British Columbia · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 22 January 2025
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What we verified from this filing13 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date3 January 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noEstate No. 11-3170813
- proceeding typebia_bankruptcy
- statutory basisBankruptcy and Insolvency Act
- statutory basisBankruptcy and Insolvency Act
- financial positionnote: Sole asset was recreational gym equipment with estimated realizable value of $1,000; Trustee determined this asset is of low value and expects to disclaim its interest, subject to inspector approval. Secured and preferred creditors reported as Nil in the Statement of Affairs; unsecured creditors reported at $95,415.31 (also cited elsewhere in the report as $94,415). · page: 2 · as at: 2025-01-03 · basis: Statement of Affairs filed in the bankruptcy · scope: B&E Fitness Ltd. (single entity, bankrupt estate) · currency: CAD · total assets: 1000 · total liabilities: 95415.31
- secured creditorsnote: Deemed trust claim ranking ahead of all other creditors per BIA. Directors reported no material debt owing to CRA for payroll source deductions; no proof of claim received to date; Trustee will confirm amount owing, if any. A British Columbia PPSA search performed December 4, 2024 found no creditors with registered security interests against the Company. · page: 2 · debtor: B&E Fitness Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim over unremitted payroll source deductions withheld from employees
- unsecured creditorsnote: Document names no individual unsecured creditors; total per Statement of Affairs table is $95,415.31, though the narrative text elsewhere restates the total as $94,415 (approximation/typographical variance). No proofs of claim had been filed with the Trustee as of the date of this report. · page: 2 · as of: Statement of Affairs (date of bankruptcy, January 3, 2025) · basis: Statement of Affairs as reported · amount: 95415.31 · debtor: B&E Fitness Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Trustee does not expect employees to have claims for unpaid wages/vacation pay, so this statutory priority/security is not expected to apply; possible termination pay claims still being reviewed. · page: 3 · debtor: B&E Fitness Ltd. · creditor: Employees (Wage Earner Protection Program claimants) · currency: CAD · security: Statutory security over Company assets to the extent of $2,000 per employee under BIA s.81.3(1), for wages/vacation pay owed in the six months preceding the date of bankruptcy
- provinceBritish Columbia