British Columbia · Bankruptcy
Preliminary Report of the Trustee
Court officer report · 18 June 2024
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What we verified from this filing11 verified · 1 withheld
- appointeeErnst & Young Inc.
- appointee rolelicensed insolvency trustee
- proceeding typebia_bankruptcy
- provinceBritish Columbia
- statutory basisSection 49 of the Bankruptcy and Insolvency Act
- statutory basisSection 49 of the Bankruptcy and Insolvency Act
- cash on handnote: Stated as part of the Company's property as at the date of bankruptcy; Trustee has taken possession and deposited into Estate trust account. · as at: 2024-05-31 · amount: 49854 · currency: CAD
- financial positionnote: Asset total is NBV ($1,832,323) as at June 14, 2024 per the Preliminary Estimated Realization on Assets table (components: Cash $49,854; A/R $777,369; Equipment NBV nil; Inventory NBV nil; Lien Claims $861,980; Prepaid Expenses $143,120); estimated realization range of $1,204,854 (low) to $2,004,854 (high) is a preliminary forecast, not audited. Liabilities total ($27,806,852) reflects 9 filed proofs of claim (Secured $13,588,448; Unsecured $14,218,404) as at 5:00PM June 17, 2024; no claims had yet been admitted ('Admitted Claims' shown as nil/dash for all categories), so this differs in date and verification status from the asset figure. · as at: 2024-06-14 · basis: Net book value (NBV) for assets per Trustee's preliminary estimated realization table; estimated realization low/high figures are preliminary, unaudited forecasts; liabilities figure is based on filed but not yet admitted proofs of claim · scope: entity - Euro-Rite Cabinets Ltd. (the Company/Bankrupt), estate of the bankrupt · currency: CAD · total assets: 1832323 · total liabilities: 27806852
- operational summaryThe Company ceased operations as of the bankruptcy date and is not carrying on business; the Trustee is focused on securing and realizing assets, resolving landlord access disputes, and reviewing claims.
- recovery outcomeentries: basis: estimated · quote: Based on the estimated realizable value of the Company's assets and the ranking priority of creditors, it is not likely that there will be a distribution to the unsecured creditors of the Company. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-06-17 · table missing:
- report date17 June 2024
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.