Ontario · Bankruptcy
Gross Capital - Trustee's Report to Creditors on Preliminary Administration - final
Court officer report · 25 June 2021
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- cash on handnote: Approximately $12,000 on deposit in the Company's four TD bank accounts as at the date of bankruptcy, since transferred to the Trustee's estate account. The Trustee later received a further $36,000 in distributions from co-tenancies, also transferred to the estate account. · as at: 2021-06-25 · amount: 12000 · currency: CAD · qualifier: approximately
- financial positionnote: Total assets of 30,467 ($000s) per unaudited table. No total liabilities stated; unsecured creditors per books and records totalled approximately $43.1 million as at the date of bankruptcy (June 25, 2021), with further guarantee claims possibly outstanding that were not included in the creditor list. Largest asset component: intercompany loans receivable 20,391 ($000s). The Trustee is not in a position to estimate creditor recoveries and the realizable value of assets has yet to be quantified. · as at: 2020-08-31 · basis: Company's internal financial statements as at August 31, 2020; unaudited book value of assets. The Trustee is attempting to obtain more current balance sheet information. · scope: Entity-level: Gross Capital Inc. (the bankrupt Company) only · currency: CAD · total assets: 30467000
- operational summaryThe Company, a real estate investment firm, ceased operating upon its June 25, 2021 bankruptcy and all three employees were terminated. The Trustee is securing books and records and investigating the sources and uses of investor funds.
- recovery outcomeentries: basis: unstated · quote: The Trustee is not in a position to estimate creditor recoveries at this time. · pct of: unstated · outcome: undetermined · stated by: trustee · class label: creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date14 July 2021
- report noTrustee's Report to Creditors on Preliminary Administration