British Columbia · Bankruptcy
Declaration of Robert Kofman Declaration in Support of Chapter 15 Proceedings dated March 13, 2025
Affidavit · 13 March 2025
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 filing5 verified
- financial positionnote: Figures described as 'approximately'; unsecured debt separately stated as ~US$19 million (excluding off-balance sheet obligations); off-balance sheet obligations of Bench estimated at ~US$5.6 million (prepaid customer amounts) and unquantified 10Sheet severance/termination obligations · page: 4 · as at: Canadian Filing Date · basis: approximate, as stated in declaration · scope: consolidated - Bench Accounting, Inc. and 10Sheet Services Inc. (the Debtors) · currency: USD · total assets: 5100000 · total liabilities: 51500000
- secured creditorsnote: Excludes interest and fees; described as operating lender and largest/senior secured creditor; security opinion confirmed by Fasken Martineau DuMoulin LLP as valid and enforceable against a trustee in bankruptcy · page: 4 · as of: Canadian Filing Date · amount: 34600000 · debtor: Bench Accounting, Inc. (guaranteed by 10Sheet Services Inc.) · creditor: National Bank of Canada (NBC) · currency: USD · security: Term facility (US$15 million principal), revolving loan facility (up to US$20 million), hedging facility (up to CAD$5.5 million) under NBC Credit Agreement dated June 7, 2024, as amended
- secured creditorsnote: Former lender; owed minimal overdraft fees; amount not quantified · page: 5 · debtor: Bench Accounting, Inc. / 10Sheet Services Inc. · creditor: Bank of Montreal (BMO) · currency: USD · security: Security related to bank accounts
- secured creditorsnote: iNovia is also an equity investor in Bench (related party); notes are subordinated · page: 5 · as of: Canadian Filing Date · amount: 5600000 · debtor: Bench Accounting, Inc. and 10Sheet Services Inc. · creditor: iNovia Capital Inc. (as collateral agent) · currency: USD · security: Subordinated secured convertible promissory notes issued September 28, 2023
- secured creditorsnote: Amounts not stated individually or in aggregate · page: 5 · debtor: Bench Accounting, Inc. / 10Sheet Services Inc. · creditor: PPSA equipment financiers (PMSI class) - Apple Canada Inc., Hewlett-Packard Financial Services Canada Company, Vault Creditor Corporation, Wells Fargo Equipment Finance Company · currency: USD · security: Purchase-money security interests in computers, IT peripherals, and security equipment