British Columbia · Bankruptcy
Trustee's Report to Creditors
Court officer report · 19 December 2023
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What we verified from this filing11 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noEstate No. 11-3017258
- proceeding typebia_bankruptcy
- secured creditorsnote: Amount stated as approximate ('approximately $7.1 million'); paid out in full pursuant to sale to 486 BC Ltd. · page: 2 · amount: 7100000 · debtor: Sunny Beach Motel Inc. and related Companies (Properties) · creditor: Synvest Investment Management Inc. · currency: CAD · security: First mortgage against the Properties
- secured creditorsnote: Amount stated as approximate ('approximately $4.9 million'); credit bid balance of purchase price against second mortgage; also successful purchaser of the Properties · page: 2 · amount: 4900000 · debtor: Sunny Beach Motel Inc. and related Companies (Properties) · creditor: 1351486 B.C. Ltd. (486 BC Ltd.) · currency: CAD · security: Second mortgage against the Properties; original principal advanced $3.5 million pursuant to loan agreement dated March 14, 2022
- commencement date1 December 2023
- financial positionnote: All assets of the Company have been realized by the Receiver; 'the Company does not have any assets to be realized by the Trustee'; no excess funds from sale available to unsecured creditors; no recovery expected. · page: 3 · basis: Trustee's Preliminary Report to Creditors · scope: Sunny Beach Motel Inc. (entity) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors; figure is approximate as reported · page: 4 · as of: 2023-12-19 · basis: Company's records indicate unsecured creditors with total claims of approximately $25,000 · amount: 25000 · debtor: Sunny Beach Motel Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: unstated · quote: There are no assets to be realized upon and available to unsecured creditors. Accordingly, there will be no recovery to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 25000 · interim final: unstated · claims qualifier: listed · stated on: 2023-12-19 · table missing: