Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 16 April 2026
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What we verified from this filing10 verified
- financial positionnote: Total assets of $3,009,000 stated directly (sum of current assets $185,000 and other/long-term assets bringing total to $3,009,000). Liabilities are presented only in two subtotals - current liabilities $417,000 and long-term/other liabilities $534,000 (including capital lease obligations $117,000) - with shareholder's equity of $2,475,000; document does not state a single combined 'total liabilities' figure, so it is not computed here. No balance sheet was prepared for the stub period from August 1, 2025 to the date of bankruptcy (March 26, 2026); external (compiled) comparative figures for July 31, 2024 and July 31, 2023 are also shown on page 3 but not used here as this is the most recent period. · page: 3 · as at: 2025-07-31 · basis: Management-prepared internally, not subject to review or compilation by an external accountant · scope: Peace Country Logging Ltd. (entity level, 'Company' column) · currency: CAD · total assets: 3009000
- secured creditorsnote: Mulcher was repossessed by Bennington post-bankruptcy; Trustee has directed enforcement to cease pending review. Certain other equipment previously subject to this security was sold/paid out prior to bankruptcy; dispositions not independently verified by Trustee. · page: 4 · as of: date of bankruptcy (March 26, 2026) · amount: 84000 · debtor: Peace Country Logging Ltd. · creditor: Bennington Financial · currency: CAD · security: Secured - specific serial number registration (2022 FAE SFH/HP 250 Mulcher, and other equipment previously subject to security)
- secured creditorsnote: Vehicle held in secure yard; to be realized for estate benefit subject to secured creditor's rights and stakeholder/inspector approvals. · page: 4 · as of: date of bankruptcy (March 26, 2026) · amount: 33000 · debtor: Peace Country Logging Ltd. · creditor: Ford Credit Canada · currency: CAD · security: Secured - specific serial number registration (2022 Ford F-150)
- secured creditorsnote: Vehicle in possession of Company directors who have expressed interest in purchasing it. Other equipment (2021 Tigercat) previously subject to this security was sold prior to bankruptcy; dispositions not independently verified by Trustee. · page: 4 · as of: date of bankruptcy (March 26, 2026) · amount: 54000 · debtor: Peace Country Logging Ltd. · creditor: The Bank of Nova Scotia · currency: CAD · security: Secured - specific serial number registration (2022 GMC Sierra, and other equipment previously subject to security)
- secured creditorsnote: Table 3 lists an estimated claim of $1,000, but the Trustee states 'we understand there are no amounts owing to CWB' - treated as a nil balance per the text; the $1,000 figure appears to be a nominal registration placeholder. · page: 4 · as of: date of bankruptcy (March 26, 2026) · amount: 0 · debtor: Peace Country Logging Ltd. · creditor: Canadian Western Bank · currency: CAD · security: Secured - general security agreement over all present and after-acquired property
- secured creditorsnote: Deemed trust (quasi-governmental) class per Table 3; however text states Company's books show no amounts owing to CRA for payroll source deductions and CRA has not filed a proof of claim as of report date - the $1,000 figure appears to be a nominal/estimated registration amount rather than a confirmed balance. · page: 4 · as of: date of bankruptcy (March 26, 2026) · amount: 1000 · debtor: Peace Country Logging Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed Trust - all present and after-acquired property
- unsecured creditorsnote: Listed separately from the secured deemed-trust CRA claim (payroll source deductions); this entry relates to GST. · page: 6 · as of: date of bankruptcy (March 26, 2026) · basis: Trustee's estimate based on Company's books and records · amount: 269000 · debtor: Peace Country Logging Ltd. · creditor: Canada Revenue Agency (GST) · currency: CAD
- unsecured creditorsnote: One of the top three unsecured creditors identified by the Trustee. · page: 6 · as of: date of bankruptcy (March 26, 2026) · basis: Trustee's estimate based on Company's books and records · amount: 105000 · debtor: Peace Country Logging Ltd. · creditor: Remote Waste LP · currency: CAD
- unsecured creditorsnote: Disputed claim - Company disputes the quantum; underlying legal action claims damages in excess of $2.5M with amount to be proven at trial; estimated claim used here is based on an attachment order registration at PPR, not an adjudicated amount. · page: 6 · as of: date of bankruptcy (March 26, 2026) · basis: Trustee's estimate based on Company's books and records and PPR attachment order registration amount · amount: 9463000 · debtor: Peace Country Logging Ltd. · creditor: Woodland Cree First Nation · currency: CAD
- unsecured creditorsnote: Total of approximately 7 potential unsecured creditors per Company's books and records; only the three highest (Woodland Cree First Nation, CRA-GST, Remote Waste LP) are individually named in the report - the remaining ~4 creditors are not itemised. Table 5 restates this as $9,849 (000's) 'per Statement of Affairs'. · page: 7 · as of: Statement of Affairs as at March 11, 2026 · basis: Statement of Affairs as reported / Trustee's estimate of approximately 7 potential unsecured creditors · amount: 9848987 · debtor: Peace Country Logging Ltd. · creditor: Unsecured creditors (aggregate as reported, includes above-named plus additional unidentified creditors) · currency: CAD