Nova Scotia · NOI

First Report of the Proposal Trustee

Court officer report · 11 December 2025

What we verified from this filing2 verified

financial positionnote: First Report (p.4) states: 'The Company has no secured creditors and no operating line of credit with its bank.' Liabilities figure is the exact Form 33 creditor list total (p.15: $943,843.34) excluding outstanding employee wage claims (unquantified); First Report prose (p.4) rounds this to 'approximately $943,844'. Only accounts receivable ($366,562.78 as of Nov 28, 2025, p.4) is quantified as an asset; vehicles, office equipment and furniture are noted as 'heavily depreciated' but not assigned a value, so no total assets figure is stated. · page: 4 · as at: 2025-12-01 · basis: unaudited/draft internal accounting records and management estimates; Trustee has not audited or verified (per Restrictions, p.3) · scope: Jolcar Security Services Inc. (single entity) · currency: CAD · total liabilities: 943843.34
secured creditorsnote: HST arrears; deemed-trust class Crown claim, not a contractual security interest. Trustee's First Report (p.4) states the Company 'has no secured creditors'; this CRA indebtedness is recorded per Rule 7 as a quasi-governmental deemed-trust claim. Amount confirmed exact on Form 33 creditor list (account #702290297) dated Dec 1, 2025; First Report prose (p.4) describes it as 'estimated to be owed $800,000 in HST arrears.' · page: 15 · as of: 2025-12-01 · amount: 800000 · debtor: Jolcar Security Services Inc. · creditor: Canada Revenue Agency (CRA) - Tax Atlantic · currency: CAD