Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 19 June 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing16 verified
- courtIN THE COURT OF KING’S BENCH OF ALBERTA
- court file no24-3086466
- proceeding typebia_bankruptcy
- commencement date30 May 2024
- secured creditorsnote: Deemed trust class claim, priority over other secured claims per Trustee. CRA had not filed a proof of claim as of report date. Amount per Company's books and records is approximate; Trustee expects it to increase once 2023/2024 T4s are filed and processed by CRA. · page: 5 · amount: 104000 · debtor: The Western Institute of Emergency Education Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust - all present and after-acquired property
- secured creditorsnote: Balance owing per Company's records as at Feb 28, 2024; no proof of claim filed as of report date. · page: 6 · as of: 2024-02-28 · amount: 218000 · debtor: The Western Institute of Emergency Education Inc. · creditor: Minerva Holdings Ltd. · currency: CAD · security: GSA - specific items included in equipment leases
- secured creditorsnote: Balance owing approximate, as at date of bankruptcy; no proof of claim filed as of report date; Trustee still reviewing lease documentation. · page: 6 · as of: 2024-05-30 · amount: 49000 · debtor: The Western Institute of Emergency Education Inc. · creditor: Ford Credit Canada Company · currency: CAD · security: GSA - specific serial numbered leased vehicle
- secured creditorsnote: Company's books and records indicate a $NIL balance owing; no proof of claim filed as of report date. · page: 6 · amount: 0 · debtor: The Western Institute of Emergency Education Inc. · creditor: 11302078 Canada Ltd. o/a Sheaves Capital · currency: CAD · security: GSA - all present and after-acquired property (blanket all-property registrant, registered at Alberta PPR)
- unsecured creditorsnote: Aggregate figure covering all 14 unsecured creditors; the 5 largest ('major') are separately itemized below as a subset, not additive. · page: 6 · basis: Based on the Company's books and records, the Trustee is aware of 14 unsecured creditors owed approximately $2,855,835 · amount: 2855835 · debtor: The Western Institute of Emergency Education Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Also plaintiff in a Statement of Claim against the Company for rental arrears; largest of the 14 unsecured creditors. · page: 6 · basis: Major unsecured creditor per Company's books and records (Table 4) · amount: 2539000 · debtor: The Western Institute of Emergency Education Inc. · creditor: Ironwood Diversified Real Estate LP · currency: CAD
- unsecured creditorspage: 6 · basis: Major unsecured creditor per Company's books and records (Table 4) · amount: 216000 · debtor: The Western Institute of Emergency Education Inc. · creditor: Dream · currency: CAD
- unsecured creditorsnote: Also the Company's operating bank; accounts were frozen at Trustee's request. · page: 6 · basis: Major unsecured creditor per Company's books and records (Table 4) · amount: 51000 · debtor: The Western Institute of Emergency Education Inc. · creditor: ATB Financial · currency: CAD
- unsecured creditorspage: 6 · basis: Major unsecured creditor per Company's books and records (Table 4) · amount: 28000 · debtor: The Western Institute of Emergency Education Inc. · creditor: Shaw Telecom GP · currency: CAD
- unsecured creditorspage: 6 · basis: Major unsecured creditor per Company's books and records (Table 4) · amount: 15000 · debtor: The Western Institute of Emergency Education Inc. · creditor: Brogan Fire · currency: CAD
- financial positionnote: Book-value assets per Statement of Affairs: cash $5,000, vehicle $49,000, receivables $50,000, inventory/equipment $350,000 (total $454,000); Trustee's estimated realization range separately given as $109,000-$184,000 (page 7). Total liabilities not stated as a single figure: secured claims per Table 3 total approximately $371,000 (CRA deemed trust $104,000, Minerva $218,000, Ford $49,000, Sheaves $0) and total unsecured creditors reported at $2,856,000 per Statement of Affairs. The Company had not prepared financial statements since fiscal year ended Aug 31, 2021 (last externally-prepared balance sheet showed total assets of $431,986 as at that date, page 3). · page: 7 · as at: 2024-05-30 · basis: Statement of Affairs (book value) as at date of bankruptcy · scope: entity (The Western Institute of Emergency Education Inc.) · currency: CAD · total assets: 454000
- recovery outcomeentries: basis: estimated · quote: | Shortfall to CRA | | (81) | (18) | · pct of: unstated · outcome: shortfall · class key: deemed_trust · stated by: trustee · class label: CRA · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As such, the Trustee estimates there will be no recovery to the 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: 2024-06-19 · table missing: