British Columbia · Bankruptcy
Trustee's Preliminary Report dated January 17, 2024.pdf
Court officer report · 17 January 2024
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What we verified from this filing12 verified
- courtDistrict of British Columbia
- court file no11-3025514
- proceeding typebia_bankruptcy
- provinceBRITISH COLUMBIA
- appointeeGrant Thornton Limited
- appointee roletrustee in bankruptcy
- commencement date22 December 2023
- statutory basissection 49 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- financial positionnote: SOA stated no assets. Internal financial information listed Leasehold Improvements $1,637,302, Inventory $606,098, Furniture and Equipment $332,307, Total $2,575,707, but Trustee notes leasehold improvements have no expected realizable value, inventory was destroyed, and furniture/equipment were sold pursuant to the pre-bankruptcy Transaction. SOA also listed 16 unsecured creditors totalling approximately $797,058, subject to change as claims process continues. · basis: SOA listed no assets; internal (unaudited) financial information separately lists book value of individual asset categories not reflecting the pre-bankruptcy Transaction · scope: Island Craft Processing Inc. (entity level) · currency: CAD
- operational summaryThe Company had already ceased operations prior to filing, having sold its remaining equipment just before bankruptcy; the Trustee has not taken possession of any assets and is investigating whether the pre-bankruptcy sale represented fair value.
- report date17 January 2024