Ontario · Bankruptcy
Minutes of First Meeting of Creditors
Meeting materials · 15 March 2022
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What we verified from this filing14 verified
- court file no35-2806967
- provinceOntario
- appointeeGoldhar & Associates Ltd
- appointee roletrustee
- secured creditorsnote: Trustee reviewing whether vehicle was actually owned personally by officer of bankrupt rather than by the corporation; amount is approximate ('around $27,000') · page: 10 · as of: bankruptcy date · amount: 27000 · debtor: Chatsworth Farm Ltd. (vehicle may be in personal name of officer) · creditor: Nissan Canada Finance · currency: CAD · security: Vehicle financing - Nissan NV 200
- financial positionnote: Liabilities total is sum of Statement of Affairs creditor groups (unsecured $632,572.91 + preferred $0 + secured $3,786,809.57 = $4,419,382.48) as stated in the document's own total row; asset total of $1,652,870.00 is original cost per SOA table (estimated realizable value of most assets is nominal at $1.00 or $0.00); trustee states book value of assets, while appearing significant per draft unaudited/unreviewed financial statements, does not have much realizable value in reality; trustee has not determined admissibility of claims · page: 13 · basis: sworn Statement of Affairs; asset book values are original cost per SOA with estimated realizable value largely nominal ($1.00 each); additional assets of $780,905.17 book value (as of March 31, 2021, unaudited/not reviewed) with estimated realizable value of $0.00 for most items except cash and receivable from related party which are unstated · scope: Chatsworth Farm Ltd. (entity-level, non-consolidated) · currency: CAD · total assets: 1652870 · total liabilities: 4419382.48
- secured creditorsnote: Largest secured creditor and first mortgagee; also plaintiff obtaining judgment against debtor Oct 18, 2021; personal guarantee by Daune MacGregor likely applies · page: 13 · debtor: Chatsworth Farm Ltd. · creditor: 2198743 Ontario Limited · currency: CAD · security: First mortgage on building/land; PPSA registration
- secured creditorsnote: Total of 10 secured creditor claims per sworn Statement of Affairs; separately, claims filed as of March 14, 2022 5pm totaled $1,514,462.49 (3 creditors) - proofs filed figure, not adjudicated; trustee has not determined admissibility of claims · page: 13 · as of: Statement of Affairs · amount: 3786809.57 · debtor: Chatsworth Farm Ltd. · creditor: Secured Creditors (aggregate per Statement of Affairs) · currency: CAD · security: Multiple mortgages/PPSA charges over building, land, and leased equipment; construction lien also registered by contractor
- unsecured creditorsnote: Document names no individual unsecured creditors; separately, proofs of claim filed as of March 14, 2022 5pm totaled $24,372.83 from 4 creditors - this is the proofs-filed figure, not adjudicated, and is distinct from the reported SOA amount · page: 13 · as of: Statement of Affairs · basis: Statement of Affairs as reported (24 creditors) · amount: 632572.91 · debtor: Chatsworth Farm Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Personal guarantee by Daune MacGregor likely applies · page: 14 · debtor: Chatsworth Farm Ltd. · creditor: Add Capital Corp. · currency: CAD · security: PPSA registration
- secured creditorsnote: Initial funder of the project; personal guarantee by Daune MacGregor likely applies · page: 14 · debtor: Chatsworth Farm Ltd. · creditor: Bruce Community Futures Development Corporation · currency: CAD · security: PPSA registration
- secured creditorsnote: PPSA registration contains an error misspelling debtor name as 'Chatworth' in one registration; second registration correctly spelled; trustee reviewing validity/possible legal challenge to security; personal guarantee by Daune MacGregor likely applies · page: 14 · debtor: Chatsworth Farm Ltd. · creditor: Indcom Leasing Inc. · currency: CAD · security: PPSA registration (leased equipment)
- secured creditorsnote: Personal guarantee by Daune MacGregor likely applies · page: 14 · debtor: Chatsworth Farm Ltd. · creditor: Equirex, a division of Bennington Financial Corp. · currency: CAD · security: PPSA registration
- recovery outcomeentries: basis: unstated · quote: The Trustee also advised that we do not expect any distribution from the estate at this point. · pct of: unstated · outcome: nil · stated by: trustee · class label: estate · interim final: unstated · conditional on: at this point · claims qualifier: unstated · stated on: 2022-03-15 · table missing: