Ontario · Bankruptcy
Trustee's Preliminary Report dated October 10, 2024
Court officer report · 10 October 2024
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What we verified from this filing16 verified
- appointeeBDO Canada Limited
- appointee roletrustee in bankruptcy
- commencement date23 September 2024
- court file no33-3102341
- proceeding typebia_bankruptcy
- provinceOntario
- statutory basisBankruptcy and Insolvency Act (Canada)
- financial positionnote: Total liabilities not separately stated as a single figure; total provable claims per Statement of Affairs (secured $2,552,784, preferred $52,633.33, unsecured $2,887,169.14) sum to $5,492,586.47 as reported by Trustee (not computed by this extraction). Inventory count still being completed; uncertain how much will be available for unsecured creditors. · page: 2 · as at: 2024-08-15 · basis: Statement of Affairs, historic cost (rounded), based on financial statements provided by Company as at August 15, 2024 · scope: The Upper Room Home Furnishings Inc. (single entity) · currency: CAD · total assets: 4345000
- secured creditorsnote: Trustee has not conducted detailed review of security position; security opinion pending · page: 3 · as of: PPSA search date · amount: 1051000 · debtor: The Upper Room Home Furnishings Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement
- secured creditorsnote: Trustee has not conducted detailed review of security position; security opinion pending · page: 3 · as of: PPSA search date · amount: 325000 · debtor: The Upper Room Home Furnishings Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: General security agreement
- secured creditorsnote: Amount not stated; leasing/serialized equipment registration · page: 3 · as of: PPSA search date · debtor: The Upper Room Home Furnishings Inc. · creditor: Penske Truck Leasing Canada Inc. · currency: CAD · security: Truck rental (two separate registrations)
- secured creditorsnote: Aggregated per instructions for serialized-equipment financiers; amounts not stated · page: 3 · as of: PPSA search date · debtor: The Upper Room Home Furnishings Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized equipment/vehicle financing: Toyota Industries Commercial Finance Canada Inc. (picker), BMW Canada Inc. (vehicle), Nissan Canada Inc. (vehicle)
- unsecured creditorsnote: Document names no individual creditors; approximately 67 unsecured creditors reported. Proofs of claim filed as at Oct 9, 2024 totaled $492,139.07 (12 claims) - see note. Additional ~1,000 potential claimants with forfeited prepaid deposits not included in this figure. · page: 3 · as of: 2024-09-23 · basis: Statement of Affairs as reported · amount: 2887169.14 · debtor: The Upper Room Home Furnishings Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Security opinion confirmed valid and enforceable by Torkin Manes LLP; Mega Group Inc. appointed BDO as private receiver effective October 9, 2024 · page: 4 · as of: PPSA search date · amount: 1109056 · debtor: The Upper Room Home Furnishings Inc. · creditor: Mega Group Inc. · currency: CAD · security: General security agreement
- unsecured creditorsnote: Preferred claim class (34 claimants); ranks ahead of ordinary unsecured. Separate secured portion for wages under BIA ss.81.3/81.4 up to $2,000 per person, estimated total ~$46,000 · page: 4 · as of: 2024-09-23 · basis: Statement of Affairs as reported · amount: 52633.33 · debtor: The Upper Room Home Furnishings Inc. · creditor: Employees (wages/vacation pay - unpaid preferred portion) · currency: CAD
- recovery outcomeentries: basis: unstated · quote: It is uncertain at this time how much, if anything, will be available for distribution to the unsecured Creditors of the Company. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured Creditors · interim final: unstated · claims qualifier: unstated · table missing: