Nova Scotia · Bankruptcy
Trustee’s Preliminary Report
Court officer report · 20 February 2024
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What we verified from this filing17 verified
- court file no45794
- proceeding typebia_bankruptcy
- provinceNova Scotia
- commencement date16 May 2024
- financial positionnote: Deficiency to unsecured creditors listed as 'TBD'; estimated net realization value column shown as largely unassessed (values of $1 placeholders pending appraisals) · page: 3 · as at: 2024-05-15 · basis: Statement of Affairs; asset values reflect net book values as of September 30, 2023 (prior to FDMA proceedings), unaudited/not verified by Trustee · scope: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market), single entity · currency: CAD · total assets: 346760 · total liabilities: 1553226
- unsecured creditorsnote: Preferred claims class per BIA priority; document names no individual creditors · page: 3 · as of: 2024-05-15 · basis: Statement of Affairs as at May 15, 2024 · amount: 135000 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: Preferred claims (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors; Trustee has not completed adjudication of proofs of claim · page: 3 · as of: 2024-05-15 · basis: Statement of Affairs as at May 15, 2024 · amount: 603097 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deferred claims class (typically related-party/postponed claims); document names no individual creditors · page: 3 · as of: 2024-05-15 · basis: Statement of Affairs as at May 15, 2024 · amount: 288776 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: Deferred claims (aggregate as reported) · currency: CAD
- appointeeBDO Canada Limited
- appointee roleTrustee in Bankruptcy
- secured creditorsnote: Amount not stated · page: 5 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: East Coast Capital Inc. · currency: CAD · security: Leased ice machine
- secured creditorsnote: Approximate amount ('approximately $267,000'); Land Parcel not a Company asset, mortgage recorded incorrectly as Company long-term debt · page: 5 · as of: 2024-05-15 · amount: 267000 · debtor: Mrs. Lamb (personally) - not a liability of the Company · creditor: Bank of Nova Scotia (BNS) · currency: CAD · security: First collateral mortgage on the Land Parcel
- secured creditorsnote: Approximate amount ('approximately $80,000'); BNS expected to assert set-off rights against GIC · page: 5 · as of: 2024-05-15 · amount: 80000 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: Bank of Nova Scotia (BNS) · currency: CAD · security: Credit cards and line of credit secured against GIC
- secured creditorsnote: Approximate amount ('approximately $170,000'); livestock was sold in the normal course prior to bankruptcy, collateral no longer available · page: 5 · as of: 2024-05-15 · amount: 170000 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: Agri-Commodity Management Association · currency: CAD · security: Security over livestock
- secured creditorsnote: Amount not stated · page: 5 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: John Deere Credit Inc. · currency: CAD · security: Leased tractor
- secured creditorsnote: Related party (director/majority shareholder, 60%); security registered on the eve of bankruptcy; Trustee continues to review proof of claim as filed; amount not stated · page: 5 · debtor: 2126995 Nova Scotia Limited (dba Meadowbrook Meat Market) · creditor: Margaret Lamb (Mrs. Lamb) · currency: CAD · security: Shareholder loan secured over equipment and intellectual property
- recovery outcomeentries: basis: estimated · quote: However, the Trustee anticipates a significant shortfall to unsecured creditors. · pct of: unstated · outcome: shortfall · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: