British Columbia · Bankruptcy
Bench Accounting. Inc - First Report of the Trustee Dated March 5, 2025
Court officer report · 5 March 2025
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 filing10 verified
- report date5 March 2025
- report noFirst Report
- operational summaryPrior to the Filing Date, the Companies operated a combined business that provided accounting, bookkeeping, tax and other financial services to over 10,000 customers across North America.
- financial positionnote: Assets breakdown: Cash 370, Accounts Receivable 862, Other Current Assets 1,009, Fixed Assets 2,863 (US$000s); NBC owed approx. US$34.6 million as of Filing Date; accumulated deficit of approximately US$146 million · as at: 2025-01-07 · basis: unaudited · scope: consolidated (Bench Accounting, Inc. and 10Sheet Services Inc.) · currency: USD · total assets: 5104000 · total liabilities: 51536000
- operational summaryThe Companies ceased operations and terminated all employees in late December 2024 due to lack of liquidity, but the purchaser (Recruiter) has been operating the business under a Transition Services Agreement pending closing of the asset sale.
- process resultsbids: 1 · note: one unacceptable offer submitted at the Bid Deadline; approximately 10 parties engaged during the Sale Process
- purchaserRecruiter.com Ventures Inc.
- report date5 March 2025
- report noFirst Report
- sale outcometext: Trustee recommends the BC Court grant the AVO approving the Transaction, the APA and the conveyance of the Purchased Assets to Recruiter · scope: whole_business · status: pending_approval