Ontario · Proposal
First Report of the Proposal Trustee(Oct 2 2023) (00051352xF8677)
Court officer report · 2 October 2023
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 filing4 verified
- secured creditorsnote: Operating lender. Comprises a $1.5 million operating loan facility (facility limit, not a balance) and a business Visa card facility with approximately $234,000 due (collectively the 'Desjardins Facilities'); total indebtedness approximately $1.6 million as at the Filing Date (approximate; document says 'As at the Filing Date'). Filing Date = NOI filing September 8, 2023. Also holds an unlimited personal guarantee from Mr. Szolopiak (individual). · page: 6 · as of: 2023-09-08 · amount: 1600000 · debtor: 2164705 Ontario Inc. (o/a Sitescape) · creditor: Desjardins Credit Union · currency: CAD · security: General security agreement over all Sitescape's assets (the 'Sitescape Security'), registered under the PPSA (Ontario); Desjardins registered under the name Caisse Populaires Voyageurs
- secured creditorsnote: Apart from Desjardins, remaining secured creditors consist of numerous lessors of equipment and vehicles (para 15); PPSA registrations include equipment lessors and vehicle lessors (para 17). Amounts not stated. Fleet is mostly leased. · page: 6 · as of: 2023-09-08 · debtor: 2164705 Ontario Inc. (o/a Sitescape) · creditor: Equipment and vehicle lessors (numerous) · currency: CAD · security: Leased equipment and vehicles; PPSA registrations (PPSA search current to September 22, 2023)
- unsecured creditorsnote: Aggregate as reported; document names no individual unsecured creditors and gives no per-creditor amounts. Comprises, among other things, Canada Revenue Agency in respect of source deductions and HST (deemed-trust class), related party creditors, trade creditors (some of whom may have trust claims), and other general unsecured creditors (para 16). Approximate; CRA amount not separately stated. · page: 6 · as of: 2023-09-08 · basis: Total of other creditor obligations listed by the Company on filing the NOI (approximately $7.2 million), per the Proposal Trustee's First Report · amount: 7200000 · debtor: 2164705 Ontario Inc. (o/a Sitescape) · creditor: Other creditor obligations (aggregate as reported) · currency: CAD
- secured creditorsnote: Related party; PPSA search lists 'certain related parties' among parties with registrations against Sitescape (para 17d). Related party creditors are also included within the approximately $7.2 million 'other creditor obligations' (para 16); cross-referenced to avoid double counting. Amount not stated. · page: 7 · as of: 2023-09-08 · debtor: 2164705 Ontario Inc. (o/a Sitescape) · creditor: Related parties (PPSA registrants) · currency: CAD · security: PPSA registration (search current to September 22, 2023)