Ontario · NOI
Trustee's Report to Creditors on Preliminary Administration dated July 26, 2023
Court officer report · 26 July 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- cash on handnote: Retail cash $1,291,604; Wholesale cash $522,308, as of the date of this Report · currency: CAD · qualifier: reported separately for each entity, not summed
- closing confirmedscope: the furniture, fixtures and equipment located in the Showroom operated by Wholesale · outcome: completed · effective: 2023-06-01 · purchaser: United Apparel Canada ULC · date basis: stated; scope: the remaining inventory owned by Retail and Wholesale · outcome: completed · effective: 2023-07-06 · purchaser: Traceman Industries · date basis: stated
- financial positionnote: Retail cash balance $1,291,604; Wholesale cash balance $522,308; Wholesale accounts receivable book value ~$700,000; Retail unsecured creditors owed ~$2.4 million; Wholesale unsecured creditors owed ~$5.3 million (before off-balance sheet obligations such as severance, landlord and tax claims); no secured creditors · basis: unaudited, book value; Trustee has not verified accuracy or completeness of financial information · scope: Combined report on two related entities (Retail and Wholesale); figures reported separately for each · currency: CAD
- operational summaryThe Companies ceased operations after losing rights to use their parent's intellectual property, liquidated retail inventory, sold remaining inventory to Traceman Industries, and terminated all employees; the Trustee retained one former employee to assist with collecting Wholesale's receivables.
- purchaserUnited Apparel Canada ULC; Traceman Industries
- recovery outcomeentries: basis: estimated · quote: Retail, approximately 50% to 55% of the proven claims; and · pct of: proven_claims · outcome: distribution · pct low: 50 · currency: CAD · pct high: 55 · class key: unsecured · stated by: trustee · class label: Retail · interim final: unstated · currency quote: All references to currency in this Report are to Canadian dollars. · claims qualifier: unstated; basis: estimated · quote: Wholesale, approximately 8% to 10% of the proven claims. · pct of: proven_claims · outcome: distribution · pct low: 8 · currency: CAD · pct high: 10 · class key: unsecured · stated by: trustee · class label: Wholesale · interim final: unstated · currency quote: All references to currency in this Report are to Canadian dollars. · claims qualifier: unstated · stated on: 2023-07-26 · table missing:
- report date26 July 2023
- sale advisorTiger Asset Solutions Canada, ULC
- sale outcometext: liquidation of inventory through retail stores concluded, followed by asset sales · scope: liquidation · status: closed