Ontario · Bankruptcy
Minutes of First Meeting of Creditors and Trustee’s Preliminary Report
Meeting materials · 12 July 2022
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What we verified from this filing15 verified
- court file no31-2842327
- provinceOntario
- appointeeGoldhar & Associates Ltd
- appointee roleTrustee
- commencement date27 June 2022
- financial positionnote: Total assets figure of $442,283.00 is original cost, not realizable value; estimated realizable value of assets is effectively $1.00 (HST recoverable) plus $15,000 already liquidated by receiver; total liabilities of $320,092.15 per Statement of Affairs (7 unsecured creditors totaling $7.00 nominal, 1 secured creditor at $320,085.15); no claims filed as of statement date · page: 6 · as at: 2022-06-27 · basis: Trustee's Preliminary Report figures based on available books/records and discussions with management, not audited; asset values shown are original cost with estimated realizable value of $0 (except $1.00 HST recoverable) as all available assets were sold by the receiver for $15,000 through bill of sale dated May 11, 2022 · scope: 2737524 Ontario Inc. cob Estrada Automotive (single bankrupt entity) · currency: CAD · total assets: 442283 · total liabilities: 320092.15
- secured creditorsnote: Trustee notes that as there are no assets on the bankruptcy date, this secured claim is likely to rank as fully unsecured; secured creditor had not yet filed a proof of claim; validity of security not commented on by Trustee; Claims Register (Appendix B) separately lists a $1.00 nominal SOA amount for this creditor under 'Secured creditors' (likely a placeholder pending valuation) and $320,084.15 under 'Unsecured creditors'; 25% of the indebtedness is personally guaranteed by Mr. Wong (officer/director, personal guarantee) · page: 7 · as of: Statement of Affairs as reported · amount: 320085.15 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: Bank of Montreal (BMO Bank of Montreal, formerly MBanx) · currency: CAD · security: PPSA-registered charge (search conducted April 11, 2022, file currency to April 10, 2022); financed approximately $350,000 to the debtor in December 2020 (original advance, not balance)
- unsecured creditorsnote: Bifurcated: also listed with $1.00 under Secured creditors in Claims Register; underlying secured claim likely to rank as fully unsecured per Trustee due to no available assets; no proof of claim filed · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 320084.15 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: BMO Bank of Montreal (formerly MBanx) c/o BankruptcyHighway.com · currency: CAD
- unsecured creditorsnote: Nominal placeholder amount; no proof of claim filed · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 1 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: Catherine Consentino (Lawyer) · currency: CAD
- unsecured creditorsnote: Deemed trust/CRA claim; nominal placeholder amount; no proof of claim filed; potential HST refund of approximately $51,000 pending but amount unascertained due to unfiled tax returns · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 1 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: CRA - GST/HST - Shawinigan-Sud · currency: CAD
- unsecured creditorsnote: Deemed trust/CRA claim; nominal placeholder amount; no proof of claim filed · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 1 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: CRA - Toronto North Tax Services Office · currency: CAD
- unsecured creditorsnote: Nominal placeholder amount; no proof of claim filed · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 1 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: Lipman Zener and Waxman LLP (Counsel for BMO) · currency: CAD
- unsecured creditorsnote: Regulatory/tax claim; nominal placeholder amount; no proof of claim filed · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 1 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: Ministry of Finance - ON PST, EHT & Other Taxes · currency: CAD
- unsecured creditorsnote: Nominal placeholder amount; no proof of claim filed · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 1 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: MSI Spergel Inc. (Receiver for Debtor Corporation) · currency: CAD
- unsecured creditorsnote: Regulatory claim; nominal placeholder amount; no proof of claim filed · page: 10 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 1 · debtor: 2737524 Ontario Inc. cob Estrada Automotive · creditor: Workplace Safety and Insurance Board · currency: CAD