Ontario · Bankruptcy
Preliminary Report
Pre-filing report · 6 October 2022
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What we verified from this filing12 verified
- appointeeDodick Landau Inc.
- appointee roleTrustee in Bankruptcy
- commencement date20 September 2022
- court file no35-2866661
- proceeding typebia_bankruptcy
- provinceOntario
- financial positionnote: Assets (inventory, trade fixtures, accounts receivable, machinery and equipment including the Press) estimated at approximately Cdn $1.0 million per management's estimates in the Statement of Affairs; Remaining Assets (excluding the now-realized Press) separately appraised at approximately $28,000 CDN. Liabilities are stated separately by class in the Statement of Affairs (nine secured creditors totaling $1,874,815; sixty unsecured creditors totaling $2,074,295) and are not combined into a single reported total liabilities figure, so none is reported here per reporting rules. · page: 2 · basis: Statement of Affairs - management's estimates · scope: JJK Print Inc. (single entity) · currency: CAD · total assets: 1000000
- secured creditorsnote: One of the nine secured creditors comprising the SOA aggregate above; specific secured claim amount not separately stated. Press sold for ~$586,000 USD (net proceeds to FCC ~$554,000 USD), insufficient to repay FCC in full; remaining shortfall pursued on an unsecured basis (see unsecured creditors). · page: 2 · debtor: JJK Print Inc. · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Judgment (April 9, 2021) and Order (November 19, 2021) directing Sheriff of Windsor to seize the Company's flexo film press and ancillary equipment (the "Press")
- unsecured creditorsnote: Shortfall after Sale Transaction (Press sold for ~$586,000 USD; FCC received net proceeds of ~$554,000 USD) did not fully repay FCC's secured debt. · page: 2 · as of: per FCC proof of claim · basis: FCC's proof of claim claiming, on an unsecured basis, the shortfall from realizing on the Press · amount: 425000 · debtor: JJK Print Inc. · creditor: Farm Credit Canada (FCC) · currency: CAD
- secured creditorsnote: Statement of Affairs lists nine secured creditors, including FCC, with potential provable claims totaling $1,874,815; only FCC is identified by name, others unnamed. Three secured Proofs of Claim filed to date (a different, smaller figure) total $35,206.10. · page: 3 · as of: Statement of Affairs · amount: 1874815 · debtor: JJK Print Inc. · creditor: Secured creditors (aggregate as reported in Statement of Affairs) · currency: CAD
- secured creditorsnote: Approximate figure ('a total of approximately $278,000'); deemed trust class; Trustee expects a shortfall will remain for CRA after liquidation of Remaining Assets, with no proceeds for other creditors. · page: 3 · amount: 278000 · debtor: JJK Print Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Statutory deemed trust/secured position for unremitted source deductions
- unsecured creditorsnote: Nine unsecured Proofs of Claim filed to date total $634,558.24 (proofs-filed figure, distinct from the SOA-reported total). Document names no individual unsecured creditors. · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs lists sixty unsecured creditors with potential provable claims totalling $2,074,295 · amount: 2074295 · debtor: JJK Print Inc. · creditor: Unsecured creditors (aggregate as reported in Statement of Affairs) · currency: CAD