British Columbia · Bankruptcy

Minutes of the First Meeting of Creditors

Meeting materials · 17 March 2022

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What we verified from this filing2 verified

financial positionnote: Statement of Affairs asset components: Inventory $350,000, Accounts Receivable $350,000, Machinery and Equipment $103,000, Vehicles $52,000, Furniture $500, Security Deposits $1,500. Liabilities per Statement of Affairs: Secured $2,951,800, Unsecured $1,409,282, Total $4,361,082; as of claims filed with the Trustee as of 3pm March 14, 2022: Secured $98,982.96, Unsecured $348,268.52, Total $447,251.48. Trustee notes Company's AR was reported at $1,400,000 of which only $350,000 was considered collectable by management; unsecured creditors reported at approximately $3.5 million including estimated deficiency claims of secured creditors. · basis: Statement of Affairs (management's estimate) as at the Date of Bankruptcy · scope: Entity-level: Weatherguard Exteriors Inc. bankrupt estate (non-consolidated) · currency: CAD · total assets: 857000 · total liabilities: 4361082
recovery outcomeentries: basis: estimated · quote: As such, it is likely that the general unsecured creditors have no financial interest in the assets. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 3500000 · interim final: unstated · claims qualifier: listed · table missing: