Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 29 April 2024
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What we verified from this filing23 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- courtIN THE COURT OF KING'S BENCH OF ALBERTA
- court file no24-3065558
- proceeding typebia_bankruptcy
- commencement date9 April 2024
- financial positionnote: Balance sheet (Table 2) shows Total Assets $14,616,874 as at Sep 30, 2023; total liabilities computed by document as current liabilities $10,149,214 plus long-term liabilities $2,172,000 (not separately totaled by document, components reported only); comparative prior year (Sep 30, 2022) also shown: Total Assets $17,502,107 · page: 3 · as at: 2023-09-30 · basis: Externally audited financial statements; stub period to date of bankruptcy (April 9, 2024) not prepared · scope: CRS CraneSystems Inc. (entity level) · currency: CAD · total assets: 14616874 · total liabilities: 12321214
- secured creditorsnote: Deemed trust claim for source deductions; document states all amounts owing to CRA for source deductions have been paid; CRA has not filed a proof of claim as of date of report · page: 5 · as of: date of bankruptcy · amount: 0 · debtor: CRS CraneSystems Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust - all present and after-acquired property
- secured creditorsnote: Balance owing approximately $918K as at date of bankruptcy; REP has not filed proof of claim; Trustee obtaining security opinion (pending) on validity and enforceability · page: 6 · as of: date of bankruptcy · amount: 918000 · debtor: CRS CraneSystems Inc. · creditor: Regimen Equity Partners Inc. · currency: CAD · security: GSA, all present and after-acquired property
- secured creditorsnote: Balance owing approximately $27K as at date of bankruptcy; Pattison has not filed proof of claim; Trustee obtaining security opinion (pending); Trustee intends to buy out remaining leases · page: 6 · as of: date of bankruptcy · amount: 27000 · debtor: CRS CraneSystems Inc. · creditor: Jim Pattison Industries Ltd. · currency: CAD · security: Specific serial numbered vehicles (leased, 18 originally, 4 remaining)
- secured creditorsnote: Balance owing approximately $23K as at date of bankruptcy; Manifold has not filed proof of claim; Trustee obtaining security opinion (pending) on validity and enforceability · page: 6 · as of: date of bankruptcy · amount: 23000 · debtor: CRS CraneSystems Inc. · creditor: Harold Manifold · currency: CAD · security: GSA, all present and after-acquired property
- secured creditorsnote: Table 3 estimates claim at $1,051K; prose states balance owing approximately $1.1M as at date of bankruptcy - using prose figure as more specific rounded balance stated in text; CIBC has not filed proof of claim; Trustee has obtained written legal opinion confirming CIBC security valid and enforceable (agency agreement in place, s.13.4(1) BIA) · page: 6 · as of: date of bankruptcy · amount: 1100000 · debtor: CRS CraneSystems Inc. · creditor: Canadian Imperial Bank of Commerce · currency: CAD · security: GSA, all present and after-acquired property; and specific serial numbered vehicles
- secured creditorsnote: Balance owing approximately $2.0M as at date of bankruptcy; loan extended through CIBC; EDC has not filed proof of claim; Trustee obtaining security opinion (pending) on validity and enforceability · page: 6 · as of: date of bankruptcy · amount: 2000000 · debtor: CRS CraneSystems Inc. · creditor: Export Development Canada · currency: CAD · security: GSA, all present and after-acquired property
- unsecured creditorsnote: Total of 148 unsecured creditors per Trustee's review of books and records; Table 4 itemizes only the major unsecured creditors, remainder not individually named; total also appears in Table 5 as $5,559 (000's) · page: 6 · basis: Based on the Company's books and records, the Trustee is aware of 148 unsecured creditors · amount: 5559027 · debtor: CRS CraneSystems Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4) · page: 7 · basis: Based on the Company's books and records · amount: 1368000 · debtor: CRS CraneSystems Inc. · creditor: R&M Materials Handling · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4); same creditor also holds a secured claim of $918K per Table 3 - distinct capacity as partially unsecured deficiency claimant · page: 7 · basis: Based on the Company's books and records · amount: 1072000 · debtor: CRS CraneSystems Inc. · creditor: Regimen Equity Partners Inc. · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4) · page: 7 · basis: Based on the Company's books and records · amount: 421000 · debtor: CRS CraneSystems Inc. · creditor: Russel Metals Inc. · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4) · page: 7 · basis: Based on the Company's books and records · amount: 161000 · debtor: CRS CraneSystems Inc. · creditor: J.J. Cab Enterprises Ltd. · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4) · page: 7 · basis: Based on the Company's books and records · amount: 146000 · debtor: CRS CraneSystems Inc. · creditor: 1861613 Alberta Ltd. · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4) · page: 7 · basis: Based on the Company's books and records · amount: 141000 · debtor: CRS CraneSystems Inc. · creditor: Columbus McKinnon Ltd. · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4) · page: 7 · basis: Based on the Company's books and records · amount: 123000 · debtor: CRS CraneSystems Inc. · creditor: ABUS Kransyteme GmbH · currency: CAD
- unsecured creditorsnote: Listed as major unsecured creditor (Table 4) · page: 7 · basis: Based on the Company's books and records · amount: 103000 · debtor: CRS CraneSystems Inc. · creditor: Varsteel Ltd. · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the review of the books and records of the Company and discussions with management and auctioneers, we estimate the recoveries will be insufficient to repay all secured claims in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: secured claims · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As such, the Trustee estimates there will be no recovery to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-04-29 · table missing: