Saskatchewan · Bankruptcy
Trustee's Preliminary Report
Court officer report · 9 June 2025
What we verified from this filing13 verified
- proceeding typebia_bankruptcy
- secured creditorsnote: DISCHARGED / satisfied — secured equipment financing was paid in full from Ritchie Bros. Auctioneers auction proceeds (net of costs, commissions); registrations are in the process of being discharged from PPR. Not a current claim. · page: 1 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Purchase-money security interests in equipment and machinery
- financial positionnote: Comprises Secured $608,000.00 and Unsecured $1,933,879.13 per the Statement of Affairs; total assets not stated in this report. · page: 3 · basis: Statement of Affairs as reported (based on Bankrupt's books and records) · scope: Norseman HDD Underground Solutions Ltd. (bankrupt entity, unconsolidated) · currency: CAD · total liabilities: 2541879.13
- secured creditorsnote: Total secured claims per the Bankrupt's Statement of Affairs; comprises (without individual breakdown in this total) the Otto GSA claims, CRA deemed trust claim, WEPP secured wage claim, and other secured claims. Distinct from proofs of claim actually received as of June 9, 2025, 2:00 pm CST, which totalled $92,004.87. · page: 3 · as of: Statement of Affairs · amount: 608000 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: Secured creditors (aggregate per Statement of Affairs) · currency: CAD
- secured creditorsnote: Anticipated/estimated amount for 6 employees under WEPP administration; not yet finalized. · page: 3 · amount: 10500 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: Employees (WEPP subrogated claim) · currency: CAD · security: Secured wage claim under section 81.3(1) of the BIA
- secured creditorsnote: Approximately $520,000.00 in unremitted payroll source deductions per books and records; CRA has not yet filed a secured claim for the deemed trust portion; trust audit anticipated to determine exact deemed trust amount. Deemed trust class. · page: 3 · amount: 520000 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust over unremitted payroll source deductions
- secured creditorsnote: Related-party individuals (personal secured creditors, not corporate). Legal opinion on validity of the security claim is being sought (see para 37). · page: 3 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: Kenneth Richard Otto and Karen Elaine Otto · currency: CAD · security: General Security Agreement over all present and after-acquired personal property, registered by Kanuka Thuringer LLP at the PPR on November 1, 2022
- secured creditorsnote: Related-party individuals. Net auction proceeds of $613,185.33 are held in trust by Robertson Stromberg LLP (counsel for the Otts) pending release to the Trustee. Legal opinion on validity of the security claim is being sought. · page: 3 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: Kenneth Richard Ott and Karen Elaine Ott · currency: CAD · security: General Security Agreement over all present and after-acquired personal property, including 43 specific serial numbered assets, registered by Robertson Stromberg LLP at the PPR on March 7, 2025
- unsecured creditorsnote: 103 unsecured creditors reported; no individual creditors named on these pages. Statement of Affairs summary table (para 32) shows a slightly different figure of $1,933,879.13. Proofs of claim actually received as of June 9, 2025, 2:00 pm CST totalled $629,259.28. · page: 3 · as of: Statement of Affairs · basis: Based on the Bankrupt's books and records and in accordance with its Statement of Affairs · amount: 1933897.13 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred claim class for unpaid wages; amount not yet determined/stated. · page: 3 · basis: Anticipated preferred claim under section 136(1)(d) of the BIA · debtor: Norseman HDD Underground Solutions Ltd. · creditor: Employees (preferred wage claims) · currency: CAD
- secured creditorsnote: Secured claim filed as of June 9, 2025, 2:00 pm CST; currently under review by the Trustee. · page: 4 · as of: 2025-06-09 · amount: 92004.87 · debtor: Norseman HDD Underground Solutions Ltd. · creditor: ADD Capital Corp. · currency: CAD
- statutory basisBankruptcy and Insolvency Act
- recovery outcomeentries: basis: actual · quote: As stated above, the secured equipment financing was paid in full by Ritchie Bros. Auctioneers and the Trustee understands that Ritchie Bros. Auctioneers is in the process of having the security registrations in relation to the equipment and machinery auctioned discharged from PPR. · pct of: unstated · outcome: paid_in_full · class key: pmsi_lessor · stated by: trustee · class label: secured equipment financing · creditor name: Ritchie Bros. Auctioneers · interim final: unstated · claims qualifier: unstated · stated on: 2025-06-09 · table missing: