Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 9 August 2023
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What we verified from this filing12 verified
- proceeding typebia_bankruptcy
- financial positionnote: Total liabilities figure of $1,492,222 is a stated subtotal in the balance sheet (current liabilities of $1,025,145 plus advances from shareholders of $467,077). Shareholders' equity (deficit) shown separately as $923,852. A later, closer-to-filing Statement of Affairs (as at July 19, 2023) shows total assets of $1,079,000 and separately states total secured creditors of $700,000 and total unsecured creditors of $1,405,000, but does not present a combined total liabilities figure. · page: 3 · as at: 2022-10-31 · basis: Notice to reader financial statements compiled by an independent, external accountant · scope: Axe Fire Protection and Contracting Inc. (entity-level) · currency: CAD · total assets: 2416074 · total liabilities: 1492222
- secured creditorsnote: Amounts owing to CRA for unpaid source deductions and GST indicated in books and records but not quantified; deemed trust class; CRA had not filed a proof of claim as of report date. · page: 4 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust priority claim over source deductions, ranking ahead of other secured claims
- secured creditorsnote: Trustee confirms PPR registration; TD had not filed a proof of claim as of report date. Approximate current balance stated as $700,000 (prose approximation); balance sheet showed bank indebtedness of $545,000 as at Oct. 31, 2022 (Table 2) and a portion of 'Loan payable' also secured by TD. · page: 4 · as of: 2023-08-09 · amount: 700000 · debtor: Axe Fire Protection and Contracting Inc. · creditor: TD Canada Trust · currency: CAD · security: Security registration in the Personal Property Registry (PPR); secured line of credit and secured term loan
- unsecured creditorspage: 5 · basis: Major unsecured creditor per Trustee's review of the Company's books and records (Table 3) · amount: 111000 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Powerlink Electical Ltd. · currency: CAD
- unsecured creditorsnote: Related party - appears to be the Company's director (referred to elsewhere as Al-Amyn Champsi). · page: 5 · basis: Major unsecured creditor per Trustee's review of the Company's books and records (Table 3) · amount: 81000 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Aly-Amyn Champsi · currency: CAD
- unsecured creditorsnote: Corresponds to the unsecured loan from BDC referenced in the 'Loan payable' balance sheet line (Table 2/page 3). · page: 5 · basis: Major unsecured creditor per Trustee's review of the Company's books and records (Table 3) · amount: 67000 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD
- unsecured creditorsnote: Possible related party (shares surname with director Al-Amyn Champsi). · page: 5 · basis: Major unsecured creditor per Trustee's review of the Company's books and records (Table 3) · amount: 144000 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Karim Champsi · currency: CAD
- unsecured creditorsnote: Aggregate covers all 47 unsecured creditors; the six 'major' unsecured creditors itemized in Table 3 (totalling $1,209,000) are a subset of this aggregate. Statement of Affairs as at July 19, 2023 also shows total unsecured creditors of $1,405,000 (rounded, in 000's). · page: 5 · as of: 2023-08-09 · basis: Trustee's review of the Company's books and records identifying 47 unsecured creditors · amount: 1405080 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Possible related party (shares surname with director Al-Amyn Champsi); not identified as director but likely family member. · page: 5 · basis: Major unsecured creditor per Trustee's review of the Company's books and records (Table 3) · amount: 659000 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Salim Champsi · currency: CAD
- unsecured creditorspage: 5 · basis: Major unsecured creditor per Trustee's review of the Company's books and records (Table 3) · amount: 147000 · debtor: Axe Fire Protection and Contracting Inc. · creditor: Rotaflow Controls Inc · 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 secured claims in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: secured claims · creditor name: TD · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As such, we do not anticipate a recovery to 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: 2023-08-09 · table missing: