Ontario · Bankruptcy
Second Supplement to the First and Second Reports of the Trustee dated August 18, 2020
Court officer report · 18 August 2020
Also filed as: Second Supplement to the First and Second Reports of the Trustee dated August 18, 2020
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 filing5 verified
- financial positionnote: Shareholders' deficiency of $(533,483) at 2016 (2015: $(289,331); 2014: $(942,389)). Trustee notes liabilities exceed assets at book value before any fair-value adjustments needed for a balance-sheet solvency test. The Trustee also states Forma Con was guarantor of BCCL's NBC facility ($56 million at 2016 year-end) and that discrepancies exist between the financial statements and the CHS Report. These are historical (2016) statements, not a position as at bankruptcy (Dec 2, 2019). · as at: 2016-12-31 · basis: Unaudited Notice to Reader compilation by Deloitte LLP — 'we have not performed an audit or a review engagement in respect of these financial statements and, accordingly, we express no assurance thereon'; the Trustee notes the information undergoes no testing. · scope: Single entity: 1033803 Ontario Inc. (Forma Con), fiscal year ended December 31, 2016 · currency: CAD · total assets: 137964801 · total liabilities: 138498284
- operational summaryForma Con was placed in receivership in November 2018 and filed an assignment in bankruptcy on December 2, 2019. The report replies to John Aquino's responding materials in the Trustee's transfers-at-undervalue claim, arguing the CHS expert report does not establish Forma Con's solvency and that its accounting information is unreliable.
- recovery outcomeentries: basis: unstated · quote: Forma Con's creditors, including Bridging, Canada Revenue Agency and other creditors will incur a shortfall on Forma Con's indebtedness to them. · pct of: unstated · outcome: shortfall · class key: deemed_trust · stated by: trustee · class label: Forma Con's creditors, including Bridging, Canada Revenue Agency and other creditors · interim final: unstated · related party: false · claims qualifier: unstated · table missing:
- report date18 August 2020
- report noSecond Supplement to the First Report of KSV Kofman Inc. as Trustee in Bankruptcy