Ontario · NOI
Trustee's Preliminary Report - Organic Garage (Canada) Ltd et al
Court officer report · 6 June 2024
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 filing6 verified
- closing confirmedscope: the Junction Transaction · outcome: completed · effective: 2024-05-13 · purchaser: Junction Road Nominee Inc. · date basis: stated · approval order date: 2024-05-05; scope: the Liberty Transaction · outcome: completed · effective: 2024-05-15 · purchaser: 1000858769 Ontario Inc. · date basis: stated · approval order date: 2024-05-05; scope: the OG Transaction · outcome: completed · effective: 2024-05-17 · purchaser: OG Holdings Ltd. · date basis: stated · approval order date: 2024-05-05
- financial positionnote: No combined total is stated; per-entity SOA asset totals: Organic Garage $1,312,658.96 (cash/deposits 845,128.01; promissory note 154,250.00; shares 313,280.95); Liberty LeaseCo $205,520.25; Junction LeaseCo $75,000.00; Oakville LeaseCo $29,754.51; Bathurst LeaseCo $13,504.54. Liabilities: Organic Garage estimates 157 unsecured creditors with claims of approximately $9.4 million at the Filing Date (largest a potential intercompany claim from Oragin); secured TWPA approx. $148,000 and SIR approx. $18,000; preferred landlord claims approx. $6,000 (Bathurst) and $4,000 (Oakville). 'The other Companies do not have any unsecured creditors.' No total liabilities figure is stated. Promissory Note was repaid in full May 24, 2024; shares valued at approx. $313,000 net equity after payment of all claims. · as at: 2024-05-18 · basis: Statement of Affairs (SOA) of each of the Companies as at the Date of Bankruptcy; the report's table is headed 'assets as of the date of bankruptcy as detailed in the Statement of Affairs' · scope: Five separate entities presented side by side in a consolidated report: Organic Garage (Canada) Ltd., Liberty LeaseCo, Junction LeaseCo, Oakville LeaseCo, Bathurst LeaseCo · currency: CAD
- purchaserOG Holdings Ltd.; 1000858769 Ontario Inc.; Junction Road Nominee Inc.; MAAB Global Ltd.
- recovery outcomeentries: basis: estimated · quote: A claims process has been initiated by the Trustee and it is anticipated that there will be funds available for distribution to the creditors of Organic Garage with proven claims. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: creditors of Organic Garage with proven claims · interim final: unstated · claims qualifier: unstated · table missing:
- sale outcometext: Sale transactions resulting from the Sales Process, all closed · scope: whole_business · status: closed
- stalking horseMAAB Global Ltd.