British Columbia · Bankruptcy
Ultinon - Trustee's Preliminary Report to Creditors
Court officer report · 18 March 2026
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What we verified from this filing17 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file no11-3341049
- proceeding typebia_bankruptcy
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date23 February 2026
- financial positionnote: Liabilities total per SOA comprised of: Secured creditors $40,001; Preferred creditors Nil; Unsecured creditors $1,048,175; Contingent/Trust claims or other $164,382,280. Assets not summed to a total in the document: accounts receivable estimated at $40,000 and cash on hand of $4,100 reported separately; AR reportedly sold to Credit Agricole Leasing and Factoring pre-bankruptcy and subject to Trustee review for estate recovery. · page: 2 · as at: Statement of Affairs as filed in bankruptcy · basis: Statement of Affairs as filed (unaudited); only $147,443 confirmed via proofs of claim filed to date · scope: entity - Ultinon Motion Commercial Canada Ltd. · currency: CAD · total liabilities: 165470456
- statutory basissection 49 of the Bankruptcy and Insolvency Act (Canada)
- statutory basissection 49 of the Bankruptcy and Insolvency Act (Canada)
- secured creditorsnote: Deemed trust claim; figure per CRA letters obtained by Trustee, not confirmed by proof of claim; Trustee to correspond with CRA to confirm deemed trust amounts · page: 3 · amount: 59340 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust over unremitted payroll source deductions, ranking in priority to all other creditors
- secured creditorsnote: Company reported all employees received full wages/vacation pay and proper notice; Trustee does not expect any claims from wage earners · page: 3 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Wage earners (BIA s.81.3(1) super-priority) · currency: CAD · security: Statutory security to a maximum of $2,000 per employee over current assets
- secured creditorsnote: Company's accounts receivable reportedly sold to this creditor prior to bankruptcy (see page 2); no proof of claim received as of date of report; amount not stated · page: 3 · as of: 2026-02-17 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Credit Agricole Leasing and Factoring · currency: CAD · security: Blanket PPSA registration over all present and after-acquired personal property and proceeds thereof
- secured creditorsnote: Registration confirmed via BC Personal Property Registry search dated Feb 17, 2026; no proof of claim received as of date of report; amount not stated · page: 3 · as of: 2026-02-17 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Banco Santander, S.A. · currency: CAD · security: Blanket PPSA registration over all present and after-acquired personal property and proceeds thereof
- unsecured creditorsnote: Ranks as general unsecured claim per Trustee; no proof of claim received as of date of report · page: 3 · basis: Per CRA letters obtained by Trustee · amount: 243884 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Canada Revenue Agency (CRA) - Corporate Taxes · currency: CAD
- unsecured creditorsnote: Ranks as general unsecured claim per Trustee; no proof of claim received as of date of report · page: 3 · basis: Per CRA letters obtained by Trustee · amount: 51428 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Canada Revenue Agency (CRA) - GST/HST · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors; only $147,443 in proofs of claim (three proofs) had been filed as of date of report · page: 4 · as of: Statement of Affairs as filed in bankruptcy · basis: Statement of Affairs as reported · amount: 1048175 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Company reports it was an obligor on loans advanced by these two entities to the Ultinon Group, but received none of the funds advanced; contingent/disputed status; aggregate figure not broken down between the two named creditors · page: 4 · as of: Statement of Affairs as filed in bankruptcy · basis: Statement of Affairs as reported - contingent claims · amount: 164382280 · debtor: Ultinon Motion Commercial Canada Ltd. · creditor: Contingent creditors (aggregate) - Deva Capital Investments Company S.L.U. and KTRI Holdings Inc. · currency: CAD