Ontario · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 29 October 2020
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What we verified from this filing10 verified
- provinceONTARIO
- secured creditorsnote: Deemed trust claim; amount undetermined at time of report. · page: 2 · debtor: Directions East Retail Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust for unpaid employee source deductions
- secured creditorsnote: Approximate figure as stated ('approximately $29,000'); regulatory/statutory program claim. · page: 2 · amount: 29000 · debtor: Directions East Retail Ltd. · creditor: Wage Earner Protection Program (WEPPA) · currency: CAD · security: Statutory trust/priority claim for unpaid vacation pay
- secured creditorsnote: Security agreement held but not registered under PPSA at date of bankruptcy; Trustee's independent counsel views the security as ineffective against the Trustee. This creditor filed a proof of claim as unsecured in the amount of $214,569 (see unsecured_creditors). · page: 2 · debtor: Directions East Retail Ltd. · creditor: Landlord of the Niagara Falls Casino · currency: CAD · security: Security agreement (unregistered under PPSA)
- secured creditorsnote: Prose states $187,000 plus interest (Section A) and $187,374 as reflected on Statement of Affairs (Section E, D). Related party status not indicated. Independent legal opinion on validity obtained by Trustee; Trustee subsequently accepted appointment as Receiver based on that opinion. · page: 4 · as of: statement of affairs · amount: 187374 · debtor: Directions East Retail Ltd. · creditor: Zelick Goodbaum · currency: CAD · security: General security agreement
- unsecured creditorsnote: Preferred class per Section D table; Statement of Affairs reflected Nil preferred, discrepancy explained as creditors filing as preferred who were reflected as unsecured on SOA. · page: 4 · as of: filed to date · basis: Claims filed to date · amount: 25617 · debtor: Directions East Retail Ltd. · creditor: Preferred claims (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors in aggregate. Proofs of claim filed to date total $261,784 (see Section D), a different, lower figure than the SOA estimate. · page: 4 · as of: statement of affairs · basis: Statement of Affairs as reported · amount: 566098 · debtor: Directions East Retail Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Filed proof of claim as unsecured creditor despite holding a security agreement (deemed ineffective against Trustee for non-registration under PPSA); disputed/contested security status. · page: 4 · as of: proof of claim filed · basis: Proof of claim filed · amount: 214569 · debtor: Directions East Retail Ltd. · creditor: Landlord of the Niagara Falls Casino · currency: CAD
- appointeeRosen Goldberg Inc.
- appointee roleLicensed Insolvency Trustee