Ontario · Bankruptcy
Trustee's Preliminary Report to the Creditors, dated February 18, 2025
Court officer report · 18 February 2025
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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
- appointeeErnst & Young Inc.
- appointee roleTrustee in Bankruptcy
- commencement date3 February 2025
- court file no31-3182327
- provinceONTARIO
- statutory basisBankruptcy and Insolvency Act (Canada)
- financial positionnote: Figures as stated in the SOA 'as at the date of bankruptcy' (Feb. 3, 2025). Liabilities also include Preferred Creditors $15,890 and Unsecured Creditors $1,578,951. · page: 3 · as at: 2025-02-03 · basis: Unaudited, per Statement of Affairs (SOA); Trustee states it relied on unaudited financial information and Company records with no verification/audit performed · scope: Entity-level (Mindful Collective Co., Ltd.) · currency: CAD · total assets: 1314037 · total liabilities: 2908877
- secured creditorsnote: SOA reports an aggregate 'Secured Creditors' liability of $1,314,036 as at the date of bankruptcy without itemizing by creditor. Narrative (paras 8, 22) identifies Royal Bank of Canada as the primary lender whose operating line of credit was cancelled and whose debt the Trustee expects must be paid before any distribution to other creditors, indicating RBC holds secured status, but the document does not confirm the full $1,314,036 belongs solely to RBC versus other possible secured claims (e.g., third-party warehouse/storage liens on inventory referenced in paras 7 and 18). · page: 3 · as of: date of bankruptcy · debtor: Mindful Collective Co., Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Operating line of credit (cancelled Nov. 2024); described by Trustee as MCC's primary lender
- recovery outcomeentries: basis: unstated · quote: At this time, the Trustee is not in a position to determine for certain if there will be any funds available for distribution to the creditors. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on the preliminary information available regarding MCC's assets, it appears unlikely that there will any assets available for distribution to creditors after the payment of debt to the Royal Bank of Canada has been paid. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: creditors · interim final: unstated · conditional on: after the payment of debt to the Royal Bank of Canada has been paid · claims qualifier: unstated · stated on: 2025-02-18 · table missing: