Ontario · Bankruptcy
Trustee Preliminary Report
Court officer report · 4 June 2021
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing11 verified
- commencement date17 March 2021
- court file no32-2738181
- proceeding typebia_bankruptcy
- secured creditorsnote: Stated as the only secured creditor of AVAD Canada ('MidCap was the only secured creditor of AVAD Canada'); Receiver authorized distribution to MidCap from JMCB Account · page: 1 · as of: Receivership Order date / Filing Date (March 17, 2021) · amount: 525400 · debtor: AVAD Canada Ltd. · creditor: MidCap Funding IV Trust (as agent for secured lenders) · currency: USD · security: General Security Agreement dated October 2, 2018 (the "MidCap Security"), pursuant to Credit and Security Agreement dated October 2, 2018; determined by counsel to be valid, enforceable, and the only registered security interest over the Assets
- appointeeMNP Ltd.
- appointee roleTrustee
- unsecured creditorsnote: Preferred - wages owed to 10 employees, may be granted priority under Section 81.4(1) BIA · page: 4 · as of: date of bankruptcy · basis: Company's books and records / Statement of Affairs as reported · amount: 2100 · debtor: AVAD Canada Ltd. · creditor: Employees (Wage Claims) · currency: CAD
- unsecured creditorsnote: Unsecured claim for severance/termination; not specified as preferred (unlike Wage Claims) · page: 4 · as of: date of bankruptcy · basis: Company's books and records / Statement of Affairs as reported · amount: 73100 · debtor: AVAD Canada Ltd. · creditor: Employees (severance and termination obligations) · currency: CAD
- unsecured creditorsnote: Preferred claim under Section 136(1)(f) BIA; two landlords, aggregate estimate · page: 4 · as of: date of bankruptcy · basis: Estimated accelerated rent claim · amount: 35000 · debtor: AVAD Canada Ltd. · creditor: Landlords of the Warehouses (Mississauga and Calgary) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors for this aggregate figure; separate from the 6 proofs of claim totaling $655,900 received as of the report date (proofs filed, not yet assessed for admissibility) · page: 4 · as of: date of bankruptcy · basis: Company's books and records reflect additional unsecured claims of approximately $1.1 million · amount: 1100000 · debtor: AVAD Canada Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deemed trust / CRA claim class; Company's own books and records suggest outstanding HST balance is only $202,900; Receiver working with CRA to resolve discrepancy from possibly misallocated payment · page: 4 · as of: date of bankruptcy (May 18, 2021) · basis: Claim currently reflected by CRA for unpaid HST · amount: 417500 · debtor: AVAD Canada Ltd. · creditor: Canada Revenue Agency · currency: CAD