British Columbia · Bankruptcy
Preliminary Trustee's Report dated July 25, 2024
Court officer report · 25 July 2024
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What we verified from this filing12 verified
- appointeeGrant Thornton Limited
- appointee roletrustee
- commencement date4 July 2024
- court file no11-3100592
- proceeding typebia_bankruptcy
- provinceBRITISH COLUMBIA
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- statutory basisSection 49 of the Bankruptcy and Insolvency Act
- financial positionnote: Book value per management and estimated-to-produce per SOA are identical in the table ($260,812) except Accounts Receivable estimated to produce is $0 versus $106,160.22 book value; total liabilities not stated as a single figure in these pages (secured ~$801,820 and unsecured ~$197,675 reported separately). · page: 3 · as at: 2024-07-04 · basis: Sworn Statement of Affairs (book value per management / estimated to produce per SOA) · scope: Entity: Commit Solutions Inc. · currency: CAD · total assets: 260812
- secured creditorsnote: Amount is approximate per SOA ('owed approximately $801,820'). Legal counsel confirmed RBC holds valid and perfected security. RBC also provided a written guarantee for payment of Trustee's fees and disbursements (related-party-type support arrangement, not a debt owed to RBC). · page: 5 · as of: Statement of Affairs as at bankruptcy date (July 4, 2024) · amount: 801820 · debtor: Commit Solutions Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Two General Security Agreements over all present and after-acquired property, registered September 10, 2020 (Base Registration No. 456457M) and January 27, 2022 (Base Registration No. 502421N)
- secured creditorsnote: Regulatory/statutory super-priority claim; 3 employees may have claims; amounts not yet quantified as of report date. · page: 5 · debtor: Commit Solutions Inc. · creditor: Service Canada (WEPP administrator) · currency: CAD · security: Statutory security under s. 81.3 BIA for unpaid wages/vacation pay, up to $2,000 per employee, over current assets
- unsecured creditorsnote: Document names no individual unsecured creditors. Excludes unquantified former employee claims. Separately, as at report date only 1 proof of claim totalling $14,247.86 had been received (proofs-filed figure, not the reported total). · page: 5 · as of: Statement of Affairs as at bankruptcy date (July 4, 2024) · basis: Statement of Affairs as reported · amount: 197675 · debtor: Commit Solutions Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD