Ontario · Bankruptcy
Preliminary Report
Court officer report · 7 January 2021
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What we verified from this filing11 verified
- court file no31-2694356
- provinceOntario
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date3 December 2020
- financial positionnote: Total per SOA of $18,114,003.63 comprises unsecured creditors $18,114,001.63, preferred creditors nil, secured creditors nil, and contingent/trust claims $2.00; claims filed and admitted for voting purposes only as at January 7, 2021 totaled $14,335,538.31. Document states Trustee is not aware of any secured creditors, as such were addressed through and during the CCAA Proceedings and receivership, and not aware of any preferred creditors under section 136 of the BIA. Estimated realizable assets per SOA: cash on hand and on deposit $4,238,736.79 (of which $4,235,075.35 has now been realized), accounts receivable $639,546.26 (comprising $486,558.61 'Good' and $152,987.65 'Doubtful' estimated to produce $486,558.61 total), and cost award against Gin-Cor $121,678.90 (unliquidated, subject to Court determination). · page: 4 · basis: Statement of Affairs (sworn); Trustee expresses no opinion as to validity, exactness or reliability of information from Company's books and records · scope: entity - Del Equipment Inc. (bankruptcy estate) · currency: CAD · total liabilities: 18114003.63
- unsecured creditorsnote: Document names no individual creditors in the aggregate figure, though it identifies Diesel Equipment Ltd. and Gin-Cor Industries Inc. and related entities as the largest unsecured creditors, totaling approximately $9.96 million (55% of total unsecured creditors per SOA). Claims filed as at January 7, 2021 totaled $14,335,538.31, reflected on the SOA at $14,486,798.95 per creditors filing (differs from aggregate SOA total); Trustee has not determined admissibility or value for dividend purposes. · page: 4 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 18114001.63 · debtor: Del Equipment Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Identified as largest unsecured creditors, totaling approximately $9.96 million combined and representing 55% of total unsecured creditors identified on the SOA; component amount not broken out. Diesel was formerly senior secured creditor of DEL (having paid out BMO's secured debt and taken assignment of BMO's security) but was repaid in full during the CCAA Proceedings prior to bankruptcy; related party (100% parent of DEL). · page: 4 · as of: Statement of Affairs · basis: Statement of Affairs as reported · debtor: Del Equipment Inc. · creditor: Diesel Equipment Ltd. and Gin-Cor Industries Inc. (and related entities) · currency: CAD
- unsecured creditorsnote: SOA reflects two potential contingent claims associated with assumed old warranty matters never fully resolved; Trustee not aware of any trust claims re source deductions, withholding taxes, pension contributions, or employee wages/vacation pay. · page: 4 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 2 · debtor: Del Equipment Inc. · creditor: Contingent, trust claims (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Given the forgoing and the SOA, the Trustee anticipates that there will be a dividend distribution to the unsecured creditors; however, it is uncertain what such percentage of the creditors' claim will be received as it will be dependent on, among other things, additional realizations from accounts receivables, including potential set-offs, the ultimate number and the value of the claims filed and proven. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: dependent on additional realizations from accounts receivables, including potential set-offs, and the ultimate number and value of claims filed and proven · claims qualifier: unstated · table missing:
- secured creditors