Alberta · NOI
Report of Trustee on Proposal
Court officer report · 17 May 2024
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 filing24 verified
- appointeeHudson & Company Insolvency Trustees Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date17 May 2024
- court file noB301-081902
- statutory basisSection 59(1) and paragraph 58(d) of the Act
- secured creditorsnote: Trustee reviewed the PPSA registry and understands there is no balance owing to ATB (effectively discharged/nil balance). ATB is also listed nominally at $1.00 in the Unsecured Creditors listing (no proof of claim filed). The Amended Proposal (Dec 30, 2024) states the Debtor is unaware of any secured creditors. · page: 17 · as of: 2024-07-30 · amount: 0 · debtor: Feniks Oilfield Services Ltd. · creditor: ATB Financial · currency: CAD · security: General Security Agreement (PPSA registration) over all present and after-acquired personal property
- unsecured creditorsnote: No proof of claim filed (listed as 'Creepy Monkey Graphics Inc.' in Claims Register) · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 1 · debtor: Feniks Oilfield Services Ltd. · creditor: Creepy Mokey Graphics Inc. · currency: CAD
- unsecured creditorsnote: Proof of claim filed $13,425.00, admitted for dividend $13,425.00 · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 13425 · debtor: Feniks Oilfield Services Ltd. · creditor: Gold Leaf Carriers Ltd. · currency: CAD
- unsecured creditorsnote: No proof of claim filed as of Jan 21, 2025 · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 98989.2 · debtor: Feniks Oilfield Services Ltd. · creditor: Gray & Company Holdings Ltd. · currency: CAD
- unsecured creditorsnote: No proof of claim filed · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 1000 · debtor: Feniks Oilfield Services Ltd. · creditor: Jagged Edge Enterprises Ltd · currency: CAD
- unsecured creditorsnote: No proof of claim filed · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 8750 · debtor: Feniks Oilfield Services Ltd. · creditor: Pilot Freight Systems Inc. · currency: CAD
- unsecured creditorsnote: Proof of claim filed $47,812.50, admitted for dividend $47,812.50 · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 47812.5 · debtor: Feniks Oilfield Services Ltd. · creditor: Precise Inspection Services Inc. · currency: CAD
- unsecured creditorsnote: No proof of claim filed · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 1500 · debtor: Feniks Oilfield Services Ltd. · creditor: Razor Trucking · currency: CAD
- unsecured creditorsnote: Relates to CEBA Loan; no proof of claim filed · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 60000 · debtor: Feniks Oilfield Services Ltd. · creditor: RBC Royal Bank c/o BankruptcyHighway.com (CEBA Loan) · currency: CAD
- unsecured creditorsnote: Individual creditor; no proof of claim filed · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 1 · debtor: Feniks Oilfield Services Ltd. · creditor: Shawn Gleisner · currency: CAD
- unsecured creditorsnote: Proof of claim filed $55,349.00, admitted for dividend $55,349.00 · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 55349 · debtor: Feniks Oilfield Services Ltd. · creditor: Tristar Transport Ltd. · currency: CAD
- unsecured creditorsnote: No proof of claim filed · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 1 · debtor: Feniks Oilfield Services Ltd. · creditor: Liquid Capital Corp · currency: CAD
- unsecured creditorsnote: No proof of claim filed as of Claims Register date Jan 21, 2025 (status: Not proved) · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 1 · debtor: Feniks Oilfield Services Ltd. · creditor: 1894956 Alberta Ltd. o/a Hopf Mechanical · currency: CAD
- unsecured creditorsnote: Nominal amount; ATB also holds a GSA and is listed as a secured creditor with no balance owing (see secured_creditors). No proof of claim filed. · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 1 · debtor: Feniks Oilfield Services Ltd. · creditor: ATB Financial · currency: CAD
- unsecured creditorsnote: Proof of claim filed for $8,150.00, admitted for dividend $8,150.00 (Claims Register, Jan 21, 2025) · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 6650 · debtor: Feniks Oilfield Services Ltd. · creditor: Compass Transport · currency: CAD
- unsecured creditorsnote: Proof of claim filed $183,042.69, admitted for dividend $183,042.69 (Claims Register, Jan 21, 2025); separate account/claim from CRA's deemed trust claim (RP0001 program account) · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 183042.68 · debtor: Feniks Oilfield Services Ltd. · creditor: CRA - 777159922RT0001 · currency: CAD
- unsecured creditorsnote: Estimated remaining unsecured balance of CRA's Section 60(1.1) deemed trust claim after the $351,000 priority payment; forecast figure, not included in the formal Claims Register unsecured total · page: 17 · as of: 2024-07-30 · basis: Trustee's Report on Preliminary Administration - Unsecured Creditors listing · amount: 415300 · debtor: Feniks Oilfield Services Ltd. · creditor: CRA - 777159922RT0001 (estimate) · currency: CAD
- secured creditorsnote: Deemed trust class. Trustee's Report on Preliminary Administration (July 30, 2024) stated an approximate/SOA figure of $766,299.20; exact filed proof-of-claim amount per Claims Register dated Jan 21, 2025 is $765,047.68. Proposal terms provide for $351,000.00 (60 payments of $5,850) to satisfy this claim, with CRA entitled to file the remaining balance (estimated ~$415,300) as an unsecured creditor. · page: 108 · as of: 2025-01-21 · amount: 765047.68 · debtor: Feniks Oilfield Services Ltd. · creditor: Canada Revenue Agency (Deemed Trust Claim - s.60(1.1) BIA) · currency: CAD · security: Deemed trust claim under Section 60(1.1) of the BIA relating to payroll source deductions; ranks in priority to any creditor of Feniks and has a first charge on all assets
- recovery outcomeentries: basis: estimated · quote: We estimate that unsecured creditors will receive approximately 1.72% of their unsecured claim. · pct of: unstated · outcome: distribution · pct low: 1.72 · pct high: 1.72 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In a bankruptcy we estimate there would be NIL funds available for distribution to the unsecured creditor. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditor · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: We estimate that unsecured creditors will receive approximately 4.17% of their claim. · pct of: unstated · outcome: distribution · pct low: 4.17 · pct high: 4.17 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: If the proposal fails, a bankruptcy of the debtor will automatically occur, and we estimate that unsecured creditors will receive approximately NIL in a bankruptcy scenario. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-01-28 · table missing: