Alberta · NOI
First Report of the Trustee
Court officer report · 20 November 2023
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 filing7 verified
- financial positionnote: Total liabilities as at the Filing Date (January 29, 2023); does not include trade creditors, which the Company advised were paid in the normal course and did not carry balances owing; a later Statement of Affairs as at the Date of Bankruptcy (May 29, 2023) reported estimated liabilities of $46.7 million (see unsecured_creditors aggregate entry) · page: 19 · as at: 2023-01-29 · basis: Company's internal books and records, as reported by Proposal Trustee, not independently verified · scope: Goldenkey Oil Inc. (entity level) · currency: CAD · total liabilities: 35648685
- unsecured creditorsnote: Shareholder loan; related party - Goldenkey director Qinmin Gui is a principal of DS Century, which holds 16.666% of Goldenkey's shares; approximate figure · page: 20 · as of: NOI filing date (January 29, 2023) · basis: Company's books and records, as reported by Proposal Trustee · amount: 10000000 · debtor: Goldenkey Oil Inc. · creditor: DS Century Energy Ltd. · currency: CAD
- unsecured creditorsnote: Shareholder loan; related party - owned by Goldenkey director Xing Li Zhang and spouse, holds 14.583% of Goldenkey's shares; approximate figure · page: 20 · as of: NOI filing date (January 29, 2023) · basis: Company's books and records, as reported by Proposal Trustee · amount: 2800000 · debtor: Goldenkey Oil Inc. · creditor: East Triumph Overseas Limited · currency: CAD
- unsecured creditorsnote: Shareholder loan; related party - owned by brother of Goldenkey director Wen Feng Liu, holds 27.084% of Goldenkey's shares; approximate figure · page: 20 · as of: NOI filing date (January 29, 2023) · basis: Company's books and records, as reported by Proposal Trustee · amount: 7450000 · debtor: Goldenkey Oil Inc. · creditor: Luck King Holdings Limited · currency: CAD
- unsecured creditorsnote: Joint venture partner payable; disputed - ongoing litigation with Baytech regarding these claims; settlement offers made and rejected; approximate figure · page: 20 · as of: NOI filing date (January 29, 2023) · basis: Company's books and records, as reported by Proposal Trustee · amount: 4900000 · debtor: Goldenkey Oil Inc. · creditor: Baytech Energy Investment Inc. · currency: CAD
- unsecured creditorsnote: Shareholder loan; related party - owned by former CEO/Chairman Shougen Song, holds 41.667% of Goldenkey's shares; approximate figure; Indepth is also a defendant in the Fraud Claim litigation · page: 20 · as of: NOI filing date (January 29, 2023) · basis: Company's books and records, as reported by Proposal Trustee · amount: 9390000 · debtor: Goldenkey Oil Inc. · creditor: Indepth Energy Ltd. · currency: CAD
- unsecured creditorsnote: Document names no individual creditors for this aggregate figure; distinct from the itemized shareholder loans and JV payable reported earlier as at January 29, 2023 (approx. $35.6M total); proofs of claim received by Trustee prior to first meeting of creditors are referenced but not stated in extracted pages · page: 52 · as of: Date of Bankruptcy (May 29, 2023) · basis: Statement of Affairs as at the Date of Bankruptcy, estimated liabilities · amount: 46700000 · debtor: Goldenkey Oil Inc. · creditor: Unsecured creditors (aggregate as reported in Statement of Affairs) · currency: CAD