Ontario · Proposal
First Report of the Trustee dated August 14, 2024
Court officer report · 14 August 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 filing11 verified
- appointeeBDO Canada Limited
- appointee roleProposal Trustee
- courtONTARIO SUPERIOR COURT OF JUSTICE
- court file no32-3030651
- commencement date26 July 2024
- statutory basisBankruptcy and Insolvency Act
- financial positionnote: Components only, not summed: secured debt owed to 9688 approximately $2.2 million as of the NOI Filing Date; HST balance owing approximately $104,000; no total liabilities figure stated. · as at: 2024-07-26 · basis: unaudited, Company's books and records · scope: TKC Metal Recycling Inc. (entity level) · currency: CAD
- operational summaryTKC continues to operate under NOI protection while undergoing a court-supervised Sale Process for its assets/business, having stabilized operations and cash flow, and is seeking a stay extension to complete the sale and file a proposal.
- report date14 August 2024
- report noFirst Report
- sale outcometext: The Company commenced a Sale Process to maximize realizations relative to liquidation, and the Trustee recommends the Court approve it. · scope: whole_business · status: process_approved