Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 4 August 2023
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 filing20 verified
- unsecured creditorsnote: CRA's recent audit concluded no such amounts were owing; Aereus has an informal payment plan remitting $8,243 weekly toward payroll tax arrears; deemed trust class (source deductions) though CRA disputes the balance · page: 8 · as of: 2023-06-30 · basis: Company books and records show amounts owing for unpaid source deductions · debtor: Aereus Technologies Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Preferred claim under the BIA (wages/vacation pay) · page: 8 · basis: Unpaid vacation pay as reported by the Proposal Trustee · amount: 61700 · debtor: Aereus Technologies Inc. · creditor: Aereus employees · currency: CAD
- unsecured creditorsnote: Preferred claim under the BIA (wages) · page: 8 · basis: Unpaid wages as reported by the Proposal Trustee · amount: 6500 · debtor: Aereus Technologies Inc. · creditor: Aereus employees · currency: CAD
- unsecured creditorsnote: Document further itemises the three largest unsecured creditors separately (see below); full list of creditors with claims over $250 is in Appendix C (not reproduced on these pages) · page: 10 · as of: NOI filing date · basis: Creditor list as at the NOI filing date, being July 31, 2023 · amount: 3235015 · debtor: Aereus Technologies Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Legal counsel that acted on failed 2020 IPO/reverse takeover transaction · page: 11 · as of: NOI filing date · basis: Creditor list as at the NOI filing date, being July 31, 2023 (three largest unsecured creditors) · amount: 328071 · debtor: Aereus Technologies Inc. · creditor: Fasken Martineau DuMoulin LLP · currency: CAD
- unsecured creditorsnote: Elsewhere in the report MNP's claim is described as approximately $269,582 in connection with litigation and a formal settlement offer; the $246,559 figure is the NOI creditor list amount · page: 11 · as of: NOI filing date · basis: Creditor list as at the NOI filing date, being July 31, 2023 (three largest unsecured creditors) · amount: 246559 · debtor: Aereus Technologies Inc. · creditor: MNP · currency: CAD
- secured creditorspage: 12 · as of: NOI filing date · amount: 805070 · debtor: Aereus Technologies Inc. · creditor: Jolee Holdings Inc. · currency: CAD · security: Secured noteholder, security ranks pari passu with other secured noteholders
- secured creditorspage: 12 · as of: NOI filing date · amount: 805070 · debtor: Aereus Technologies Inc. · creditor: Dana Gilman · currency: CAD · security: Secured noteholder, security ranks pari passu with other secured noteholders
- secured creditorspage: 12 · as of: NOI filing date · amount: 13500 · debtor: Aereus Technologies Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: PPSA registration in respect of credit cards
- secured creditorsnote: Amount and validity of security disputed by the Company; former Officer and Director (related party); Trustee understands $171,000 is a shareholder's loan and $450,000 is deferred salary/compensation; Trustee intends to request proof of security · page: 12 · as of: NOI filing date · amount: 621000 · debtor: Aereus Technologies Inc. · creditor: Thomas Portman · currency: CAD · security: General security agreement dated October 25, 2012
- secured creditorsnote: Robert Donaldson is a director of the Stalking Horse Bidder (1000608245 Ontario Inc.) - related party · page: 13 · as of: NOI filing date · amount: 678388 · debtor: Aereus Technologies Inc. · creditor: Robert A. Donaldson · currency: CAD · security: Secured noteholder, security ranks pari passu with other secured noteholders
- secured creditorspage: 13 · as of: NOI filing date · amount: 1337124 · debtor: Aereus Technologies Inc. · creditor: Victoria Ross · currency: CAD · security: Secured noteholder, security ranks pari passu with other secured noteholders
- secured creditorspage: 13 · as of: NOI filing date · amount: 61779 · debtor: Aereus Technologies Inc. · creditor: Gregory Steers · currency: CAD · security: Secured noteholder, security ranks pari passu with other secured noteholders
- secured creditorspage: 13 · as of: NOI filing date · amount: 684468 · debtor: Aereus Technologies Inc. · creditor: Boksburg Ventures Inc. · currency: CAD · security: Secured noteholder, security ranks pari passu with other secured noteholders
- unsecured creditorsnote: Amount plus accruing post-judgment interest; Aereus noted in default and did not defend the action · page: 14 · basis: Default judgment obtained in Small Claims Court · amount: 32678 · debtor: Aereus Technologies Inc. · creditor: Upper Canada Specialty Hardware · currency: CAD
- unsecured creditorsnote: Supplier of CuVerro copper; one of Aereus' largest unsecured creditors · page: 14 · as of: NOI filing date · basis: Creditor list as at the NOI filing date, being July 31, 2023 (three largest unsecured creditors) · amount: 179703 · debtor: Aereus Technologies Inc. · creditor: Wieland Rolled Products North America Limited · currency: CAD
- unsecured creditorsnote: Disputed claim; Aereus issued a Statement of Defence; matter scheduled for mediation in September 2023 · page: 14 · basis: Claim asserted in Ontario Superior Court of Justice action for constructive dismissal (commenced March 2023) · amount: 172100 · debtor: Aereus Technologies Inc. · creditor: Graeme Snedker · currency: CAD
- purchaser1000608245 Ontario Inc.
- sale outcometext: The Company seeks Court approval of a SISP that is designed to solicit interest in the Company's Assets. · scope: whole_business · status: process_approved
- stalking horse1000608245 Ontario Inc.