British Columbia · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 3 May 2023
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What we verified from this filing15 verified
- applicant0946664 B.C. Ltd.
- appointeeMNP Ltd.
- appointee roleTrustee
- commencement date11 April 2023
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY AND INSOLVENCY
- court file no11-2934243
- statutory basissection 43 of the Bankruptcy and Insolvency Act
- financial positionnote: Assets comprise School and Office Furniture valued at $1 per Statement of Affairs; liabilities total per Statement of Affairs (secured $1,523,148.29 + preferred nil + unsecured $13,938,874.62 shown in table, but table total stated as $3,256,340.13 which does not match the sum of the listed components — reported as stated in document); a separate 'Filed' column (proofs of claim as of 2023-05-02) shows total creditor claims of $1,821,173.47 (secured $12,747.50, preferred nil, unsecured $1,808,425.97); Trustee notes significant differences between claims filed and Statement of Affairs amounts, still under review · page: 2 · basis: Statement of Affairs filed in the bankruptcy · scope: Westside Preparatory Society (single entity, in bankruptcy) · currency: CAD · total assets: 1 · total liabilities: 3256340.13
- secured creditorsnote: Deemed trust claim, ranks in priority to all other creditors; per CRA statement of account dated January 19, 2023; Statement of Affairs reports a similar figure of $1,523,148.29 (prose/SOA approximation); proof of claim not yet received from CRA as of report date · page: 2 · as of: 2023-01-19 · amount: 1523149.29 · debtor: Westside Preparatory Society · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim over payroll source deductions withheld from employees' compensation and not remitted to CRA
- secured creditorsnote: Per BC Personal Property Registry search dated April 27, 2023; amount not stated · page: 2 · as of: 2023-04-27 · debtor: Westside Preparatory Society · creditor: Meridian One Cap · currency: CAD · security: Registered security agreement over specific photocopiers and printers (PPSA)
- unsecured creditorsnote: Document names no individual unsecured creditors in this reported aggregate; proofs of claim filed for unsecured creditors totaled $1,808,425.97 as of May 2, 2023, 11:00am (35 proofs of claim filed representing $1,821,173 in total creditor claims across all classes); significant differences noted between claims filed and Statement of Affairs amounts, still under Trustee review · page: 2 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 13938874.62 · debtor: Westside Preparatory Society · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Any debt owing to CRA for unremitted GST at date of bankruptcy will rank as general unsecured claim; amount not stated · page: 2 · basis: Stated by Trustee as ranking as general unsecured claim · debtor: Westside Preparatory Society · creditor: CRA (unremitted GST) · currency: CAD
- secured creditorsnote: Statutory secured claim for wages/vacation pay for services in six-month period preceding bankruptcy; employees' compensation was fully paid at bankruptcy except termination pay · page: 3 · as of: date of bankruptcy · amount: 2000 · debtor: Westside Preparatory Society · creditor: Wage earners (employees, secured portion) · currency: CAD · security: Security over current assets (cash, accounts receivable, inventory) pursuant to s.81.3(1) BIA, to the extent of $2,000 per employee
- unsecured creditorsnote: Ranks pari passu with other unsecured creditors · page: 3 · as of: date of this report (2023-05-02) · basis: Employees submitted claims for unpaid termination pay, considered a subrogated unsecured claim by Service Canada · amount: 89999 · debtor: Westside Preparatory Society · creditor: Service Canada (subrogated claim - termination pay) · currency: CAD
- provinceBritish Columbia