Prince Edward Island · NOI
First Report of the Proposal Trustee
Court officer report · 6 December 2024
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 filing7 verified
- courtSUPERIOR COURT OF PRINCE EDWARD ISLAND
- court file no4145
- commencement date14 November 2024
- secured creditorsnote: PCU is the Company's principal lender; operating line of credit limit reduced from usual $350,000 to $274,931 (per Cash Flow notes, p.32) / $275,000 (per report, p.10) — this is a facility limit, not an outstanding balance; no balance stated. · page: 6 · debtor: Island Milk Distributors Ltd. · creditor: Provincial Credit Union (PCU) · currency: CAD · security: General security agreement (GSA) over accounts receivable, inventory and customer list
- secured creditorsnote: Stated as 'approximately $350,000'; real property believed to be significantly more valuable than debts owed; Trustee obtaining appraisal. · page: 6 · as of: NOI filing date · amount: 350000 · debtor: Island Milk Distributors Ltd. · creditor: Finance PEI · currency: CAD · security: Mortgage over real property
- secured creditorsnote: Individual leases/PMSIs detailed in Exhibit B of the Coffin Affidavit, which is not included in these pages; no aggregate figure stated in the report itself. · page: 6 · debtor: Island Milk Distributors Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Various leases and purchase-money-security-interest (PMSI) arrangements registered under the PEI Personal Property Security Act over tractors, trailers and refrigerated trailers
- secured creditorsnote: Deemed trust class per BIA. Report states the Company 'accumulated significant arrears' owing to CRA and that PCU froze operations following CRA correspondence. Cash flow table (Table 1, p.9) and cash flow projection notes (p.32) separately identify 'Source - Arrears (2024) $343,919' and 'HST - Arrears (2024) $10,357'; document does not provide a combined total, so components are reported here rather than summed. · page: 9 · as of: as at 3-week cash flow period ended December 2, 2024 · debtor: Island Milk Distributors Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust/lien over all of the Company's current assets for unremitted payroll source deductions