Nova Scotia · Bankruptcy
Notice of Bankruptcy and First Meeting of Creditors dated May 18, 2023
Notice to creditors · 18 May 2023
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What we verified from this filing33 verified · 1 withheld
- appointeeDeloitte Restructuring Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date12 May 2023
- court file no45472
- statutory basissection 49 of the Bankruptcy and Insolvency Act
- financial positionnote: Liabilities breakdown per SOA summary (page 3): unsecured creditors per List A $8,226,960.44; balance of secured claims per List B $2,535,571.75; total unsecured creditors $10,762,532.19; secured creditors per List B $9,877,871.23; preferred creditors per List C $1.00; contingent/trust/other liabilities per List D estimated reclaimable $2.00; total liabilities $20,640,406.42; surplus NIL. Total assets $9,877,871.23; deficiency $10,762,535.19. SOA declared as of 5 May 2023; date and time of bankruptcy May 12, 2023 15:16 per Certificate of Appointment (Court No. 45472, Estate No. 51-2943790, District of Nova Scotia). List B total amount of claim (secured creditors' total claims) stated at $12,413,442.98. Note List B 'Employee' preferred and the CRA/Reconcept List D contingent items carry nominal $1.00 placeholder amounts · page: 3 · as at: 2023-05-05 · basis: Form 78 Statement of Affairs (Business Bankruptcy), liabilities and assets as stated and estimated by the officer; sworn/declared by Jason Hayman · scope: Single entity: Sustainable Marine Energy (Canada) Ltd (SMEC) · currency: CAD · total assets: 9877871.23 · total liabilities: 20640406.42
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 991.88 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Parkers Property Services · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 415133.66 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Spicer Marine Energy Ltd. · currency: CAD
- unsecured creditorsnote: individual · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 351.08 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Nabil Al-Kahli · currency: CAD
- unsecured creditorsnote: Neptune Shipyards B.V. is also listed in List B as a secured creditor ($8,351,329.55 secured by Multicat); this List A entry is a distinct unsecured claim · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 450268.13 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Neptune Shipyards B.V. · currency: CAD
- unsecured creditorsnote: This is the unsecured shortfall (balance of claim) of Reconcept's List B secured claim (total claim $4,000,000.00, less security value). Cross-reference to the secured_creditors entry to avoid double-counting; List A 'Unsecured claim' column shows $0.00 and 'Balance of claim' $2,508,081.39 · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' unsecured column; this figure is the 'Balance of claim' (unsecured shortfall) of Reconcept's secured claim in List B · amount: 2508081.39 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Reconcept 13 Meeresenergie Bay of Fundy Limited Partnership · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 81170 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Atlantic Canada Opportunities Agency · currency: CAD
- unsecured creditorsnote: Bank of Montreal is also listed in List B as a secured creditor (two cash-secured claims of $9,622.07 and $25,000.00); this List A entry is a distinct unsecured claim · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 30000 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Bank of Montreal · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 128.87 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Bell Aliant · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 3664.82 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Build Nova Scotia · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 84773.21 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: CAFO Credit Corporation · currency: CAD
- unsecured creditorsnote: federal government claim · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 180471.67 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Canada Border Services Agency (CBSA) · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 142.34 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Canadian Springs · currency: CAD
- unsecured creditorsnote: Canada Revenue Agency (deemed-trust class); nominal $1.00 placeholder amount stated. List D also records CRA - Tax - Atlantic indebtedness as a Deemed Trust contingent liability (nominal $1.00) · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 1 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: CRA - Tax - Atlantic · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 678.17 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Eastlink · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 795.99 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Eastward Energy · currency: CAD
- unsecured creditorsnote: federal government claim · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 254.61 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Fisheries and Oceans Canada · currency: CAD
- unsecured creditorsnote: individual · page: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 109.5 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Jason Boudreau · currency: CAD
- unsecured creditorspage: 4 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 22917.93 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Kongsberg Maritime Canada Ltd · currency: CAD
- unsecured creditorsnote: UK address (Chandler Ford, Southampton); name closely matches the debtor Sustainable Marine Energy (Canada) Ltd, but no relationship is stated on the form · page: 5 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 6954172.69 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Sustainable Marine Energy Ltd. · currency: CAD
- unsecured creditorspage: 5 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' (unsecured creditors), as stated and estimated by the officer · amount: 934.89 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Tandem Equipment Finance · currency: CAD
- unsecured creditorsnote: This is the unsecured shortfall (balance of claim) of Vault Credit Corporation's List B secured claim (amount of claim $27,491.36, security valued at $1.00). Cross-reference to the secured_creditors entry to avoid double-counting; List A 'Unsecured claim' column shows $0.00 and 'Balance of claim' $27,490.36 · page: 5 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'A' unsecured column; this figure is the 'Balance of claim' (unsecured shortfall) of Vault's secured claim in List B · amount: 27490.36 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Vault Credit Corporation · currency: CAD
- secured creditorsnote: List B Secured Creditors; fully secured per stated value; Bank of Montreal is also listed in List A as an unsecured creditor for $30,000.00 (separate claim) · page: 6 · as of: 2023-05-05 · amount: 9622.07 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Bank of Montreal · currency: CAD · security: Cash on Hand - Cash - Restricted Cash; estimated value of security $9,622.07; security given 20-Apr-2023
- secured creditorsnote: List B Secured Creditors; second cash-secured BMO claim, fully secured per stated value · page: 6 · as of: 2023-05-05 · amount: 25000 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Bank of Montreal · currency: CAD · security: Cash on Hand - Cash - Restricted Cash; estimated value of security $25,000.00; security given 20-Apr-2023
- secured creditorsnote: List B Secured Creditors; fully secured per stated value; Neptune Shipyards B.V. is also listed in List A as an unsecured creditor for $450,268.13 (separate claim) · page: 6 · as of: 2023-05-05 · amount: 8351329.55 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Neptune Shipyards B.V. · currency: CAD · security: Business Assets - Machinery - Multicat; estimated value of security $8,351,329.55; security given 20-Apr-2023
- secured creditorsnote: List B Secured Creditors; partially secured. Stated unsecured shortfall (balance of claim) $2,508,081.39, which is ALSO recorded in List A / unsecured_creditors as a distinct entry (cross-reference to avoid double-counting). List D also records a nominal $1.00 breach-of-contract contingent claim by Reconcept · page: 6 · as of: 2023-05-05 · amount: 4000000 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Reconcept 13 Meeresenergie Bay of Fundy Limited Partnership · currency: CAD · security: Security given 20-Apr-2023 over numerous assets: Cash on Hand - Bank; Debts Due - Kelly Cove Salmon, SCHOTTEL HYDRO GmbH, Swift Anchors, Refundable Deposit, Due from Grand Passage Energy GP Ltd, Due from Petit Passage Energy GP Ltd, Prepaid Expenses, Spicer Marine Energy Inc.; Furniture - Office Equipment; Motor Vehicles; Business Assets - Machinery (Amphibious RIB, Equipment, Rogue Jet, Tidal Platforms, Multicat, Forklift); Other (Deferred financing charges, Engineering costs, Investment in related entities); Restricted Cash. Per-asset estimated values are itemised on the form and not summed here per report-not-compute rule
- secured creditorsnote: List B Secured Creditors; essentially unsecured (security valued at $1.00). Stated unsecured shortfall (balance of claim) $27,490.36 is ALSO recorded in List A / unsecured_creditors (cross-reference to avoid double-counting). Minor discrepancy: List B amount of claim $27,491.36 vs List A balance of claim $27,490.36 · page: 6 · as of: 2023-05-05 · amount: 27491.36 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Vault Credit Corporation · currency: CAD · security: Business Assets - Machinery - Forklift; estimated value of security $1.00; security given 20-Apr-2023
- unsecured creditorsnote: PREFERRED creditor (List C, wages) ranking ahead of ordinary unsecured; nominal $1.00 placeholder stated (amount of claim $1.00, amount payable in full $0.00). Named only as 'Employee' at 95 Simmonds Drive, Dartmouth NS · page: 8 · as of: 2023-05-05 · basis: Form 78 Statement of Affairs List 'C' (Preferred Creditors for Wages, Rent, etc.), as stated and estimated by the officer · amount: 1 · debtor: Sustainable Marine Energy (Canada) Ltd · creditor: Employee · currency: CAD
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.