Ontario · Receivership (court-appointed)
Second Report of the Proposal Trustee dated May 22, 2024
Court officer report · 22 May 2024
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 filing21 verified
- financial positionnote: Total assets principally comprised of accounts receivable (~$1.4 million, including ~$0.9 million receivable from NDG), inventory (~$15.2 million) and loan receivable from NDG (~$1.0 million); total liabilities primarily comprised of trade payables and accruals (~$2.3 million), amounts owing to RBC (~$6.7 million), other current liabilities (~$2.2 million, including current portion of BDC secured loans ~$0.3 million and customer deposits ~$1.3 million) and long-term liabilities (~$3.0 million, including non-current BDC secured loans ~$1.1 million and unsecured loans to Individuals/family ~$1.7 million); shareholders' equity of ~$4,008,000 per balance sheet · page: 21 · as at: 2023-12-31 · basis: unaudited financial statements of Igloo · scope: Igloo Industries Group Ltd. (entity level, not consolidated with NDG) · currency: CAD · total assets: 18902000 · total liabilities: 14894000
- secured creditorsnote: General security agreement over all present and after-acquired personal property; guarantees and postponements of claim from Maria and Stan (~$5.5 million each); collateral mortgage (~$1.0 million) on Tecumseth Property; EDC guarantee to RBC (max $3.25 million); security interest in NDG Inventory. RBC issued demands and s.244 notice Feb 12, 2024 (Company 244 Notice / RBC Company Demands). · page: 21 · as of: 2023-12-31 · amount: 6681000 · debtor: Igloo Industries Group Ltd. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: RBC operating line & overdraft balance per unaudited balance sheet; RBC Facility is a $6.5 million revolving demand loan facility (fully drawn as at Filing Date)
- secured creditorsnote: Approximately nil owing as at Filing Date · page: 22 · as of: Filing Date · debtor: Igloo Industries Group Ltd. · creditor: Royal Bank of Canada (RBC) - Non-revolving term facility · currency: CAD · security: approximately $110,000 non-revolving term facility
- secured creditorspage: 22 · as of: Filing Date · amount: 18000 · debtor: Igloo Industries Group Ltd. · creditor: Royal Bank of Canada (RBC) - Revolving lease line of credit · currency: CAD · security: $250,000 revolving lease line of credit
- secured creditorsnote: RBC froze the RBC Facility and Credit Card Facility on or around February 22, 2024 · page: 22 · as of: First Report date (approximate, currently owing) · amount: 30000 · debtor: Igloo Industries Group Ltd. · creditor: Royal Bank of Canada (RBC) - Credit Card Facility · currency: CAD · security: $150,000 credit card facility under RBC Loan Agreement
- secured creditorsnote: Subordinated secured lender · page: 23 · as of: Filing Date · amount: 292000 · debtor: Igloo Industries Group Ltd. · creditor: Merchant Opportunities Fund Limited Partnership (Merchant Growth) · currency: CAD · security: Accounts receivable factoring facility
- secured creditorsnote: Subordinated secured lender · page: 23 · as of: Filing Date · amount: 29000 · debtor: Igloo Industries Group Ltd. · creditor: Chef Choice Equipment Rentals Inc. · currency: CAD · security: Financing term loan
- secured creditorsnote: Other parties beyond RBC, BDC, Merchant Growth and Chef Choice hold registered security interests; validity/enforceability not yet reviewed by Proposal Trustee's counsel · page: 23 · as of: 2024-02-13 · debtor: Igloo Industries Group Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Registered security interests against equipment and vehicle leases per PPSA Search Results (Ontario)
- secured creditorsnote: Second secured lender; 'approximately $1.3 million' is prose approximation, no exact dated balance given · page: 23 · as of: Filing Date · amount: 1300000 · debtor: Igloo Industries Group Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreements over Company assets; guarantees of Maria and Stan (Maria did not guarantee 2022 BDC Facility); comprised of 2019 BDC Facility (max $750,000), 2020 BDC Facility (max $850,000), 2022 BDC Facility (max $750,000)
- unsecured creditorsnote: Deemed trust class - pre-filing source deductions · page: 23 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 400000 · debtor: Igloo Industries Group Ltd. · creditor: Canada Revenue Agency - source deductions · currency: CAD
- unsecured creditorsnote: Corporate income tax arrears · page: 23 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 300000 · debtor: Igloo Industries Group Ltd. · creditor: Canada Revenue Agency - corporate income taxes · currency: CAD
- unsecured creditorsnote: Deemed trust class - pre-filing HST · page: 23 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 400000 · debtor: Igloo Industries Group Ltd. · creditor: Canada Revenue Agency - HST · currency: CAD
- unsecured creditorsnote: May include preferred wage claims under BIA but document does not explicitly label as preferred · page: 23 · as of: NOI filing date · basis: Proposal Trustee's understanding based on Company records · amount: 300000 · debtor: Igloo Industries Group Ltd. · creditor: Employees and contractors (pre-filing compensation) · currency: CAD
- secured creditorsnote: Individuals' only other significant debt; funds advanced were loaned to the Company · page: 24 · as of: First Report date (approximate) · amount: 550000 · debtor: Maria Snieg and Stanislaw Snieg · creditor: Bank of Montreal (BMO) · currency: CAD · security: Home equity line of credit (HELOC) on the Matrimonial Home
- unsecured creditorsnote: Related party unsecured loans made to the Company · page: 24 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 1700000 · debtor: Igloo Industries Group Ltd. · creditor: Maria Snieg and Stanislaw Snieg and certain family members (related-party loans) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors for this aggregate · page: 24 · as of: NOI filing date · basis: Company's books and records estimate as at the Filing Date · amount: 2400000 · debtor: Igloo Industries Group Ltd. · creditor: Unsecured creditors (aggregate as reported, arm's-length) · currency: CAD
- unsecured creditorsnote: Rent arrears including HST; landlord holds deposit equal to one or two months' rent · page: 24 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 79000 · debtor: Igloo Industries Group Ltd. · creditor: 124 Norfinch Lease landlord · currency: CAD
- unsecured creditorsnote: Rent arrears including HST; lease terminated as of February 28, 2024 · page: 24 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 21300 · debtor: Igloo Industries Group Ltd. · creditor: 375 Norfinch Lease landlord · currency: CAD
- unsecured creditorsnote: Rent arrears including HST; pre-Filing Date arrears to be dealt with as part of proceedings · page: 24 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 69000 · debtor: Igloo Industries Group Ltd. · creditor: Concord Lease landlord (Condor Properties Ltd.) · currency: CAD
- unsecured creditorsnote: Rent arrears including HST; lease disclaimed effective April 10, 2024 · page: 24 · as of: NOI filing date · basis: As noted in the Snieg Affidavit · amount: 52000 · debtor: Igloo Industries Group Ltd. · creditor: Barrie Lease landlord · currency: CAD
- secured creditorsnote: Personal guarantees of Company's RBC obligations: Maria $3.3 million (~85% of her known liabilities) and Stan $3.3 million (~94% of his known liabilities); reported as component figures, not summed · page: 25 · as of: Filing Date · amount: 6600000 · debtor: Maria Snieg and Stanislaw Snieg · creditor: Royal Bank of Canada (RBC) - Individuals' Guarantees · currency: CAD · security: Collateral mortgage on Tecumseth Property