Ontario · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 16 October 2026
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 filing4 verified
- secured creditorsnote: Amount is approximate ('approximately $17.1 million remains outstanding') as confirmed by the Lender. The $1.00 secured claim in the Statement of Affairs is a nominal amount and does not reflect the indebtedness or the scope of security. Proven and filed secured claims to October 15, 2026: $0.00. · page: 2 · as of: following application of the September 14, 2026 pre-bankruptcy sale proceeds · amount: 17100000 · debtor: Safyre Labs Inc. and 6888887 Canada Inc. (Jewlr), jointly and severally liable · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: PPSA registration; appears to hold security over substantially all personal property including inventory, equipment, accounts receivable and other property
- financial positionnote: Total assets of $4.00 are nominal placeholders. Book values per the Statement of Affairs: intangible assets $90,731,926.60 and investment in Jewlr $52,017,398.77, each assigned a nominal value of $1.00. Substantially all operating assets were sold to the Purchaser on September 14, 2026; books reflected a cash overdraft at the date of bankruptcy; no material realizations anticipated. · page: 3 · basis: Statement of Affairs as reported; assets carried at nominal $1.00 values; liabilities comprise secured $1.00 and unsecured $44,511,847.75 · scope: Safyre Labs Inc. only (Jewlr filed a separate assignment) · currency: CAD · total assets: 4 · total liabilities: 44511848.75
- unsecured creditorsnote: Document names no individual unsecured creditors. Proven and filed unsecured claims to October 15, 2026: $0.00 (text also states the Trustee has received one valid claim). No distribution to unsecured creditors anticipated. · page: 4 · basis: Statement of Affairs as reported · amount: 44511847.75 · debtor: Safyre Labs Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the information presently available, no distribution to unsecured creditors is anticipated. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-16 · table missing: