Ontario · NOI
Trustee's Preliminary Report dated May 2, 2025 [ ]
Court officer report · 2 May 2025
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 filing6 verified
- closing confirmedscope: the Rejoice Transaction · outcome: completed · effective: 2025-02-24 · purchaser: Rejoice Industries Canada Inc. · date basis: stated · approval order date: 2025-02-20; scope: the Litigation Claims Transaction · outcome: completed · effective: 2025-02-25 · purchaser: 1001125540 Ontario Inc. · date basis: stated · approval order date: 2025-02-20
- financial positionnote: Total liabilities not stated as a single figure. Components disclosed: secured creditor CWB claim filed $6,864,523.00; unsecured creditors estimated at approximately $10.8 million (213 creditors, excluding potential severance/termination claims) per SOA; no known preferred creditors as at Date of Bankruptcy; potential Crown deemed trust claim (unremitted source deductions/payroll taxes) of approximately $210,000, quantum unconfirmed pending CRA audit; potential section 81.3 vacation pay claims reserved at $20,000. · as at: 2025-04-15 · basis: Statement of Affairs (SOA) · scope: entity - Brands International Corporation · currency: CAD · total assets: 230000
- purchaserRejoice Industries Canada Inc.; 1001125540 Ontario Inc.; AMG Global Holdings ULC
- recovery outcomeentries: basis: unstated · quote: However, it is not anticipated that there will be funds available for distribution to the unsecured creditors of the Company. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- sale outcometext: the sale transactions that resulted from the Sale Process · scope: whole_business · status: closed
- stalking horseAMG Global Holdings ULC