Ontario · Bankruptcy
Preliminary Report of the Trustee - dated
Court officer report · 9 May 2022
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What we verified from this filing11 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date19 April 2022
- court file no31-2822575
- proceeding typebia_bankruptcy
- provinceOntario
- statutory basisBankruptcy and Insolvency Act
- financial positionnote: Assets subject to SVB's security and under possession/control of the Receiver; total liabilities not stated as a single combined figure (Secured/Deemed Trust $650,416.37, Preferred Nil, Unsecured $757,448.76, Contingent Nil per SOA - components not summed) · page: 2 · as at: 2022-04-19 · basis: Statement of Affairs (SOA), not reviewed or audited by the Trustee · scope: Chisel AI Inc. (single entity, bankrupt estate) · currency: CAD · total assets: 843490
- unsecured creditorsnote: Document names no individual unsecured creditors; separately, claims as filed as at 5 p.m. May 6, 2022 totalled $137,832.25 (proofs of claim filed figure, not yet determined for admissibility) · page: 5 · as of: Statement of Affairs (Date of Bankruptcy, April 19, 2022) · basis: Statement of Affairs as reported · amount: 757448.76 · debtor: Chisel AI Inc. · creditor: Unsecured creditors (aggregate as reported in SOA) · currency: CAD
- secured creditorsnote: Aggregate amount not separately stated; forms part of SOA Secured/Deemed Trust total of $650,416.37 along with SVB claim · page: 6 · debtor: Chisel AI Inc. · creditor: Secured Employee Claims (former employees, unpaid vacation pay) · currency: CAD · security: Statutory security under s. 81.3 of the BIA, up to $2,000 per employee for vacation pay earned in the 6 months prior to bankruptcy
- secured creditorsnote: Amount stated as approximately $608,226.66 plus ongoing interest and costs; opinion from Loopstra Nixon LLP confirms LSA valid and enforceable as of April 8, 2022; SOA reflects Secured/Deemed Trust total of $650,416.37 combining SVB and Secured Employee Claims (component, not separately summed) · page: 6 · as of: claims filed as at 5 p.m. May 6, 2022 · amount: 608226.66 · debtor: Chisel AI Inc. · creditor: Silicon Valley Bank (SVB) · currency: CAD · security: Loan and Security Agreement (LSA) dated February 12, 2020