British Columbia · Bankruptcy
Trustees Preliminary Report to Creditors
Court officer report · 29 June 2026
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What we verified from this filing13 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date12 June 2026
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- proceeding typebia_bankruptcy
- financial positionnote: Total assets figure reflects Company-estimated value of gym equipment only ($445,848.81); cash account was overdrawn with no available cash. Total liabilities per Statement of Affairs: secured $1 (SOA figure, treated as nominal/unquantified), preferred nil, unsecured $2,234,268.02, SOA total shown as $2,234,267.02. As of proofs filed (four claims filed but shown as 'Nil' aggregate in filed column, apparently not yet reconciled). Dates in the document are internally inconsistent (report titled June 29, 2025; body text refers to bankruptcy date June 12, 2026 and proofs status as of June 29, 2026); as_at left null due to this discrepancy. · page: 2 · basis: Statement of Affairs (unaudited); equipment value is Company's own estimate; cash account overdrawn (nil) · scope: Iron Nation Fitness Corp. (single entity, bankrupt estate) · currency: CAD · total assets: 445848.81 · total liabilities: 2234267.02
- secured creditorsnote: No amount stated in filing; RBC also provided guarantee for Trustee's fees · page: 3 · debtor: Iron Nation Fitness Corp. · creditor: Royal Bank of Canada · currency: CAD · security: Registered security interest against present and after-acquired personal property and all proceeds thereof (blanket all-property registration)
- secured creditorsnote: Trustee is determining priority claim related to employee arrears, if any; claims administered under Wage Earner Protection Program Act · page: 3 · debtor: Iron Nation Fitness Corp. · creditor: Wage earners (employees) · currency: CAD · security: Statutory security over Company's current assets pursuant to BIA s.81.3(1), limited to $2,000 per employee for wages/vacation pay/compensation in the 6 months preceding bankruptcy
- secured creditorsnote: Aggregated class comprising: Arbutus Capital Leasing Ltd., Vault Credit Corporation, Summit Credit Corporation, Toyota Industries Commercial Finance Canada Inc., Infinity Leasing Inc., Acess Leasing Ltd., and Infinity Holdings Ltd. No individual or aggregate amounts stated · page: 3 · debtor: Iron Nation Fitness Corp. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Specific serial-number registrations against certain specific equipment
- secured creditorsnote: Document states: 'a proof of claim has not been received from CRA in relation to the unremitted payroll source deductions or any other taxes owing' - amount unknown/not stated (cannot advise) · page: 3 · debtor: Iron Nation Fitness Corp. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust claim for unremitted payroll source deductions (statutory)
- secured creditorsnote: No amount stated in filing · page: 3 · debtor: Iron Nation Fitness Corp. · creditor: Business Development Bank of Canada · currency: CAD · security: Registered security interest against present and after-acquired personal property and all proceeds thereof (blanket all-property registration)
- statutory basisBankruptcy and Insolvency Act
- provinceBritish Columbia