AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing21 verified
- commencement date14 April 2025
- court file no24-3210371
- provinceAlberta
- statutory basisSection 51 of the Act
- secured creditorsnote: Proposal states value of GSA Holders' security is valued at NIL when compared against CRA's deemed-trust priority claim; GSA Holder to file as an unsecured creditor and registration is to be discharged on completion of the Proposal (see also unsecured listing). · page: 4 · as of: date of filing of Proposal (April 10, 2025) · amount: 0 · debtor: Passion Automobile Investments Ltd. · creditor: Vision Credit Union Ltd. - Two Hills Branch (formerly Battle River Credit Union Ltd.) · currency: CAD · security: General Security Agreement (blanket all-property) registered on Personal Property Registry
- secured creditorsnote: Proposal states value of GSA Holders' security is valued at NIL when compared against CRA's deemed-trust priority claim; GSA Holder to file as an unsecured creditor and registration is to be discharged on completion of the Proposal (see also unsecured listing). · page: 4 · as of: date of filing of Proposal (April 10, 2025) · amount: 0 · debtor: Passion Automobile Investments Ltd. · creditor: Bizfund Canada Ltd. · currency: CAD · security: General Security Agreement (blanket all-property) registered on Personal Property Registry
- secured creditorsnote: Proposal states value of GSA Holders' security is valued at NIL when compared against CRA's deemed-trust priority claim; GSA Holder to file as an unsecured creditor and registration is to be discharged on completion of the Proposal (see also unsecured listing). · page: 4 · as of: date of filing of Proposal (April 10, 2025) · amount: 0 · debtor: Passion Automobile Investments Ltd. · creditor: On Deck Capital Canada, Inc. · currency: CAD · security: General Security Agreement (blanket all-property) registered on Personal Property Registry
- appointeeHudson & Company Insolvency Trustees Inc.
- appointee roleTrustee
- financial positionnote: Liabilities comprise: secured creditors $0.00, preferred creditors/securities/priorities $0.00, unsecured creditors $277,156.65, and contingent/trust claims (CRA deemed trust) $244,916.49. Deficiency reported as -$476,133.14. · page: 7 · as at: 2025-04-10 · basis: Statement of Affairs (Form 78) - totals as stated and estimated by debtor/bankrupt · scope: Entity - Passion Automobile Investments Ltd. only · currency: CAD · total assets: 45940 · total liabilities: 522073.14
- unsecured creditorsnote: Also a registered GSA holder whose security was valued at NIL by the Proposal and is treated as unsecured. · page: 9 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 34256 · debtor: Passion Automobile Investments Ltd. · creditor: Bizfund (Attn: Marion Gary) · currency: CAD
- unsecured creditorsnote: Not included in the Form 92 list of creditors ($250+), presumably below threshold. · page: 9 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 1 · debtor: Passion Automobile Investments Ltd. · creditor: Journey Capital c/o Loopstra Nixon Barristers & Solicitors (Attn: Mark Lieberman) · currency: CAD
- unsecured creditorspage: 9 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 45000 · debtor: Passion Automobile Investments Ltd. · creditor: Derek Kostiuk · currency: CAD
- unsecured creditorspage: 9 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 1 · debtor: Passion Automobile Investments Ltd. · creditor: CRA - Tax - Prairies (Corporate taxes, RC account) · currency: CAD
- unsecured creditorspage: 9 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 32000.05 · debtor: Passion Automobile Investments Ltd. · creditor: CRA - Tax - Prairies (Corporate taxes, RT GST account) · currency: CAD
- unsecured creditorsnote: Also a registered GSA holder whose security was valued at NIL by the Proposal and is treated as unsecured. · page: 9 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 49000 · debtor: Passion Automobile Investments Ltd. · creditor: On Deck Capital Canada, Inc. · currency: CAD
- unsecured creditorsnote: Listed under 'Contingent, trust claims or other liabilities'; corresponds to source-deduction/payroll deemed trust claim referenced in Proposal (Section 2, Certain Crown Claims). · page: 9 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 244916.49 · debtor: Passion Automobile Investments Ltd. · creditor: CRA - Tax - Prairies (Corporate taxes, RP payroll account) · currency: CAD
- unsecured creditorspage: 10 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 13400 · debtor: Passion Automobile Investments Ltd. · creditor: Simply Capital (Attn: David Carmona) · currency: CAD
- unsecured creditorsnote: Also a registered GSA holder whose security was valued at NIL by the Proposal and is treated as unsecured. · page: 10 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 100000 · debtor: Passion Automobile Investments Ltd. · creditor: Vision Credit Union Ltd. - Two Hills Branch (formerly Battle River Credit Union Ltd.) · currency: CAD
- unsecured creditorspage: 10 · as of: 2025-04-10 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor · amount: 3498.6 · debtor: Passion Automobile Investments Ltd. · creditor: Watson Construction Law · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: With consideration for the deemed trust priority claim held by CRA, as discussed above, when compared to the assets held by the Company the value of the GSA Holders security is to be valued at NIL. · pct of: unstated · outcome: nil · class key: secured · stated by: debtor · class label: GSA Holders (Vision Credit Union Ltd., On Deck Capital Canada Inc., and Bizfund Canada Ltd.) and any other general secured creditor · interim final: unstated · conditional on: valuation of the GSA Holders' security at NIL after the CRA deemed trust priority claim; they file as unsecured creditors under paragraph 4 · claims qualifier: unstated; basis: plan · quote: The claims of all preferred creditors if any, as accepted by the Trustee, shall be paid in full without interest or penalty, in priority of the claims of other creditors, to the extent provided for in section 136 of the Act. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: preferred creditors · interim final: unstated · conditional on: claims as accepted by the Trustee, to the extent provided for in section 136 of the Act · claims qualifier: unstated; basis: plan · quote: The total amount payable under this proposal is $40,000. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: debtor · amount low: 40000 · amount high: 40000 · class label: unsecured creditors · interim final: unstated · conditional on: total payable under the proposal is $40,000, paid into the Fund; distributed pro rata after payment of preferred claims, administrative fees and expenses · claims qualifier: unstated · stated on: 2025-04-14 · table missing: