Alberta · Bankruptcy
Trustee's Report to Creditors on Preliminary Administration dated February 20, 2025
Court officer report · 20 February 2025
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What we verified from this filing16 verified
- appointeeKSV Restructuring Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date6 February 2025
- court file no24-3183742
- provinceAlberta
- statutory basissection 49 of the Bankruptcy and Insolvency Act
- operational summaryIn early January 2025, Voltegic's management decided to cease operations, terminate all employees, and liquidate its assets to satisfy the amounts owing to CIBC.
- financial positionnote: Figures per Voltegic's sworn Statement of Affairs (SOA), dated February 5, 2025, presented in $000s: accounts receivable $100, inventory $1,050, equipment and structures $700, other assets $125, total $1,975 (thousands). No combined total liabilities figure stated in the report; secured claim (CIBC, ~$1.1M/$1,097,555) and unsecured creditor obligations (~$1,586,816 per SOA) are reported separately, not summed by the document. · page: 5 · as at: 2025-02-05 · basis: SOA management estimate (unaudited); Trustee views these values as materially overstated based on preliminary review · scope: Voltegic Energy Services Ltd. (entity level) · currency: CAD · total assets: 1975000
- secured creditorspage: 7 · debtor: Voltegic Energy Services Ltd. · creditor: Kal Tire · currency: CAD · security: Garage Keepers' Lien
- secured creditorspage: 7 · debtor: Voltegic Energy Services Ltd. · creditor: Whitecap Chevrolet Buick GMC · currency: CAD · security: Garage Keepers' Lien
- secured creditorspage: 7 · debtor: Voltegic Energy Services Ltd. · creditor: Unitray Systems Inc. · currency: CAD · security: Writ of Enforcement (PPR registration)
- secured creditorspage: 7 · debtor: Voltegic Energy Services Ltd. · creditor: Guillevin International Co. · currency: CAD · security: Writ of Enforcement (PPR registration)
- secured creditorsnote: Secured proof of claim filed at $1,097,555; security valued by CIBC at $500,000, leaving a bifurcated unsecured claim of $597,555. Prose approximation elsewhere in report stated CIBC owed 'approximately $1.1 million, before interest and fees' as at the Filing Date. Trustee's counsel (Lawson Lundell LLP) opined CIBC's security is valid and enforceable against a trustee in bankruptcy. · page: 7 · as of: Filing Date · amount: 1097555 · debtor: Voltegic Energy Services Ltd. · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: General security interest (senior secured lender); security type not further detailed in report
- secured creditorsnote: Equipment underlying these registrations was returned by Voltegic to the relevant entities prior to the Filing Date, per Management; security likely no longer attaches to estate assets. · page: 7 · debtor: Voltegic Energy Services Ltd. · creditor: PPSA equipment financiers (PMSI class): Westlock Motors Ltd., Vault Credit Corporation, Dynamic Capital Equipment Finance Inc., Royal Bank of Canada, Mitsubishi HC Capital Canada Leasing Inc. · currency: CAD · security: PPSA registrations against motor vehicles, trailers, and other serialized equipment
- report date20 February 2025
- recovery outcomeentries: basis: actual · quote: The Trustee understands that all amounts owed to employees were paid in full and that there will be no claims pursuant to section 81.3 of the BIA. · pct of: unstated · outcome: paid_in_full · stated by: trustee · class label: employees · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As of the date of this Report, given the secured interest in favour of CIBC, the Trustee cannot comment as to whether distributions will be made available to Voltegic's ordinary unsecured creditors. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: Voltegic's ordinary unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-02-20 · table missing: