Ontario · Bankruptcy
Report to First Meeting of Creditors
Court officer report · 10 January 2019
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What we verified from this filing5 verified
- cash on handnote: Per Statement of Affairs; Trustee requested RBC freeze accounts and remit balance · amount: 463 · currency: CAD
- financial positionnote: Assets per SOA are stated only by category, not summed: Cash on Deposit $463; Accounts Receivable Net Book Value $896,394 (Estimated to Realize - Unknown); Prepaid Expenses $210,779 (Estimated to Realize $0); Investments in Subsidiaries $3,481,517 (Estimated to Realize - Unknown). Liabilities per SOA: Secured and Preferred blank/nil, Unsecured $6,720,551.33, Contingent Unknown, Total (per SOA) $6,720,551.33 as at the Date of Bankruptcy, versus Proofs of Claim filed to date of $1,013,380.48 as at January 10, 2019. · basis: Statement of Affairs (SOA) declared figures · scope: Medic Holdings Corp. only (parent entity; subsidiaries 00 Lab, Premier, Veba and Slawner are separate bankrupt/receivership estates) · currency: CAD · total liabilities: 6720551.33
- operational summaryMedic's operating subsidiaries (00 Lab, Premier, and Veba) were adjudged bankrupt following termination of the NOI proceedings, while Slawner has not responded to a demand for repayment; the Trustee is investigating recoverability of intercompany receivables, prepaid expenses, and the value of Medic's investment in Slawner.
- recovery outcomeentries: basis: unstated · quote: The recovery from any of the Bankrupt's other assets is uncertain and the Trustee is therefore unable to provide any estimate of anticipated realization and/or whether there will be surplus funds net of costs available for distribution to creditors. · pct of: unstated · outcome: undetermined · stated by: trustee · class label: creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-01-10 · table missing:
- report date10 January 2019