British Columbia · Bankruptcy
First Report of the Proposal Trustee
Court officer report · 28 April 2025
What we verified from this filing3 verified
- financial positionnote: Owned Properties valued at 'Unknown' (assessed value $2 each due to supportive-housing classification; fair market value pending appraisal, not included in Total Assets); liabilities include Due to Funders $673,584, Vancity Mortgage $260,000, and Accounts payable and other accruals $894,113 · page: 10 · as at: 2025-04-08 · basis: unaudited, prepared by Management, not audited/reviewed by Proposal Trustee · scope: entity-level: Canadian Mental Health Association, Vancouver-Fraser Branch · currency: CAD · total assets: 329198 · total liabilities: -1827697
- secured creditorsnote: Outstanding balance approximate ('approximately $260,000'); Proposal Trustee has not reviewed validity/enforceability of security · page: 10 · amount: 260000 · debtor: Canadian Mental Health Association, Vancouver-Fraser Branch · creditor: Vancouver City Savings Credit Union (Vancity) · currency: CAD · security: Registered mortgage and assignment of rents over New Westminster Property; general security agreement over the Branch's personal property
- secured creditorsnote: Related party (parent/division of CMHA); pre-filing amount owed under LOC Agreement prior to DIP addendum; BC Division separately secured under proposed DIP Facility/DIP Charge up to $500,000 (post-filing, subject to court approval) · page: 10 · as of: NOI filing date · amount: 91000 · debtor: Canadian Mental Health Association, Vancouver-Fraser Branch · creditor: Canadian Mental Health Association British Columbia (BC Division) · currency: CAD · security: Security under the LOC Agreement dated March 24, 2025 (line of credit)