Ontario · Bankruptcy
Massaro -Trustee's Preliminary Report to Creditors dated August 11, 2025
Court officer report · 11 August 2025
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 filing5 verified
- secured creditorsnote: Per Massaro's Statement of Affairs sworn July 28, 2025. Reflected at 50% of the amount outstanding under each mortgage as the mortgages are joint obligations of Massaro and his wife. · page: 2 · as of: 2025-07-28 · amount: 210838 · debtor: Brent Jason Scott Massaro · creditor: Bank of Nova Scotia · currency: CAD · security: Two mortgages on Massaro's principal residence (the Oriole Property), jointly owned with his spouse
- secured creditorsnote: Per Massaro's Statement of Affairs sworn July 28, 2025. Reflected at 50% of the amount outstanding as a joint obligation of Massaro and his wife. The City of Thunder Bay has registered a Property Standards Order on the Syndicate Property (p. 3). · page: 2 · as of: 2025-07-28 · amount: 30182 · debtor: Brent Jason Scott Massaro · creditor: Bank of Nova Scotia · currency: CAD · security: Mortgage on a property owned jointly by Massaro and his spouse (the Syndicate Property)
- unsecured creditorsnote: Largest creditor of Massaro and BJSM. Judgement obtained in the context of Court findings of oppressive conduct and breach of fiduciary duty (p. 3). As at the date of the Report (August 11, 2025), one proof of claim has been filed against Massaro by TGH and Hogan totaling approximately $13.82 million — proofs-filed figure, not the reported amount (p. 3). TGH and Hogan are also the applicants who obtained the Bankruptcy Order and Hogan has guaranteed the Trustee's fees up to $50,000 (p. 5). · page: 2 · as of: default judgement issued on November 25, 2024 · basis: Approximately $13,375,000 owed pursuant to a default judgement issued November 25, 2024 by the Ontario Superior Court of Justice, ordering BJSM and Massaro, jointly and severally, to (i) purchase TGH's shares in Thunder Bay Broom & Chemicals Ltd. for the total sum of $13,350,000 plus post-judgement interest and (ii) pay TGH and Hogan $25,000 in costs. · amount: 13375000 · debtor: Brent Jason Scott Massaro (jointly and severally with BJSM Holdings Ltd.) · creditor: TGH Holdings Ltd. and Tyler Hogan (jointly and severally) · currency: CAD
- financial positionnote: No totals are stated; asset components per the SOA (not summed): Oriole Property approximately $215,000 (Estate's 50% interest, net of mortgage); Syndicate Property approximately $9,300 (net of mortgage); personal furniture and effects $10,000; cash surrender value of life insurance policies $28,691 (stated on p. 4 as approximately $28,691 as at May 14, 2025); BNS trading account $6,821 (stated on p. 4 as $6,831 as at the date of bankruptcy). No liabilities side or total is stated. Trustee states the value of Massaro's assets is not expected to be material relative to the potential claims against the Estate (p. 5). · page: 3 · as at: 2025-07-28 · basis: Statement of Affairs sworn July 28, 2025; estimated net realizable values according to Massaro; Trustee has not audited or verified the financial information (no CAS assurance) · scope: Brent Jason Scott Massaro personally (the Estate); a separate report addresses the bankruptcy of BJSM Holdings Ltd. · currency: CAD
- unsecured creditorsnote: Amount cannot yet be stated — an unknown, not a zero. Personal income taxes (CRA); Trustee is discussing the filing of the outstanding returns with Massaro and his external accountant. · page: 3 · basis: Massaro has advised the Trustee that he believes he owes amounts to the Canada Revenue Agency for personal income taxes, which amounts have not yet been determined as Massaro has not filed personal tax returns since 2019. · debtor: Brent Jason Scott Massaro · creditor: Canada Revenue Agency · currency: CAD