Nova Scotia · NOI
Trustee's Second Report
Court officer report · 15 October 2026
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 filing13 verified
- secured creditorsnote: Lien claim amount per notice from counsel dated August 27, 2026. Dependable Truck and Trailer paid Bedford directly and deducted that amount from Dynamic's final invoice of $210,096.87 (incl. HST); Bedford has received the funds and is in the process of discharging the lien registration, so it is being discharged and is not a current claim. Company is not aware of any pending or threatened builders' liens on current projects. · page: 10 · as of: 2026-08-27 · amount: 49663.22 · debtor: Dynamic Restoration Ltd. · creditor: Bedford Ready Mix Limited (Builders' Lien Act lien claim) · currency: CAD · security: Builders' lien registered under the Builders' Lien Act (supplier of concrete as subcontractor on a Dependable Truck and Trailer project)
- secured creditorsnote: No outstanding balance stated. Secured as to specific leased vehicles; sale proceeds exceeding the secured obligation on a returned vehicle form part of the estate. The Trustee views a $8,251 post-filing collection of a vehicle sale deficiency as unsecured and in contravention of the Stay, and $7,172 of extra lease payments as to be returned. The report does not expressly name Jim Pattison as holding a PPSA registration. · page: 11 · debtor: Dynamic Restoration Ltd. · creditor: Jim Pattison Lease · currency: CAD · security: Vehicle lease/financing; Ford F550 dump truck and 2007 Volvo dump truck are marked (Leased) in the appraisal schedule
- unsecured creditorsnote: The document names no individual creditors in this total. Estimate used for the illustrative proposal vs bankruptcy comparison only; not proofs of claim filed. · page: 49 · as of: 2026-10-15 · basis: Total general (unsecured) creditors as shown in the Trustee's Statement of Estimated Realization (Appendix E), an illustrative estimate; Trustee relied on unaudited Company information · amount: 552583 · debtor: Dynamic Restoration Ltd. · creditor: General (unsecured) creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: HST for the period June 1 to August 31, 2026 is largely covered by the Stay and will be a claim in the proceedings; amount subject to CRA revised proof of claim after outstanding GST/HST filings (March 1, 2024 to May 31, 2026) are assessed. · page: 49 · as of: 2026-10-15 · basis: CRA unsecured HST claim per Appendix E illustrative comparison (claim as presently filed) · amount: 118305 · debtor: Dynamic Restoration Ltd. · creditor: Canada Revenue Agency – HST (unsecured) · currency: CAD
- unsecured creditorsnote: Deemed trust / priority claim. The amount is subject to revision: CRA has not yet assessed the Company's outstanding payroll filings or submitted a revised proof of claim. In the bankruptcy scenario only $829,215 is available to CRA (shortfall). · page: 49 · as of: 2026-10-15 · basis: CRA claim 'as presently filed' per the Appendix E illustrative comparison; CRA payroll source deductions priority claim (deemed-trust class) · amount: 1134269 · debtor: Dynamic Restoration Ltd. · creditor: Canada Revenue Agency – Source Deduction Claim (priority claim under s. 60(1.1) BIA, payroll source deductions) · currency: CAD
- cash on handnote: Aggregate of East Coast Credit Union and Bank of Montreal accounts; the report also notes material differences between internal balance sheet cash and bank statements, and an unchanged 'Undeposited Funds' balance of $344,260. · as at: 2026-10-14 · amount: 265820 · currency: CAD · qualifier: aggregate balance in the Company's bank accounts
- disbursementsnote: Actual cash outflows versus projected $360,582; resulting operating cash flow of $248,315 stated, an unfavourable variance of $97,661 to projection. · since: first seven weeks of the 13-week cash flow (August 22 to October 9, 2026) · amount: 447895 · currency: CAD
- operational summaryThe Company is continuing to operate in the normal course while restructuring under its NOI, catching up on delinquent CRA filings and bookkeeping, and is projected to remain cash flow positive, with a potential proposal to creditors under consideration.
- professional feesnote: Inclusive of applicable taxes (fees $32,313.50 plus HST $4,847.03); 74.80 hours at standard hourly rates. $28,000 of payments from the Company held in the Trustee's trust account against the invoice. Legal fees of $37,609 were also paid by the Company per the variance analysis. · party: MNP Ltd. (Proposal Trustee) · amount: 37160.53 · period: commencement of proceedings to September 30, 2026 · currency: CAD
- receipts cumulativenote: Actual collection of accounts receivable versus projected $706,558. · since: first seven weeks of the 13-week cash flow (August 22 to October 9, 2026) · amount: 696211 · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: Under this scenario, it is expected that CRA would be in a shortfall position for its Source Deduction Claim and there would be no other funds available for distribution to any other creditors. · pct of: unstated · outcome: shortfall · class key: deemed_trust · stated by: proposal_trustee · class label: CRA Source Deduction Claim · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Under this scenario, it is expected that CRA would be in a shortfall position for its Source Deduction Claim and there would be no other funds available for distribution to any other creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: other creditors (unsecured creditors) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: is estimated to provide for full payment of the Source Deduction Claim and a 31% recovery to unsecured creditors. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: CRA Source Deduction Claim · creditor name: CRA · interim final: unstated · conditional on: illustrative example proposal fund of $1,400,000 ($400,000 lump sum and 60 monthly payments of $16,666.67) · claims qualifier: unstated; basis: plan · quote: is estimated to provide for full payment of the Source Deduction Claim and a 31% recovery to unsecured creditors. · pct of: unstated · outcome: distribution · pct low: 31 · pct high: 31 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · conditional on: illustrative example proposal fund of $1,400,000 ($400,000 lump sum and 60 monthly payments of $16,666.67) · claims qualifier: unstated; basis: plan · quote: In this example it is estimated that under a proposal CRA would receive $1,252,574 representing 83% of its claim as presently filed. · pct of: unstated · outcome: distribution · pct low: 83 · pct high: 83 · class key: deemed_trust · stated by: proposal_trustee · amount low: 1252574 · amount high: 1252574 · class label: CRA (total claim as presently filed) · creditor name: CRA · interim final: unstated · conditional on: illustrative example proposal · claims qualifier: unstated; basis: liquidation_alternative · quote: Under a bankruptcy scenario, it is expected that CRA would receive $829,215 representing a 55% recovery of its total claim. · pct of: unstated · outcome: distribution · pct low: 55 · pct high: 55 · class key: deemed_trust · stated by: proposal_trustee · amount low: 829215 · amount high: 829215 · class label: CRA (total claim) · creditor name: CRA · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-15 · table missing:
- report date15 October 2026
- report noSecond Report