British Columbia · Bankruptcy
Trustee’s Preliminary Report dated March 16, 2017
Court officer report · 16 March 2017
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What we verified from this filing16 verified · 1 withheld
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noB-170129
- applicantStone West Quarries Inc.
- appointeeDeloitte Restructuring Inc.
- appointee roleTrustee in Bankruptcy
- proceeding typebia_bankruptcy
- unsecured creditorsnote: Related party (50% shareholder, via holding company of Mr. Hans); disputed - Stone West demanded $400,000 on Feb 10, 2017 for full shareholder loan balance, disputed by Quarries; Dec 1, 2016 balance sheet showed $418,056 shareholder loan balance, reduced by ~$265,000 management fees paid to Stone West per Company's view, yielding SoA figure of $153,056 -- discrepancy with SoA table figure of $214,971 noted in document · page: 6 · as of: 2017-03-07 · basis: Company's Statement of Affairs as reported · amount: 214971 · debtor: West Stone Quarries Inc. · creditor: Stone West Quarries Inc. (shareholder loan) · currency: CAD
- secured creditorsnote: Combined source deductions ($112,864) and GST ($122,884) less $102,426 garnished pre-bankruptcy = approx. $133,322 net balance owing; unclear how garnished funds allocated between source deductions and GST; remaining GST portion ranks unsecured, not deemed trust · page: 9 · as of: date of bankruptcy · amount: 133322 · debtor: West Stone Quarries Inc. · creditor: Canada Revenue Agency (source deductions - deemed trust) · currency: CAD · security: Deemed trust claim over employee source deductions and GST, priority over all assets ahead of other security/creditor claims
- secured creditorsnote: Regulatory/statutory lien for outstanding Provincial Sales Tax (PST) · page: 9 · as of: 2017-03-07 · amount: 8534 · debtor: West Stone Quarries Inc. · creditor: BC Provincial Government · currency: CAD · security: Tax lien registered February 7, 2017 against all present and after-acquired personal property
- unsecured creditorsnote: Aggregate; document names no individual trade creditors · page: 9 · as of: 2017-03-07 · basis: Company's Statement of Affairs as reported · amount: 385309 · debtor: West Stone Quarries Inc. · creditor: Trade creditors and other · currency: CAD
- unsecured creditorsnote: Excluded from SoA unsecured total per document ('Excluding amounts owing in respect of GST'); remaining GST amount after deemed trust allocation ranks unsecured; exact amount not stated as allocation between source deductions and GST from garnished funds is unclear · page: 9 · as of: 2017-03-07 · basis: Trustee's Preliminary Report narrative · debtor: West Stone Quarries Inc. · creditor: CRA (GST, excess over deemed trust allocation) · currency: CAD
- unsecured creditorspage: 9 · as of: 2017-03-07 · basis: Company's Statement of Affairs as reported · amount: 10299 · debtor: West Stone Quarries Inc. · creditor: WorkSafeBC · currency: CAD
- unsecured creditorsnote: Related party (wholly owned subsidiary of Quarries) · page: 9 · as of: 2017-03-07 · basis: Company's Statement of Affairs as reported · amount: 153053 · debtor: West Stone Quarries Inc. · creditor: West Stone Quarries Group Inc. (WSQG) (royalties owing) · currency: CAD
- unsecured creditorsnote: Related party (holding company of Mr. Palmer, director, 50% indirect shareholder) · page: 9 · as of: 2017-03-07 · basis: Company's Statement of Affairs as reported · amount: 46176 · debtor: West Stone Quarries Inc. · creditor: Brencin Management Group Inc. (management fees/expenses) · currency: CAD
- financial positionnote: Total liabilities not stated as an aggregate; components include deemed trust/secured claims (CRA, BC PST lien) and unsecured claims of $809,811 per SoA table (excluding GST); proofs of claim filed by eight unsecured creditors totaling approximately $133,742, a smaller figure than the $809,811 reported unsecured total · page: 10 · as at: 2017-03-07 · basis: Company's Statement of Affairs (SoA) - estimated net realizable value before costs of realization · scope: West Stone Quarries Inc. (entity level, bankrupt entity only; excludes WSQG and Equipment which are not subject to bankruptcy proceedings) · currency: CAD · total assets: 123149
- unsecured creditorsnote: Company believed no termination/severance amounts owing; Trustee received claims from three employees totaling this amount; potential preferred claim status not specified by document · page: 10 · as of: date of report (March 16, 2017) · basis: Severance claims received by Trustee from three employees · amount: 10108 · debtor: West Stone Quarries Inc. · creditor: Former employees (severance/termination pay claims) · currency: CAD
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.