Ontario · Receivership (court-appointed)
First Report of the Proposal Trustee (CBTL) dated December 20, 2016
Court officer report · 20 December 2016
What we verified from this filing10 verified
- financial positionnote: Assets reported at book value: accounts receivable $213,263, inventory $608,188, equipment and software approx. $924,000, land and buildings approx. $1.163 million; no total assets/liabilities figure stated in document; components not summed per reporting rules. · page: 10 · as at: 2016-08-31 · basis: unaudited internal financial statements · scope: entity - BG Furniture Ltd. · currency: CAD
- secured creditorsnote: Outstanding balance approx. $622,000; principal amount of charge is $587,500 · page: 10 · as of: 2016-12-19 · amount: 622000 · debtor: BG Furniture Ltd. · creditor: Platinum Investment Group Inc. · currency: CAD · security: Charges on land and buildings; registered principal amount $587,500
- secured creditorsnote: Amount is stated as an aggregate minimum (floor); document says 'owed an aggregate minimum amount of approximately $1,289,000' · page: 11 · as of: 2016-12-19 · amount: 1289000 · debtor: BG Furniture Ltd. · creditor: Grenville Strategic Royalty Corp. · currency: CAD · security: General security agreement over non-real property assets
- secured creditorsnote: Related party: Adam Hofmann is President of BG Furniture Ltd. · page: 11 · as of: 2016-12-19 · amount: 836000 · debtor: BG Furniture Ltd. · creditor: 2110785 Ontario Inc./Adam Hofmann/Dirk Nielson · currency: CAD · security: General security agreement over non-real property assets
- secured creditorsnote: Also the proposed DIP Lender and Stalking Horse Investor in these proceedings · page: 11 · as of: 2016-12-19 · amount: 41200 · debtor: BG Furniture Ltd. · creditor: 2544311 Ontario Limited · currency: CAD · security: General security agreement over non-real property assets
- secured creditorsnote: PPSA equipment financiers (PMSI class); no amount stated · page: 11 · debtor: BG Furniture Ltd. · creditor: CNH Capital Canada Ltd., Blue Chip Leasing Corporation and Xerox Canada Ltd. (equipment lessors) · currency: CAD · security: Leases over non-real property assets (equipment)
- secured creditorsnote: Outstanding balance approx. $664,000; registered charge amount is $624,000 · page: 11 · as of: 2016-12-19 · amount: 664000 · debtor: BG Furniture Ltd. · creditor: Saugeen Economic Development Corporation (SEDC) and Bruce Community Futures Development Corporation (Bruce) · currency: CAD · security: Jointly registered charge on land and buildings, registered amount $624,000; also general security agreement over non-real property assets
- unsecured creditorsnote: Deemed trust class (unremitted source deductions) · page: 11 · as of: 2016-12-19 · basis: Trustee's First Report states Company 'is indebted to Canada Revenue Agency in an amount of approximately $49,983 in respect of unremitted employee source deductions' · amount: 49983 · debtor: BG Furniture Ltd. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Preferred claim under BIA (wages) · page: 11 · as of: 2016-12-19 · basis: Trustee's First Report states Company 'owes an amount of approximately $250,222 in unpaid wages to its employees' · amount: 250222 · debtor: BG Furniture Ltd. · creditor: Employees (unpaid wages) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors · page: 11 · as of: 2016-12-19 · basis: Trustee's First Report states Company 'has approximately $420,000 in unsecured liabilities to trade creditors' · amount: 420000 · debtor: BG Furniture Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD