Manitoba · Bankruptcy
Notice of Bankruptcy and First Meeting of Creditors
Notice to creditors · 1 November 2016
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What we verified from this filing13 verified
- appointeeMNP Ltd.
- appointee roletrustee
- commencement date28 October 2016
- court file noBK 16-01-04178
- provinceManitoba
- statutory basisSubsection 102(1) of the Act
- financial positionnote: Deficiency of $8,318,254.94 reported; liabilities include unsecured creditors $4,434,408.51, balance of secured claims $3,671,290.29 (total unsecured $8,105,698.80), secured creditors $7,015,000.00, preferred creditors $212,555.14, and contingent/trust claims $1.00 · page: 2 · as at: 2016-10-31 · basis: Statement of Affairs (Business Bankruptcy), as stated and estimated by the officer · scope: Mid Canada Millwork Ltd. (single entity, non-consolidated) · currency: CAD · total assets: 7015000 · total liabilities: 15333254.94
- unsecured creditorsnote: Document itemizes 181 individual creditors on pages 3-9 with individual amounts ranging from $1.00 to $1,066,901.44; largest individual unsecured claims include CRA - Canada Revenue Agency Tax-Prairie $1,066,901.44 and $46,017.71, Friesen Darryl - Shareholders Loan (related party) $556,582.00, City of Steinbach $284,608.87, Penner International Inc. $220,374.52, Advantage Millwork Installations LLC $210,046.39. Total unsecured claim column is $4,434,408.51; separately, Balance of claim column (arising from partially secured creditors Formations Inc. $791,911.61, Intact Insurance $494,378.68, TD Canada Trust $2,385,000.00) totals $3,671,290.29, giving combined 'Total unsecured creditors' of $8,105,698.80 per document. · page: 3 · as of: 2016-10-31 · basis: Statement of Affairs List 'A' - Unsecured Creditors, as stated and estimated by the officer · amount: 4434408.51 · debtor: Mid Canada Millwork Ltd. · creditor: Unsecured creditors (itemized list of 181 creditors as reported, List 'A') · currency: CAD
- secured creditorspage: 10 · as of: 2016-10-31 · amount: 791911.61 · debtor: Mid Canada Millwork Ltd. · creditor: Formations Inc. · currency: CAD · security: Debts due - accounts receivable; real property/immovable Steinbach 78 PTH 52W; business assets - inventory, machinery, equipment, furniture & fixtures
- secured creditorsnote: Balance of claim not shown (fully secured against estimated $6,000,000 real property value) · page: 10 · as of: 2016-10-31 · amount: 6000000 · debtor: Mid Canada Millwork Ltd. · creditor: Business Development Bank of Canada · currency: CAD · security: Real property/immovable - Building Steinbach 78 PTH 52W; business assets - machinery, equipment, furniture & fixtures; debts due - accounts receivable; inventory; motor vehicles
- secured creditorspage: 11 · as of: 2016-10-31 · amount: 494378.68 · debtor: Mid Canada Millwork Ltd. · creditor: Intact Insurance · currency: CAD · security: Business assets - inventory; debts due - accounts receivable; real property/immovable Steinbach 78 PTH 52W; business assets - machinery, equipment, furniture & fixtures
- secured creditorsnote: Amount of claim stated as $3,400,000.00; balance of claim after security value is $2,385,000.00 · page: 12 · as of: 2016-10-31 · amount: 2385000 · debtor: Mid Canada Millwork Ltd. · creditor: TD Canada Trust c/o BankruptcyHighway.com · currency: CAD · security: Debts due - accounts receivable ($550,000 est. value); business assets - inventory ($200,000 est. value); machinery/equipment/furniture/fixtures ($250,000 est. value); real property Steinbach 78 PTH 52W ($0 est. value); motor vehicles ($15,000 est. value)
- unsecured creditorsnote: Preferred class ranking ahead of ordinary unsecured; 144 individual former employees listed on pages 12-19, each claim typically capped at $2,000.00; Amount payable in full shown as $0.00 for each · page: 12 · as of: 2016-10-31 · basis: Statement of Affairs List 'C' - Preferred Creditors for Wages, Rent, etc., as stated and estimated by the officer · amount: 212555.14 · debtor: Mid Canada Millwork Ltd. · creditor: Preferred creditors for wages, etc. (List 'C', aggregate of 144 individuals as reported) · currency: CAD