Ontario · NOI
Preliminary Report – Bankruptcy
Court officer report · 6 August 2024
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What we verified from this filing11 verified
- appointeeDodick Landau Inc.
- appointee roleTrustee in Bankruptcy
- commencement date18 July 2024
- courtOntario Superior Court of Justice (Bankruptcy)
- court file no35-3076617
- provinceONTARIO
- unsecured creditorsnote: 99 unsecured creditors listed with potential provable claims totalling approximately $13.3 million; document names no individual creditors. Separately, as at date of report, the Trustee had received proofs of claim from 27 preferred and unsecured creditors totalling $9,969,342 (mixed class, not itemized), and total claims received from all creditors (including CRA) equalled $12,640,938. · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported (potential provable claims, approximate) · amount: 13300000 · debtor: Shu-Pak Equipment Inc. · creditor: Unsecured creditors (aggregate as reported in Statement of Affairs) · currency: CAD
- unsecured creditorsnote: 29 preferred creditors listed with potential provable claims; document names no individual creditors; classified as preferred (ranks ahead of ordinary unsecured). · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 47599.14 · debtor: Shu-Pak Equipment Inc. · creditor: Preferred creditors (aggregate as reported in Statement of Affairs) · currency: CAD
- secured creditorsnote: Statement of Affairs (undated within report) listed this claim at approx. $1.6 million (para 14); exact figure of $1,601,541.20 (as printed, likely a typo for $1,601,541.20) is from CRA's filed proof of claim ($2,671,597 total, of which this is the secured deemed-trust portion). Deemed trust class (regulatory/quasi-governmental). CRA payroll audit ongoing and may amend the claim. · page: 3 · as of: date of this report · amount: 1601541.2 · debtor: Shu-Pak Equipment Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim re: unremitted payroll source deductions (employee/employer)
- unsecured creditorsnote: Unsecured portion of CRA's combined proof of claim ($2,671,597 total) relating to unremitted employee/employer payroll source deductions, interest and penalties; subject to ongoing CRA payroll audit which may amend the claim. · page: 3 · as of: date of this report · basis: Proof of claim filed by CRA · amount: 1070055 · debtor: Shu-Pak Equipment Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the projected realizations to date by the Trustee, total realizations may not be sufficient to repay CRA's secured claim in full, in which case CRA will experience a shortfall. · pct of: unstated · outcome: shortfall · class key: deemed_trust · stated by: trustee · class label: CRA (secured deemed trust claim) · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As such, there will be no proceeds remaining for distribution to Shu-Pak's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Shu-Pak's unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: