What we verified from this filing10 verified
- appointeeErnst & Young Inc.
- appointee roleProposal Trustee
- commencement date5 March 2025
- financial positionnote: Assets total ($970,733.00) is a stated total (AR $469,733.00 + Vehicles & Equipment $501,000.00, per Statement of Affairs). Liabilities were disclosed only as separate stated totals - secured liabilities of $728,856.77 (including the $469,733.00 Liquid Capital receivables) and unsecured liabilities of $1,205,140.47 - not combined into a single total by the document, so total_liabilities left null per reporting rules. · page: 1 · as at: date of filing the Proposal · basis: per the Debtor's Statement of Affairs · scope: entity (1566117 Alberta Ltd. dba Beaut Oilfield Services) · currency: CAD · total assets: 970733
- provinceALBERTA
- secured creditorsnote: Receivables sold under factoring agreement and stated to be 'not assets divisible amongst creditors'; Trustee's Section C nonetheless describes vehicles/equipment as 'at least partially secured' among Accord, Servus and Liquid Capital, and the $728,856.77 secured total includes this $469,733.00 figure. · page: 1 · as of: date of filing the Proposal · amount: 469733 · debtor: 1566117 Alberta Ltd. dba Beaut Oilfield Services · creditor: Liquid Capital Exchange Corp. · currency: CAD · security: Factoring agreement - Accounts Receivable sold to Liquid Capital
- secured creditorspage: 1 · as of: date of filing the Proposal · amount: 149123.77 · debtor: 1566117 Alberta Ltd. dba Beaut Oilfield Services · creditor: Servus Credit Union · currency: CAD · security: Security Agreement over vehicles and equipment
- secured creditorspage: 1 · as of: date of filing the Proposal · amount: 110000 · debtor: 1566117 Alberta Ltd. dba Beaut Oilfield Services · creditor: Accord Small Business Finance Corp. · currency: CAD · security: Security Agreement over vehicles and equipment
- secured creditorsnote: Deemed trust class claim; stated as approximate ('listed a deemed trust claim to CRA totaling approximately $1,200,000.00'). Trustee is uncertain of the employee source deductions portion; management estimates that portion at approximately $900,000.00. Anticipated to hold super priority over Accord and Servus claims. · page: 2 · as of: date of filing the Proposal · amount: 1200000 · debtor: 1566117 Alberta Ltd. dba Beaut Oilfield Services · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim (source deductions) - super priority
- recovery outcomeentries: basis: plan · quote: Should the Proposal be accepted, the Debtor intends to pay 100% of the employee portion of the source deduction, with an estimated payment to CRA of $900,000.00 over 84 months. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · amount low: 900000 · amount high: 900000 · class label: CRA deemed trust claim (employee source deductions, under Proposal) · creditor name: CRA · interim final: unstated · conditional on: Should the Proposal be accepted, over 84 months · claims qualifier: unstated; basis: liquidation_alternative · quote: Consequently, the expected dividend for unsecured creditors would be 0%of theindebtedness. · pct of: unstated · outcome: nil · pct low: 0 · pct high: 0 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · conditional on: In the event of a bankruptcy assignment · claims qualifier: unstated; basis: plan · quote: Based on the claim amounts provided by the Debtor, the Proposal wouldyield an approximate returnof 11% for unsecuredcreditors. · pct of: unstated · outcome: distribution · pct low: 11 · pct high: 11 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: If the Proposal is accepted the Debtor will continue to make payments to Servus and Accord as per the originalsecurity agreement. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: secured creditors (Servus and Accord) · interim final: unstated · conditional on: If the Proposal is accepted · claims qualifier: unstated · stated on: 2025-03-05 · table missing: