British Columbia · NOI
Trustee's First Report to Court
Court officer report · 12 February 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing15 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date5 February 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY & INSOLVENCY
- court file noB250052
- statutory basisBankruptcy and Insolvency Act
- secured creditorsnote: Deemed-trust class claim for unpaid GST and Excise Tax; document states indebtedness 'in excess of $1,000,000' — floor amount, operative word 'in excess of'. · page: 4 · amount: 1000000 · debtor: Tricanna Industries Inc. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Approximate amount owed; per Trustee, would have priority claim against proceeds of pre-roller machine sale over other secured creditors in a bankruptcy scenario. · page: 8 · amount: 100000 · debtor: Tricanna Industries Inc. · creditor: Betty Sorensen · currency: CAD · security: Registered security over specific serial-numbered Pre-RollER Model P200 machine(s)
- secured creditorspage: 8 · debtor: Tricanna Industries Inc. · creditor: Beem Credit Union · currency: CAD · security: General security agreement over all Company assets (registered BC PPR)
- secured creditorsnote: Portion of secured debt (Retained Secured Debts) to be documented and satisfied via non-interest bearing demand VLT Promissory Note; supportive of Transaction despite expected deficiency in recovery. · page: 8 · debtor: Tricanna Industries Inc. · creditor: Thomas Tardi · currency: CAD · security: General security agreement over all Company assets (registered BC PPR)
- secured creditorsnote: Portion of secured debt (Retained Secured Debts) to be documented and satisfied via non-interest bearing demand VLT Promissory Note; supportive of Transaction despite expected deficiency in recovery. · page: 8 · debtor: Tricanna Industries Inc. · creditor: Gary Leong · currency: CAD · security: General security agreement over all Company assets (registered BC PPR)
- secured creditorsnote: Portion of secured debt (Retained Secured Debts) to be documented and satisfied via non-interest bearing demand VLT Promissory Note; supportive of Transaction despite expected deficiency in recovery. · page: 8 · debtor: Tricanna Industries Inc. · creditor: Victor Neufeld · currency: CAD · security: General security agreement over all Company assets (registered BC PPR)
- secured creditorsnote: Company reports no debt outstanding under this financing agreement (nil balance). Cory Lange is a director of the Company — related party. · page: 8 · amount: 0 · debtor: Tricanna Industries Inc. · creditor: Cory Lange · currency: CAD · security: Registered security over two specific serial-numbered Pre-RollER Model P200 machines
- secured creditorsnote: Also holds factoring agreement over accounts receivable; Company does not expect a material claim as AR value appears sufficient to cover any balance; any balance owed would be retained by the Company under the Subscription Agreement. · page: 8 · debtor: Tricanna Industries Inc. · creditor: Community Savings Credit Union · currency: CAD · security: General security agreement over all Company assets (registered BC PPR)
- recovery outcomeentries: basis: estimated · quote: Following the payment of the VLT Promissory Note and the professional fees, there will not be any funds available to the creditors vested to Residual Co. · pct of: unstated · outcome: nil · stated by: trustee · class label: creditors vested to Residual Co. · interim final: unstated · conditional on: Following the payment of the VLT Promissory Note and the professional fees · claims qualifier: unstated; basis: unstated · quote: In either scenario, the unsecured creditors are not expected to receive any recovery with respect to their claims. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Transaction includes that Betty Sorensen's claim will be vested to Residual Co. and that there will not be any distribution to the Residual Co. creditor. · pct of: unstated · outcome: nil · class key: secured · stated by: trustee · class label: Residual Co. creditor (Betty Sorensen) · creditor name: Betty Sorensen · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: There is no reasonable expectation for recovery to the general unsecured creditors in a bankruptcy or from the Transaction. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: general unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: