Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 3 January 2020
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 filing5 verified
- unsecured creditorsnote: Payroll source deduction arrears; deemed trust class · page: 6 · as of: creditor list accompanying NOI, December 11, 2019 · basis: creditor list provided by the Company · amount: 173858 · debtor: Star Navigation Systems Group Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- financial positionnote: Total assets comprised of current assets $359,506, furniture and leased computer equipment $57,675, and licensed intangible assets $86 (net of amortization; original cost $1,954,217) = $418,042. Liabilities figure is current accounts payable only ($3,075,151), not full total liabilities. Internally prepared March 31, 2019 statements (unaudited, 9-month period) show current assets approximately $680,000 higher than June 2018 due to $600,000 cash/AR increase, but full balance sheet not provided for that date; cash and AR had decreased significantly by the NOI filing date, with Kapadia advising a modest bank overdraft of approximately $50,000 and only $29,500 of overdue receivables expected to be collected. · page: 8 · as at: 2018-06-30 · basis: audited financial statements for year-ended June 30, 2018 (June 2018 Statements) · scope: entity - Star Navigation Systems Group Ltd. · currency: CAD · total assets: 418042 · total liabilities: 3075151
- unsecured creditorsnote: Third-party bookkeeping service provider; amount not stated · page: 8 · basis: identified in report as an unsecured creditor · debtor: Star Navigation Systems Group Ltd. · creditor: Branson Corporate Services · currency: CAD
- secured creditorsnote: Related party (director/former CEO and shareholder); security registered only 1 day before NOI filing and is disputed/expected to be challenged by the Lassche Group; Proposal Trustee has not verified the security or advances thereunder; total debt was $1,797,603 as at March 31, 2019 statements, increasing to $2,329,894 as at NOI filing date · page: 9 · as of: NOI filing date · amount: 2329894 · debtor: Star Navigation Systems Group Ltd. · creditor: Viraf Savak Kapadia · currency: CAD · security: PPSA registration dated December 10, 2019 (Reg. Num. 20191210 1455 1590 2483); collateral includes goods, inventory, equipment, accounts, other; general collateral description not specified on registration; security not yet reviewed by Proposal Trustee and portion of debt covered by security not yet verified
- unsecured creditorsnote: Document names no individual creditors beyond CRA and Branson Corporate Services; total payables per creditor list increased to $3,450,064 as at NOI filing; includes the CRA arrears and Mr. Kapadia's unsecured portion; comparative current accounts payable at June 30, 2018 (audited) were $3,075,151 · page: 9 · as of: 2019-12-11 · basis: December 11, 2019 creditor list accompanying the NOI, as reported · amount: 3450064 · debtor: Star Navigation Systems Group Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD