British Columbia · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 19 December 2024
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What we verified from this filing19 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- proceeding typebia_bankruptcy
- appointeeMNP Ltd.
- appointee rolelicensed insolvency trustee
- commencement date5 December 2024
- statutory basisBankruptcy and Insolvency Act (Canada)
- statutory basisBankruptcy and Insolvency Act (Canada)
- unsecured creditorsnote: Trustee understands actual amount due to ISED may be lower pending reconciliation; distinct from SoA-assumed balance of $1,780,094 · page: 9 · as of: 2024-12-04 · basis: Default notice; stated as amount up to $4,525,106.92 owing · amount: 4525106.92 · debtor: Canada British Columbia Business Services Society · creditor: ISED - CDAP Default Notice claim · currency: CAD
- unsecured creditorsnote: Trustee understands actual amount due to SDPR may be lower pending reconciliation; distinct from SoA-assumed balance of $1,717,913 (combined WAG/WAR) · page: 10 · as of: 2024-11-20 · basis: Default notice issued by SDPR declaring amount due and repayable · amount: 2055978.95 · debtor: Canada British Columbia Business Services Society · creditor: SDPR - WAR Default Notice claim · currency: CAD
- financial positionnote: Trustee states no registered liens or encumbrances found on PPRA search (Nov 18, 2024) and no secured proofs of claim filed - 'According to a B.C. Personal Property Registry search... no registered liens or encumbrances were found. To date, there have been no secured proof of claims filed with the Trustee.' Assets include several unknown-value items (AR not reconciled, website/program assets). Liabilities to SDPR, ISED, and JEDI are labelled 'Unknown' with SoA/summary figures assuming unspent advance amounts owed back to funders. Total liabilities also cross-referenced against SoA figures of secured $NIL, preferred $83,816, unsecured $5,649,236 (total $5,733,052) and filed proofs of $NIL/$109,946/$973,006 (total $1,082,953). · page: 11 · basis: unaudited; book value; Statement of Affairs and Trustee's summary; several liability figures noted as unknown/estimated pending reconciliation · scope: entity - Canada British Columbia Business Services Society (SBBC) · currency: CAD · total assets: 5339081 · total liabilities: 5733053
- unsecured creditorsnote: Includes wages, vacation, severance; portion may qualify as preferred wage earner claims under s.81.3(1) BIA up to $2,000 per employee (secured to that extent) · page: 11 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported / Assets and Liabilities summary · amount: 889912 · debtor: Canada British Columbia Business Services Society · creditor: Employees · currency: CAD
- unsecured creditorsnote: Aggregate figure; document names no individual creditors · page: 11 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported / Assets and Liabilities summary · amount: 551261 · debtor: Canada British Columbia Business Services Society · creditor: Other trade creditors and contractors · currency: CAD
- unsecured creditorsnote: Note 2: Unknown balance; SoA figure assumes unspent amount owed back to ISED for CDAP program. ISED Default Notice claimed up to $4,525,106.92 (Dec 4, 2024) as remaining unexpended advance balance under CDAP Contribution Agreement (non-repayable contribution not exceeding $18,564,686.94; $17,481,273.31 disbursed). · page: 11 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported / Assets and Liabilities summary · amount: 1780094 · debtor: Canada British Columbia Business Services Society · creditor: ISED (Innovation, Science and Economic Development Canada) - CDAP program · currency: CAD
- unsecured creditorsnote: Note 3: Unknown balance; SoA figure assumes unspent amount owed back to JEDI for ExNav program · page: 11 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported / Assets and Liabilities summary · amount: 793872 · debtor: Canada British Columbia Business Services Society · creditor: JEDI (Ministry of Jobs, Economic Development and Innovation) - ExNav program · currency: CAD
- unsecured creditorsnote: Note 1: Unknown balance; SoA figure assumes unspent amount in bank account owed back to SDPR for WAG and WAR programs. Related default notices claimed $2,055,978.95 (WAR, Nov 20, 2024) and $2,242,695.00 (WAG, Nov 21, 2024). · page: 11 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported / Assets and Liabilities summary · amount: 1717913 · debtor: Canada British Columbia Business Services Society · creditor: SDPR (Ministry of Social Development and Poverty Reduction) - WAG and WAR programs · currency: CAD
- unsecured creditorsnote: Document names no individual creditors in this aggregate; compare to $973,006 in filed proofs of claim (79 total proofs filed representing $1,082,953 in total creditor claims across all classes) as of report date · page: 13 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported; SoA total unsecured creditors of $5,649,236.62 · amount: 5649236.62 · debtor: Canada British Columbia Business Services Society · creditor: Unsecured creditors (aggregate as reported - Statement of Affairs) · currency: CAD
- unsecured creditorsnote: Preferred class per BIA; document names no individual creditors. Compare to $109,946 in filed proofs of claim as of report date · page: 13 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 83816 · debtor: Canada British Columbia Business Services Society · creditor: Preferred creditors (aggregate as reported - Statement of Affairs) · currency: CAD
- unsecured creditorsnote: Trustee understands actual amount due to SDPR may be lower pending reconciliation; distinct from SoA-assumed balance of $1,717,913 (combined WAG/WAR) · page: 39 · as of: 2024-11-21 · basis: Default notice issued by SDPR declaring amount due and repayable · amount: 2242695 · debtor: Canada British Columbia Business Services Society · creditor: SDPR - WAG Default Notice claim · currency: CAD
- secured creditors