Alberta · NOI
Trustee's Preliminary Report to Creditors - May 21, 2025
Court officer report · 21 May 2025
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What we verified from this filing7 verified
- courtCOURT OF KING'S BENCH OF ALBERTA
- court file no24-3206484
- commencement date1 May 2025
- financial positionnote: Assets per SOA: Real Property $1,020,000; Vehicles $198,000; Equipment $50,000; Total $1,268,000 (as filed upon deemed assignment into bankruptcy). Liabilities not totalled by the document: Secured creditors — Servus GSA $703,000, Servus Mortgage $228,000, Servus Credit Card $35,000, Ford Credit (3 vehicles) $62,600+$40,200+$26,200, sum shown as $1,095,000; plus CRA unremitted source deductions ~$749,000 and GST/HST ~$125,000 (deemed trust priority claims); plus approximately $8,397,040 owed to 30 unsecured creditors. · basis: The books and records of Stretch have not been reviewed or otherwise audited by the Trustee; asset figures are per the Statement of Affairs (SOA Values) · scope: Stretch Construction Ltd. (single entity, not consolidated) · currency: CAD · total assets: 1268000
- operational summaryStretch ceased operations upon its deemed bankruptcy assignment; the Trustee is now administering existing commercial condo leases, arranging appraisals of vehicles and equipment, and evaluating whether to sell or release real property to the secured creditor.
- recovery outcomeentries: basis: estimated · quote: The Trustee does not expect additional realizations and all realizations will be subject to Servus' security interest as well as a deemed trust held over the Company's assets pursuant to Subsection 227 (4.1) of the Income Tax Act (' Deemed Trust ') by the CRA and therefore the Trustee anticipates there will likely be no recovery to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-05-20 · table missing:
- report date20 May 2025