British Columbia · Bankruptcy
Trustees preliminary report to creditors
Court officer report · undated
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What we verified from this filing20 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY AND INSOLVENCY
- court file no11-2196029
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date5 December 2016
- financial positionnote: Total liabilities not separately stated as a single figure; claims filed table on page 5 shows Statement of Affairs total claims of $3,750,619 (secured $34,468, preferred $9,135, unsecured $3,707,016) versus Filed total of $650,015 (secured $56,206, preferred Nil, unsecured $593,809) · page: 2 · basis: Statement of Affairs filed in the bankruptcy · scope: 365 Productions Inc. (entity level, post-amalgamation of 365 Installations Inc. and 365 Productions Inc.) · currency: CAD · total assets: 953754
- statutory basisBankruptcy and Insolvency Act
- secured creditorsnote: Secured proof of claim filed indicating amount owing far exceeded appraised value of equipment; Trustee released its interest in the equipment to the secured lender · page: 4 · debtor: 365 Productions Inc. · creditor: Liftcapital Corporation · currency: CAD · security: PPSA financing statement registered June 5, 2015 in Ontario Personal Property Registry over 2007 Toyota lift truck
- secured creditorsnote: Deemed trust class, ranks in priority to all other creditors; Trustee does not anticipate a debt owing but has not confirmed with CRA; estimate of realization assumes $0 · page: 5 · as of: date of bankruptcy · debtor: 365 Productions Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim over payroll deductions withheld and not remitted
- secured creditorsnote: DISCHARGED - Ford Credit Canada Limited discharged its financing statement previously registered in BC Personal Property Registry after vehicle returned prior to bankruptcy · page: 5 · debtor: 365 Productions Inc. · creditor: Ford Credit Canada Limited · currency: CAD · security: Financing agreement over 2015 Ford F550 vehicle
- unsecured creditorsnote: Preferred creditor class for wages/compensation under BIA s.81; claims relating to period more than six months preceding bankruptcy are general unsecured; filed claims for preferred creditors were Nil as of report date · page: 5 · as of: Statement of Affairs · basis: Preferred creditors claims as reported in Statement of Affairs · amount: 9135 · debtor: 365 Productions Inc. · creditor: Employees (wages/vacation/severance beyond secured portion) · currency: CAD
- secured creditorsnote: Secured proof of claim filed; equity appears in vehicle, Trustee expects to pay amount owed to redeem security · page: 6 · as of: estimated realization (Schedule A) · amount: 15500 · debtor: 365 Productions Inc. · creditor: Barnes Wheaton Chevrolet Buick GMC Ltd. · currency: CAD · security: PPSA financing statement registered July 23, 2013 in BC Personal Property Registry over 2011 GMC Savana vehicle
- secured creditorsnote: Twelve former employees owed approx. $209,000 total in wages/vacation/severance; only $22,000 eligible for security under s.81.3(1); ranks in priority to all creditors except CRA deemed trust claim · page: 6 · as of: date of bankruptcy · amount: 22000 · debtor: 365 Productions Inc. · creditor: Employees (Wage Earners Protection Program / Section 81.3(1) BIA) · currency: CAD · security: Statutory secured claim under Section 81.3(1) BIA over current assets (cash, accounts receivable, inventory), limited to $2,000 per employee
- secured creditorsnote: Secured proof of claim filed; separate financing statement over computer equipment (registered Jan 29, 2014, assigned from Lease Link Canada Corp.) confirmed satisfied Feb 2016, equipment owned outright - not a current claim · page: 6 · as of: estimated realization (Schedule A) · amount: 17200 · debtor: 365 Productions Inc. · creditor: National Leasing Group Inc. · currency: CAD · security: PPSA financing statement registered May 15, 2014 in BC Personal Property Registry over electronic and video equipment (lease assigned from Bergeron Collins Capital Corp.)
- secured creditorsnote: Paid in full under lease agreement in May 2015; Company owns equipment outright - no current claim · page: 7 · debtor: 365 Productions Inc. · creditor: Blueshore Leasing Ltd. · currency: CAD · security: Financing statement registered March 19, 2014 in BC Personal Property Registry over LED Video panels and related attachments/accessories
- unsecured creditorsnote: Preferred creditor - landlord rent arrears for Nov and Dec 1-5, 2016; afforded priority under BIA s.136 for BC landlords for arrears in three-month period preceding bankruptcy · page: 7 · as of: date of bankruptcy · basis: Preferred claim for rent arrears reported by Trustee · amount: 10600 · debtor: 365 Productions Inc. · creditor: 365 Ownership Group Inc. (BC Landlord) · currency: CAD
- unsecured creditorsnote: Preferred creditor - ON landlord filed proof of claim claiming no rent arrears but claiming accelerated rent as provided in lease; amount not stated in narrative (Schedule A estimates $17,412) · page: 7 · basis: Preferred claim for accelerated rent per proof of claim filed · debtor: 365 Productions Inc. · creditor: The Manufacturers Life Insurance Company (ON Landlord) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors; proofs of claim filed to date total $593,809 (labelled 'Filed' in claims table); amounts owing ultimately based on proofs of claim filed and admitted by Trustee · page: 8 · as of: Statement of Affairs · basis: Statement of Affairs as reported, including estimated unsecured deficiency claims of secured creditors · amount: 3707016 · debtor: 365 Productions Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- proceeding typebia_bankruptcy
- recovery outcomeentries: basis: estimated · quote: | % DIVIDEND (see Note 5) | 20.76% | 9.15% | · pct of: unstated · outcome: distribution · pct low: 20.76 · pct high: 20.76 · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · table missing: