British Columbia · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 3 August 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- proceeding typebia_bankruptcy
- statutory basisBankruptcy and Insolvency Act
- financial positionnote: Total assets per Statement of Affairs comprise Inventory $1, Accounts Receivable $88,516, Trademarks $1; total liabilities not stated as a single balance sheet figure (secured and unsecured amounts reported separately elsewhere in the report) · page: 2 · basis: Statement of Affairs filed in the bankruptcy · scope: Solo GI Nutrition Inc. (single entity) · currency: CAD · total assets: 88518
- secured creditorsnote: Statutory secured cap per employee; Trustee does not anticipate receiving claims under this provision as Former Director advises all wages were paid · page: 3 · as of: Date of Bankruptcy · amount: 2000 · debtor: Solo GI Nutrition Inc. · creditor: Employees (wage earner claims under s.81.3(1) BIA) · currency: CAD · security: Statutory security over current assets (cash and accounts receivable) up to $2,000 per employee for wages/vacation pay/compensation in the six months preceding bankruptcy
- secured creditorsnote: Deemed trust class; statement of account dated January 18, 2021 indicates balance is in a credit position and the Trustee does not anticipate a debt owing for payroll withholdings; any unremitted GST debt would rank as unsecured · page: 3 · as of: 2021-01-18 · debtor: Solo GI Nutrition Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust claim for unremitted payroll deductions, ranking in priority to all other creditors
- secured creditorsnote: Demand loan facility; interest and costs still accruing as of the stated date · page: 4 · as of: 2021-04-20 · amount: 180255 · debtor: Solo GI Nutrition Inc. · creditor: Economic Trust Southern Interior · currency: CAD · security: Secured charge over all of the Company's assets and property, registered in the BC Personal Property Registry on July 22, 2016; notice of priority agreement registered providing priority over previously registered RBC security
- secured creditorsnote: Subordinated in priority to ETSI security by notice of priority agreement; interest and costs still accruing as of the stated date · page: 4 · as of: 2021-04-20 · amount: 540940.08 · debtor: Solo GI Nutrition Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement and cash collateral agreement registered in BC Personal Property Registry on July 12, 2016, securing Canada Emergency Business Account Agreement and Royal Bank of Canada Credit Agreement
- unsecured creditorsnote: Includes estimated deficiency claims of secured creditors; document names no individual unsecured creditors. Separately, 2 proofs of claim filed as of report date total approximately $721,194.73 in total creditor claims (proofs-filed figure, not the reported total). · page: 4 · as of: Statement of Affairs filing · basis: Statement of Affairs as reported · amount: 1018192 · debtor: Solo GI Nutrition Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD