Alberta · Proposal
Report of Trustee on Amended Proposal
Court officer report · 14 May 2026
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What we verified from this filing16 verified
- applicantMNP LTD. IN ITS CAPACITY AS THE PROPOSAL TRUSTEE IN THE DIVISION I PROPOSAL OF ALTITUDE INSTALLATIONS LTD.
- court file no24-3340499
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date27 February 2026
- courtIN THE COURT OF KING'S BENCH OF ALBERTA
- statutory basisSection 59(1) and paragraph 58(d) of the Act
- unsecured creditorsnote: CRA's total claim was $935,809.96, of which $841,164.76 is a deemed-trust property claim (see secured creditors). Unsecured portion was originally $94,645.20 for voting purposes and was amended by CRA on April 21, 2026 to $91,980.17. Note: at the creditors' meeting, 2 unsecured creditors with total proven claims of $133,897 voted in favour of the Amended Proposal (distinct voting figure, not separately itemized by name). · page: 3 · as of: 2026-04-21 · basis: Proof of claim filed by CRA; unsecured portion of total CRA claim (excludes property/deemed-trust claim) · amount: 91980.17 · debtor: Altitude Installations Ltd. · creditor: Canada Revenue Agency (unsecured portion of claim) · currency: CAD
- financial positionnote: Liabilities total of $936,021 is a literal sum of SOA line items (Secured Creditor $86, CRA-GST $94,645, CRA-Source deductions $841,165, Unsecured creditors $125), inconsistent in scale with the $000's figures shown for the same creditors in the Trustee's Report to Creditors (Table 1/Table 2: Merchant $86,000; unsecured creditors totaling $125,000/$124,252). This scale discrepancy exists in the source document; both figures are reported as stated. · page: 4 · as at: 2026-02-27 · basis: Per Statement of Affairs (book values), pre-filing; Trustee also presents an 'Estimated Realization' column of $539,000 for assets (not used here as it is a realization estimate, not book position) · scope: Altitude Installations Ltd. (single entity) · currency: CAD · total assets: 691000 · total liabilities: 936021
- secured creditorsnote: Deemed-trust/priority property claim; listed within Trustee's secured-claims table (Table 1) at $841 ($000's); exact dollar figure per Report of Trustee (p.3) is $841,164.76 out of total CRA claim of $935,809.96; SOA summary table (p.4) shows same amount as 'CRA - Source deductions' $841,165. · page: 30 · as of: Proposal Valuation Date (February 27, 2026) · amount: 841164.76 · debtor: Altitude Installations Ltd. · creditor: Receiver General - Canada Revenue Agency (Source Deductions) · currency: CAD · security: Property claim - deemed trust re: source deductions pursuant to subsection 60(1.1) of the BIA
- secured creditorsnote: Unaffected by the Proposal; to be paid per existing agreement outside the Proposal Fund. SOA summary table (p.4) shows this line as 'Secured Creditor' $86, apparently unscaled from the $000's presentation used in Table 1. · page: 30 · as of: Proposal Valuation Date (February 27, 2026) · amount: 86000 · debtor: Altitude Installations Ltd. · creditor: Merchant Opportunities Canada LP · currency: CAD · security: General Security Agreement over all present and after-acquired property
- unsecured creditorspage: 31 · as of: Proposal Valuation Date (February 27, 2026) · basis: Listing of creditors as reported by the Company in the Trustee's Report to Creditors (Table 2), based on Company's records · amount: 1000 · debtor: Altitude Installations Ltd. · creditor: Workers' Compensation Board · currency: CAD
- unsecured creditorspage: 31 · as of: Proposal Valuation Date (February 27, 2026) · basis: Listing of creditors as reported by the Company in the Trustee's Report to Creditors (Table 2), based on Company's records · amount: 39000 · debtor: Altitude Installations Ltd. · creditor: Next Level Millwork · currency: CAD
- unsecured creditorspage: 31 · as of: Proposal Valuation Date (February 27, 2026) · basis: Listing of creditors as reported by the Company in the Trustee's Report to Creditors (Table 2), based on Company's records · amount: 85000 · debtor: Altitude Installations Ltd. · creditor: Community Futures Capital Region · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Kristin Gray; Mackenzie Giffen; Carolina Bautista; Steven Barlott; Mark Shtay; Brandon Bruce; Comfort Uche; Noah Jiwa; Jheanel Montgomery; fees: 16738.7 · hours: 38.6 · quote: Time Billed | | 38.60 | 433.65 * | 16,738.70 · row kind: subtotal · rate kind: standard · name as stated: Time Billed · money: tax: label: GST · quote: GST on Professional Fees | 836.94 | 836.94 · amount: 836.94 · fees: quote: PROFESSIONAL FEES | PROFESSIONAL FEES | $16,738.70 · amount: 16738.7 · total: quote: TOTAL THIS INVOICE | TOTAL THIS INVOICE | $17,575.64 · amount: 17575.64 · includes tax: true · approximate: false · period: end: 2026-04-17 · kind: invoice · quote: for the period of February 23, 2026, to April 17, 2026 · start: 2026-02-23 · approval: state: unstated · averages: rate: 433.65 · quote: 433.65 * · currency: · invoices: · firm text: MNP Ltd. · firm quote: APPLICANT MNP LTD. IN ITS CAPACITY AS THE PROPOSAL TRUSTEE IN THE DIVISION I PROPOSAL OF ALTITUDE INSTALLATIONS LTD. · hours total: quote: Time Billed | | 38.60 | 433.65 * | 16,738.70 · value: 38.6 · context quote: PROFESSIONAL SERVICES RENDERED by members of the staff of MNP Ltd., as Trustee of the Company, for the period of February 23, 2026, to April 17, 2026, including inter alia the following:
- recovery outcomeentries: basis: plan · quote: The claims defined in Article 7.2 hereof, comprised of all amounts outstanding at the time of the filing of the Notice of Intention or of filing the Proposal, shall be paid in full within sixty (60) months following Court approval of the Proposal or in an extended period of time if approved by His Majesty in Right of Canada as represented by CRA from proceeds realized in relation to the business operations in subordination to the Trustee's fees and disbursements. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: trustee · class label: CRA priority crown claims · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: plan · quote: the Unsecured Creditors shall receive an amount equal to 10% of their proven claim value within twelve (12) months of Court approval of this Proposal in full and final satisfaction of their proven claims. · pct of: proven_claims · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on our review of the Company's current assets and liabilities and our discussions with the Company's management, in the event of a bankruptcy, it is our view that the liquidation of the Company's assets would provide the unsecured creditors a recovery of $nil. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In particular, unsecured creditors are expected to receive a distribution of approximately $0.10 on the dollar, whereas no recovery is anticipated in a bankruptcy due to the priority claim of the Canada Revenue Agency. · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · cents on dollar: 10 · claims qualifier: unstated · table missing: