Ontario · Bankruptcy
Preliminary Report of Trustee
Court officer report · 19 February 2025
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What we verified from this filing12 verified
- appointeeMNP Ltd.
- commencement date29 January 2025
- court file no35-3179738
- proceeding typebia_bankruptcy
- unsecured creditorsnote: Approximate figure (not exact dated balance). Quasi-governmental/deemed-trust class claim (unremitted HST); however, the Statement of Affairs table on page 2 reports the 'Deemed Trust' class as $nil, indicating this claim is treated as part of the ordinary unsecured class ($3,250,954 per SOA) rather than as a separate deemed-trust claim in this filing. · page: 1 · as of: September 2024 · basis: Trustee's background narrative: 'By September 2024 the Company owed Canada Revenue Agency almost $2.8 million in HST' · amount: 2800000 · debtor: LDS Consultants Inc. · creditor: Canada Revenue Agency · currency: CAD
- financial positionnote: Document does not state a total assets figure; individual asset classes disclosed are cash of $1,498,459.80 and accounts receivable book value of approximately $531,000, both at date of bankruptcy (page 2). No consolidated balance sheet total assets figure is given. · page: 2 · as at: 2025-01-29 · basis: Statement of Affairs as reported (provable claims); trustee separately reports $455,976 in total proven claims as of the report date · scope: LDS Consultants Inc. (single entity) · currency: CAD · total liabilities: 3250954
- statutory basisBankruptcy and Insolvency Act
- unsecured creditorsnote: Document does not name individual unsecured creditors. As of the report date (February 19, 2025), only $388,973 of unsecured claims had actually been proven. This aggregate likely includes the Canada Revenue Agency HST liability referenced in the background section. · page: 2 · as of: Statement of Affairs (date of bankruptcy, January 29, 2025) · basis: Per Statement of Affairs as reported · amount: 3250954 · debtor: LDS Consultants Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- appointee roleLicensed Insolvency Trustee
- secured creditorsnote: Leased assets were returned to the leasing companies prior to bankruptcy, effectively discharging the security; Statement of Affairs reports $nil secured claims, while $67,003 in secured claims have since been proven (aggregate across all secured creditors, not itemized per creditor). · page: 3 · debtor: LDS Consultants Inc. · creditor: PPSA equipment financiers (PMSI class) — Ford Credit Canada Leasing, GM Financial Canada Leasing Ltd., SCI Lease Corp, Meridian Onecap Credit Corp · currency: CAD · security: PPSA registrations against specific leased vehicles/equipment (vehicle leases and an equipment lease)
- provinceOntario
- recovery outcomeentries: basis: estimated · quote: Based on known claims to date, and assuming full collection of accounts receivable the distribution may be between 55% - 60%. · pct of: unstated · outcome: distribution · pct low: 55 · pct high: 60 · class key: unsecured · stated by: trustee · class label: Unsecured · interim final: unstated · conditional on: amount will depend on claims filed and accounts receivable collections, assuming full collection of accounts receivable · claims qualifier: unstated · stated on: 2025-02-19 · table missing: