Ontario · NOI
Proposal Trustee’s First Report to Court – Dodick Landau Inc.
Court officer report · 15 June 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 filing8 verified
- unsecured creditorsnote: Late remittance penalties for remittance period ended May 30, 2023; otherwise no pre-filing unremitted source deductions payable to CRA; at the Date of Filing (May 19, 2022) the Company had estimated approximately $192,000 owing to CRA for unremitted source deductions (deemed trust class); CRA has been applying HST refunds against the arrears · page: 6 · as of: 2023-06-05 · basis: CRA statement of account issued June 5, 2023 · amount: 3584.17 · debtor: Nanopay Corporation · creditor: Canada Revenue Agency (source deduction remittances) · currency: CAD
- unsecured creditorsnote: Related party (parent company); represents cumulative shareholder Investments in NHI made over eight years, deposited into the Debtor's bank account to fund Debtor operations; Proposal Trustee has requested documentation from the Debtor to verify this related party debt obligation · page: 6 · basis: Year-end related party adjustment recorded by external accountant on the balance sheets of the Debtor and NHI · amount: 35800000 · debtor: Nanopay Corporation · creditor: Nanopay Holdings Inc. (NHI) · currency: CAD
- secured creditorsnote: Approximate portion of the Company's Employer Health Tax balance registered as secured on the PPSA registry, out of a total EHT balance of $760,322 per online account statement accessed June 14, 2023; remaining balance treated as unsecured; regulatory (Employer Health Tax) quasi-debt; also listed (without amount) as an existing lien in Schedule 'B' to the DIP Term Sheet · page: 7 · as of: 2023-06-14 · amount: 375000 · debtor: Nanopay Corporation · creditor: Her Majesty the Queen in Right of Ontario, represented by the Minister of Finance (Employer Health Tax) · currency: CAD · security: PPSA registration (Ontario)
- unsecured creditorsnote: Aggregate of four trade creditors; document does not name individual creditors · page: 7 · as of: NOI filing date · basis: Management's Unsecured Debt breakdown, at the Filing Date · amount: 170000 · debtor: Nanopay Corporation · creditor: Four Trade Creditors · currency: CAD
- unsecured creditorsnote: Approximately $80,000 relates to wages and vacation pay, of which approximately $32,000 are employee preferred claims (BIA preferred class); document does not name individual employees · page: 7 · as of: NOI filing date · basis: Management's Unsecured Debt breakdown, at the Filing Date · amount: 181000 · debtor: Nanopay Corporation · creditor: Sixteen Former Employees · currency: CAD
- unsecured creditorsnote: Two individual lenders/shareholders who funded the Company's working capital needs pre-filing; related party · page: 7 · as of: NOI filing date · basis: Management's Unsecured Debt breakdown, at the Filing Date · amount: 1300000 · debtor: Nanopay Corporation · creditor: Two Lenders/Investors · currency: CAD
- unsecured creditorsnote: Regulatory (Employer Health Tax) quasi-debt; per Management, total EHT balance owing per online account as at June 14, 2023 is $760,322, of which approximately $375,000 is registered secured on PPSA registry; at Date of Filing, Company estimated approximately $600,000 owing · page: 7 · as of: NOI filing date · basis: Management's Unsecured Debt breakdown, at the Filing Date · amount: 385000 · debtor: Nanopay Corporation · creditor: Ontario Ministry of Finance (Employer Health Tax - unsecured portion) · currency: CAD
- unsecured creditorsnote: Represents approximately two years of pre-filing unpaid rent · page: 7 · as of: NOI filing date · basis: Management's Unsecured Debt breakdown, at the Filing Date · amount: 2400000 · debtor: Nanopay Corporation · creditor: Landlord · currency: CAD