency in the source document. · page: 6 · as of: as of the date of this report · basis: Trustee's identification based on the Company's books and records · amount: 720482 · debtor: 1606602 Alberta Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: One of the five largest unsecured creditors named in Table 4, included within the $720,482 aggregate. Max Fuel Distributors Ltd. also commenced legal proceedings against the Company (page 8). · page: 6 · as of: as of the date of this report · basis: Table 4 - highest five unsecured creditors per Company's records · amount: 400000 · debtor: 1606602 Alberta Ltd. · creditor: Pierre G Asselin Professional Corporation c/o Max Fuel · currency: CAD
- unsecured creditorsnote: Unsecured GST claim, distinct from CRA's secured deemed-trust claim for payroll source deductions ($373,000, page 5). · page: 6 · as of: as of the date of this report · basis: Table 4 - highest five unsecured creditors per Company's records · amount: 359000 · debtor: 1606602 Alberta Ltd. · creditor: CRA - GST · currency: CAD
- unsecured creditorsnote: One of the five largest unsecured creditors named in Table 4, included within the $720,482 aggregate. · page: 6 · as of: as of the date of this report · basis: Table 4 - highest five unsecured creditors per Company's records · amount: 60000 · debtor: 1606602 Alberta Ltd. · creditor: Chrome Industrial Products · currency: CAD
- unsecured creditorsnote: One of the five largest unsecured creditors named in Table 4, included within the $720,482 aggregate. · page: 6 · as of: as of the date of this report · basis: Table 4 - highest five unsecured creditors per Company's records · amount: 23000 · debtor: 1606602 Alberta Ltd. · creditor: North Country Co-op · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on our review of the Company's assets and liabilities, we estimate there will be a nil recovery to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on the review of the books and records of the Company and discussions with management and auctioneers we estimate the recoveries will be insufficient to repay secured claims in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Synergy · creditor name: Synergy Credit Union Ltd. · interim final: unstated · claims qualifier: unstated · stated on: 2026-07-24 · table missing: