British Columbia · Bankruptcy
Trustee's Preliminary Report
Court officer report · 15 March 2022
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What we verified from this filing16 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date22 February 2022
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY AND INSOLVENCY
- court file no11-2806711
- statutory basisBankruptcy and Insolvency Act
- unsecured creditorsnote: Document names no individual creditors; proofs of claim filed as of 3pm March 14, 2022 totaled $348,268.52 (labelled as filed claims, not reported total); separately, narrative text states total unsecured creditors of approximately $3.5 million including estimated deficiency claims of secured creditors · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 1409282 · debtor: Weatherguard Exteriors Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Approximate amount; interest and costs continue to accrue · page: 4 · as of: 2022-02-22 · amount: 997000 · debtor: Weatherguard Exteriors Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security agreement registered in Personal Property Registry on April 9, 2020
- secured creditorsnote: Deemed trust claim, ranks ahead of all creditors except a previously registered mortgage; estimated by Trustee; CRA had not filed a claim with the Trustee as of report date; any GST/corporate income tax debt ranks as general unsecured · page: 4 · as of: Date of Bankruptcy · amount: 27000 · debtor: Weatherguard Exteriors Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim over unremitted payroll source deductions
- secured creditorsnote: Director advised all employee wages/vacation pay/compensation paid in full; Trustee does not anticipate claims under s.81.3(1) · page: 4 · debtor: Weatherguard Exteriors Inc. · creditor: Claims of Wage Earners (employees) · currency: CAD · security: Section 81.3(1) BIA security over current assets (cash, inventory, accounts receivable), secured to extent of $2,000 per employee
- secured creditorspage: 5 · debtor: Weatherguard Exteriors Inc. · creditor: Fraser City Motors Ltd. · currency: CAD · security: Lease agreement registered in Personal Property Registry on July 20, 2018, specific security over 2018 Dodge Ram Promaster cargo van
- secured creditorspage: 5 · debtor: Weatherguard Exteriors Inc. · creditor: WS Leasing · currency: CAD · security: Lease agreement registered in Personal Property Registry on October 4, 2016, specific security over 2016 Dodge Ram 1500 truck
- secured creditorsnote: Trustee determined no net realizable value for the Estate after payment of registered claims against these assets · page: 5 · debtor: Weatherguard Exteriors Inc. · creditor: Meridian Onecap Credit Corporation · currency: CAD · security: Lease agreements registered January 8, 2021 (2014 Yale Forklift) and December 22, 2020 (two Genie S-65 lifts)
- secured creditorsnote: Related party: company controlled by director Bradley McDonald · page: 5 · as of: Statement of Affairs · amount: 1874500 · debtor: Weatherguard Exteriors Inc. · creditor: Silver Sky Investments Ltd. · currency: CAD · security: General security agreement registered in Personal Property Registry on October 27, 2021; subordinate to BMO's security
- unsecured creditorsnote: Preferred claim for wages/compensation not paid under Section 81 BIA for period beyond six months preceding bankruptcy ranks as general unsecured; termination pay subrogated claim (Wage Earners Protection Program Act) will rank as general unsecured · page: 5 · basis: As reported; Trustee does not anticipate receiving claims from employees for unpaid compensation · debtor: Weatherguard Exteriors Inc. · creditor: Employees (wage earners, termination pay subrogated claim) · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Trustee has reviewed the assets leased from Meridian, and determined that there is no net realizable value for the Estate after payment of the registered claims against the Forklift and S-65 lifts. · pct of: unstated · outcome: nil · class key: secured · stated by: trustee · class label: Meridian (lease secured creditor - Forklift and S-65 lifts) · creditor name: Meridian · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: We do not expect to receive any claims from unpaid landlords. · pct of: unstated · outcome: nil · class key: landlord · stated by: trustee · class label: unpaid landlords · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As such, it is likely that the general unsecured creditors have no financial interest in the assets. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: general unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: