Ontario · NOI
Canaquip Holding Proposal creditor notice package
Notice to creditors · 1 April 2025
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What we verified from this filing19 verified
- appointeeBaigel Corp.
- appointee roleLicensed Insolvency Trustee
- commencement date28 March 2025
- court file no31-3195924
- provinceOntario
- statutory basisSection 51 of the Act
- unsecured creditorspage: 4 · as of: 2025-03-07 · basis: Sales tax (PST - BC), per sworn Statement of Affairs / Form 92 List of Creditors · amount: 2301.62 · debtor: Canaquip Inc. · creditor: Ministry of Finance - PST - British Columbia · currency: CAD
- unsecured creditorspage: 4 · as of: 2025-03-07 · basis: Sales tax (PST - Saskatchewan), per sworn Statement of Affairs / Form 92 List of Creditors · amount: 547.84 · debtor: Canaquip Inc. · creditor: Ministry of Finance - Saskatchewan · currency: CAD
- unsecured creditorsnote: Report to Creditors identifies Peterson Transport Inc. as a 'related person'. · page: 4 · as of: 2025-03-07 · basis: Intercompany advances/loans, per sworn Statement of Affairs / Form 92 List of Creditors · amount: 237985 · debtor: Canaquip Inc. · creditor: Peterson Transport Inc. · currency: CAD
- unsecured creditorspage: 4 · as of: 2025-03-07 · basis: Finance company loan (Shopify Capital Agreement), per sworn Statement of Affairs / Form 92 List of Creditors · amount: 81812.48 · debtor: Canaquip Inc. · creditor: Shopify Inc. · currency: CAD
- unsecured creditorspage: 4 · as of: 2025-03-07 · basis: Bank loan (corporate credit card), per sworn Statement of Affairs / Form 92 List of Creditors · amount: 6380.07 · debtor: Canaquip Inc. · creditor: TD Canada Trust C/O FCT Default Solutions · currency: CAD
- unsecured creditorspage: 4 · as of: 2025-03-07 · basis: Sales taxes (QST), per sworn Statement of Affairs / Form 92 List of Creditors with claims of $250 or more · amount: 6391.08 · debtor: Canaquip Inc. · creditor: Agence du revenu du Québec · currency: CAD
- unsecured creditorspage: 4 · as of: 2025-03-07 · basis: Sales tax (PST - Manitoba), per sworn Statement of Affairs / Form 92 List of Creditors · amount: 2082.72 · debtor: Canaquip Inc. · creditor: Manitoba Finance - Taxation Division · currency: CAD
- unsecured creditorsnote: Trustee received one Proof of Claim from CRA for corporate income tax totaling $45,103.28 as of the Report to Creditors (Apr 1, 2025) - a different, higher figure than the reported/Statement of Affairs amount; the reported figure is used as the amount per the debtor's own listing. · page: 4 · as of: 2025-03-07 · basis: Corporate income tax, per sworn Statement of Affairs / Form 92 List of Creditors · amount: 38597 · debtor: Canaquip Inc. · creditor: CRA - Tax - Ontario (Corporate Income Tax) · currency: CAD
- unsecured creditorsnote: GST/HST arrears relate to reporting periods preceding the death of Carlo De Francesca, Canaquip's former sole officer/director. · page: 4 · as of: 2025-03-07 · basis: Sales taxes (GST/HST), per sworn Statement of Affairs / Form 92 List of Creditors · amount: 44629.91 · debtor: Canaquip Inc. · creditor: CRA - Tax - Ontario (GST/HST) · currency: CAD
- financial positionnote: Trustee's Report to Creditors (Apr 1, 2025) states: 'The enclosed Statement of Affairs reflects Canaquip's assets as at the Proposal filing date [Mar 28, 2025] and estimated liabilities as at the NOI Filing Date [Mar 7, 2025]' - i.e., the two sides of the statement carry different as-at dates. Total liabilities of $544,221.59 comprise $69,636.75 secured, $0.00 preferred, $474,584.84 unsecured, $0.00 contingent. Deficiency (liabilities exceeding assets) of $474,583.84. Cash on hand of $69,628.75 (TD accounts, close of business Mar 27, 2025) constitutes nearly all realizable value. Inter-entity advance receivables to the Deceased Estate and related corporations, aggregating approximately $1,845,000.00 per Trustee's review of accounting records, are written down to $1.00 each in the Statement of Affairs due to the debtors' own liquidity constraints. · page: 38 · basis: Sworn Statement of Affairs (Form 78), debtor-prepared/unaudited; Trustee states it 'has not prepared an in-depth analysis or audit of Canaquip's financial statements or assets and liabilities' and relied on management/third-party discussions. Nearly all non-cash assets (intangibles, all inter-entity receivables) are carried at a nominal $1.00 estimated realizable value. · scope: Canaquip Inc. only, entity-level - not consolidated with related persons Omni Equipment Group Inc., Econoquip Ltd., Covra Food Equipment Inc., or 1000285495 Ontario Inc. · currency: CAD · total assets: 69637.75 · total liabilities: 544221.59
- secured creditorsnote: Sworn Statement of Affairs (as at NOI Filing Date, Mar 7, 2025) bifurcates the $123,492.87 total claim into $69,636.75 classified 'secured' (value assigned essentially equals all of Canaquip's realizable assets: cash, receivables, IP) and $53,856.12 classified 'unsecured' (deficiency from insufficient collateral value) - a security-valuation bifurcation. Trustee's Report to Creditors (Apr 1, 2025) separately estimates the indebtedness at 'approximately $120,000.00' as of that later date. Trustee has not obtained an independent legal opinion on validity/enforceability of DUCA's security but assumes it valid/enforceable for Report purposes. The $53,856.12 unsecured portion is NOT included in the Report's aggregate estimated unsecured claims figure of $420,727.72, as it remains contingent on a future assessed-value determination in an amended proposal. · page: 40 · as of: 2025-03-07 · amount: 123492.87 · debtor: Canaquip Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: Revolving business line of credit (the 'DUCA Facility'); secured by a General Security Agreement over Canaquip's property, a corporate guarantee from 1000285495 Ontario Inc. (a related person), and a personal guarantee from Carlo De Francesca (now the Deceased Estate, formerly sole officer/director/shareholder of Canaquip)
- secured creditorsnote: Trustee's Report to Creditors (Apr 1, 2025) states this secured indebtedness 'may have been paid in full' per loan terms - effectively discharged, not reported as a current balance. Sworn Statement of Affairs (as at NOI Filing Date, Mar 7, 2025) lists only a nominal $1.00 total claim ($0.00 secured / $1.00 unsecured). · page: 40 · as of: 2025-03-07 · debtor: Canaquip Inc. · creditor: Driven Financial Technologies Corporation · currency: CAD · security: Business loan (secured), dated June 19, 2024
- recovery outcomeentries: basis: unstated · quote: the secured indebtedness to Driven Financial may have been paid in full in accordance with the terms of their loan agreement; and · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: Driven Financial Technologies Corporation · creditor name: Driven Financial Technologies Corporation · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: in a bankruptcy scenario, the Trustee estimates that DUCA would suffer a shortfall in respect of Canaquip's's secured indebtedness owing and, therefore, there would be nothing available to distribute to Unsecured Creditors in a bankruptcy. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: DUCA Financial Services Credit Union Ltd. · creditor name: DUCA Financial Services Credit Union Ltd. · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: in a bankruptcy scenario, the Trustee estimates that DUCA would suffer a shortfall in respect of Canaquip's's secured indebtedness owing and, therefore, there would be nothing available to distribute to Unsecured Creditors in a bankruptcy. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: This Proposal is a holding proposal and the amount available to Unsecured Creditors cannot be projected until the SISP is completed. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: the SISP is completed · claims qualifier: unstated · stated on: 2025-04-01 · table missing: