Saskatchewan · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 22 December 2022
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What we verified from this filing12 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date1 December 2022
- courtIN THE COURT OF KING'S BENCH OF SASKATCHEWAN
- court file no11-2890451
- statutory basisBankruptcy and Insolvency Act
- financial positionnote: Assets: Accounts Receivable $16,000.00, Cash $50,000.00, Machinery & Equipment $115,000.00, Inventory $1.00, total $181,001.00 as reported in Statement of Affairs. Liabilities total is sum stated in document's own comparison table (Secured $175,674.85 + Preferred Nil + Unsecured $3,080,665.28 = $3,256,340.13), as explicitly presented in the Statement of Affairs column. Separately, proofs of claim filed to date total $985,334.05 (Secured Nil, Preferred $19,844.44, Unsecured $965,489.61). · page: 2 · as at: date of bankruptcy (December 1, 2022) · basis: Statement of Affairs filed in the bankruptcy · scope: Warehouse Brewing Company Inc. (single entity) · currency: CAD · total assets: 181001 · total liabilities: 3256340.13
- secured creditorsnote: Statement of Affairs listed amount $175,674.85; proofs of claim filed show Nil secured claims filed as of report date. Bank also remitted $43,391.44 cash on deposit to Trustee. · page: 3 · as of: Statement of Affairs · amount: 175674.85 · debtor: Warehouse Brewing Company Inc. · creditor: Canadian Western Bank · currency: CAD · security: Registered security agreement covering specific assets and all personal property (PPR search performed November 2, 2022)
- unsecured creditorsnote: Document names no individual unsecured creditors. Proofs of claim filed to date total $965,489.61 unsecured (four proofs of claim filed in total, aggregating $985,334.05 across secured/preferred/unsecured). CRA has a potential unsecured claim for unremitted GST but no proof of claim received to date. · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 3080665.28 · debtor: Warehouse Brewing Company Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deemed trust class claim, ranks in priority to all other creditors if it exists. Directors indicated Company was current on payroll remittances as of bankruptcy date. No proof of claim received to date; Trustee will correspond with CRA to confirm amounts owing, if any. Unremitted GST, if any, would rank as general unsecured claim. · page: 3 · basis: Deemed trust claim for unremitted payroll source deductions · debtor: Warehouse Brewing Company Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Preferred creditor under BIA landlord priority (3 months unpaid rent); ranks ahead of ordinary unsecured claims. This claim is the main difference between Statement of Affairs figures and filed proofs of claim. · page: 4 · as of: proof of claim filed · basis: Preferred claim filed by landlord per BIA priority for unpaid rent · amount: 19844.44 · debtor: Warehouse Brewing Company Inc. · creditor: Warehouse Properties Ltd. (landlord) · currency: CAD
- unsecured creditorsnote: Preferred/secured priority claim (secured to extent of $2,000 by security over current assets per s.81.3(1) BIA); administered through Wage Earner Protection Program. No additional priority claims anticipated beyond WEPP amounts. · page: 4 · as of: date of bankruptcy (December 1, 2022) · basis: Estimated priority claim for wages and compensation under Section 81.3(1) BIA / WEPP administration · amount: 11483.63 · debtor: Warehouse Brewing Company Inc. · creditor: Employees (Wage Earners) · currency: CAD