Ontario · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 16 October 2026
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 filing6 verified
- secured creditorsnote: Stated as 'approximately $17.1 million, as confirmed by the Lender'. Statement of Affairs lists secured claims as $0.00 (secured count 1). Lender also funded a $65,000 third-party deposit for estate administration. · page: 2 · as of: following application of pre-bankruptcy sale proceeds (sale closed September 14, 2026) · amount: 17100000 · debtor: 6888887 Canada Inc. (jointly and severally with Safyre Labs Inc.) · creditor: Canadian Imperial Bank of Commerce (the Lender) · currency: CAD · security: PPSA registrations indicate security over substantially all of the Company's personal property, including inventory, equipment, accounts receivable and other property
- secured creditorsnote: Trustee has not identified any specific assets subject to Xerox's registered security interest and has not received a proof of claim from Xerox; amount not stated. · page: 2 · debtor: 6888887 Canada Inc. · creditor: Xerox Canada Ltd. · currency: CAD · security: PPSA registration covering equipment and other collateral
- financial positionnote: Total liabilities not stated as a single figure; Statement of Affairs lists total claims of $19,396,379.42 (secured $1.00 stated as $0.00 in text, unsecured $19,396,378.42). Substantially all operating assets were sold pre-bankruptcy on September 14, 2026 with proceeds applied to the Lender; no distribution to unsecured creditors anticipated. · page: 3 · basis: Statement of Affairs: total assets $1.00; 'No material realizations presently anticipated.' Books and records reflect aggregate cash of approximately $741,908 as at October 1, 2026, not updated for later transactions including Lender sweeps. · scope: 6888887 Canada Inc. only (Safyre Labs Inc. filed a separate assignment) · currency: CAD · total assets: 1
- unsecured creditorsnote: Document names no individual unsecured creditors. Proofs of claim proven and filed to October 15, 2026 total $642,677.23 (table figure). The narrative states three unsecured proofs received totalling $101,820.66; the two proofs-filed figures differ within the document. · page: 5 · basis: Per Statement of Affairs (as reported by the debtor) · amount: 19396378.42 · debtor: 6888887 Canada Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- financial positionnote: Total liabilities is the sum of the Statement of Affairs rows as stated in the claims table: secured $1 + unsecured $19,396,378.42 = total $19,396,379.42. Total assets $1.00 consists of deposits in financial institutions of $1.00; all other asset categories $0.00. No as-at date is stated for the Statement of Affairs figures. Lender indebtedness remaining after the pre-bankruptcy sale is stated as approximately $17.1 million (joint and several with Safyre). Trustee states no material realizations are presently anticipated. · basis: Per the Company's Statement of Affairs (management-prepared); Trustee notes books and records reflect aggregate cash balances of approximately $741,908 as at October 1, 2026, not updated for later transactions including Lender sweeps · scope: 6888887 Canada Inc. (Jewlr) only; entity-level, excluding affiliate Safyre Labs Inc. which made a separate assignment · currency: CAD · total assets: 1 · total liabilities: 19396379.42
- recovery outcomeentries: basis: estimated · quote: the Trustee does not anticipate any distribution to unsecured creditors at this time. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: at this time · claims qualifier: unstated · stated on: 2026-10-16 · table missing: