Ontario · NOI
Preliminary Report to Creditors
Court officer report · 14 November 2016
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- financial positionnote: Total liabilities per Statement of Affairs (Secured $1,089,000.00; Preferred Unknown; Unsecured $812,780.64; Total $1,901,780.64) as at the Date of Bankruptcy; separately, Creditor Claims Filed to Date as at 9:00 a.m. March 28, 2018 totalled $259,820.78 (Secured $65,553.79; Preferred $43,478.04; Unsecured $150,788.95). Asset values given only as components, not summed: Inventory original cost $755,000 (est. realizable $150,000 per SOA, but Trustee believes little to no realization likely); Accounts Receivable net book value $260,000 (est. realizable $140,000 per SOA); Machinery and Equipment net book value $1,005,000 (est. realizable $640,000 per SOA, though Trustee believes actual realization will be significantly less). · basis: Statement of Affairs (debtor's estimate), compared against Proofs of Claim filed to date · scope: Speedo Foods & Flavours Inc. (bankrupt estate) · currency: CAD · total liabilities: 1901780.64
- operational summaryThe Company ceased operations after its landlord terminated the lease for non-payment of rent; the Trustee has not taken possession of the premises or assets, which remain in the landlord's control, and is pursuing liquidation proposals/LOIs for the equipment and inventory rather than continued operations.
- professional feesnote: No deposit or retainer received; Trustee's fees and administration costs guaranteed by BNS, BDC and Roynat to a limited amount, but no figure stated. · party: The Fuller Landau Group Inc. (Trustee) · currency: CAD
- report date28 March 2018