Ontario · Bankruptcy
Trustee's Report on Preliminary Administration
Court officer report · 30 October 2025
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What we verified from this filing9 verified · 1 withheld
- appointeePricewaterhouseCoopers Inc., LIT
- appointee roleLicensed Insolvency Trustee
- court file no31-3285414
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c.B-3
- financial positionnote: Secured creditors: 'the Company did not owe any amounts to a secured lender as of the Date of Bankruptcy'; secured funded debt obligations existing prior to bankruptcy were repaid in full in June 2025 using AMD Transaction proceeds (discharged, not current) (p.6). Preferred creditors: 'According to the Statement of Affairs, as at the Bankruptcy Date, no amounts were owing to preferred creditors' (p.6). Asset components per Statement of Affairs (Estimated Realizable Value, as at Date of Bankruptcy) (p.4): Deposits in financial institutions (CAD) $584,275.27; Deposits in financial institutions (USD, converted to CAD) $24,374,637.56; Machinery, equipment and plant $1; Intangible assets $1; Other Assets 'Unknown' - not summed into a total per reporting rules. · page: 6 · as at: 2025-10-15 · basis: Statement of Affairs / Estimated Realizable Value as at Date of Bankruptcy (unaudited); components only, not summed by the Trustee · scope: Untether AI Corporation (single entity) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors. Figure is stated as approximate. Proofs of claim actually filed as at the date of the report (Oct 30, 2025) totalled only $1,814,751.74 across 22 claims (2 preferred $254,924.28; 17 general unsecured $1,407,335.41; 3 employee unsecured $152,492.05) - a much smaller, different figure representing claims filed rather than the SOA-reported total. · page: 6 · as of: 2025-10-15 · basis: Statement of Affairs as reported (approximately 71 unsecured creditors, claims totalling approximately $128.63 million as at the Date of Bankruptcy) · amount: 128630000 · debtor: Untether AI Corporation · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred class. Statement of Affairs indicated that, as at the Bankruptcy Date, no amounts were owing to preferred creditors; however, 2 proofs of claim for preferred amounts totalling this figure were subsequently filed as at the report date - a proof of claim asserted, not yet adjudicated. · page: 7 · as of: date of this report (2025-10-30) · basis: Proof of Claims filed and recorded by the Trustee as at the date of this report · amount: 254924.28 · debtor: Untether AI Corporation · creditor: Preferred creditors (proofs of claim filed) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: However, given the amount of cash that the Trustee is in possession of and the liabilities of the Company based on the Statement of Affairs, the Trustee expects that there will be distributions to unsecured creditors with proven claims. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: unsecured creditors with proven claims · interim final: unstated · claims qualifier: unstated · stated on: 2025-10-30 · table missing:
- secured creditors
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.