Ontario · CCAA
Application Record
Application / notice of application · 5 August 2024
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 filing2 verified
- secured creditorsnote: Deemed-trust class claim: approximately $4.1 million of unremitted excise duties ('Excise Arrears') under the Excise Act, 2001, with CRA enforcement (including possible garnishment) imminent. The document states 'Neither of the Debtors have any secured debt' and PPSA searches as of August 1, 2024 show no registered financing statements or registered claims against either Equipment Co or Galaxie Brands; the CRA excise claim is recorded separately as a quasi-governmental deemed-trust indebtedness rather than a PPSA-secured claim. · page: 42 · as of: 2024-07-31 · amount: 4100000 · debtor: Galaxie Brands Corporation · creditor: Canada Revenue Agency · currency: CAD
- financial positionnote: Table shows Total Liabilities $9,746,851.36 and Total Equity of -$3,608,308.11, yielding Total Liabilities and Equity of $6,138,543.25; total assets are not separately stated on this page. Separately, the Notice of Application states the Debtors' (Equipment Co and Galaxie Brands) collective liabilities 'exceed $17 million' as a rounded, combined approximation, not broken out by entity. · page: 49 · as at: 2024-06-30 · basis: Galaxie Brands Corporation financial statements (Exhibit M) · scope: Entity-level - Galaxie Brands Corporation only · currency: CAD · total liabilities: 9746851.36