Ontario · Bankruptcy
Trustee’s Preliminary Report
Court officer report · 18 August 2023
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What we verified from this filing10 verified
- appointeeB. Riley Farber Inc.
- appointee roleLicensed Trustee
- commencement date2 August 2023
- proceeding typebia_bankruptcy
- provinceOntario
- financial positionnote: Liabilities figure is the Statement-of-Affairs total of provable claims (Secured $345,617.00 + Preferred $1.00 + Unsecured $10,158,440.66 + Contingent $0.00 = $10,504,058.66, as stated in the document's own table); amounts actually filed with the Trustee to date total only $36,962.29. · page: 2 · basis: Statement of Affairs; assets at estimated realizable value; books and records not audited by the Trustee, who expresses no opinion on validity, exactness or reliability of the information · scope: Entity - Clover Inc. (bankrupt) · currency: CAD · total assets: 345617 · total liabilities: 10504058.66
- secured creditorsnote: Secured claim per Statement of Affairs; NIL filed with Trustee to date. Legal opinion on validity/enforceability of security pending (preliminary verbal opinion received that security 'appears reasonable' subject to further review of security documents). Anticipated to suffer a significant shortfall; no surplus expected for preferred or unsecured creditors. · page: 3 · as of: date of bankruptcy · amount: 345617 · debtor: Clover Inc. · creditor: Jackson Investment Group, LLC · currency: CAD · security: All of the Company's Property encumbered; sole PPSA (Ontario) registrant against the Company
- unsecured creditorsnote: Proofs of claim filed with Trustee to date: $36,962.49 (materially less than the SOA-reported figure). Document names no individual creditors. · page: 3 · as of: date of bankruptcy · basis: Statement of Affairs as reported · amount: 10158440.66 · debtor: Clover Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred class (ranks ahead of ordinary unsecured); NIL filed with Trustee to date. Document names no individual creditors. · page: 3 · as of: date of bankruptcy · basis: Statement of Affairs as reported · amount: 1 · debtor: Clover Inc. · creditor: Preferred creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Subject to the receipt of the legal opinion regarding the validity of their security, it is anticipated that the Jackson Investment Group, LLC will suffer a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Jackson Investment Group, LLC · creditor name: Jackson Investment Group, LLC · interim final: unstated · conditional on: Subject to the receipt of the legal opinion regarding the validity of their security · claims qualifier: unstated; basis: estimated · quote: Accordingly, no surplus funds are expected to be available for distribution to preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: preferred or unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As noted above, the Property of the Company is encumbered in favour of secured creditor who is expected to incur a significant shortfall on its security; accordingly, the Trustee does not expect that any funds will be available for distribution to preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: preferred or unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: