Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 3 February 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing12 verified
- applicantMs. Jit and Mr. Jit
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date15 January 2025
- courtIN THE COURT OF KING'S BENCH OF ALBERTA
- court file no24-116403
- financial positionnote: Comparative figures for the year ended March 31, 2022 were also presented (Total Assets $773,935; Total Liabilities $1,116,946); the March 31, 2023 column is the most recent available balance sheet. · page: 3 · as at: 2023-03-31 · basis: Financial statements compiled by an independent, external accountant; no financial statements prepared for the year ended March 31, 2024, or the stub period ending on the date of bankruptcy (January 15, 2025) · scope: Kid Drop Inc. (entity level, unconsolidated) · currency: CAD · total assets: 803149 · total liabilities: 1466113
- secured creditorsnote: Balance owing as at the date of bankruptcy per Company's records, consistent between Table 3 and Table 4. BMO had not filed a proof of claim as of the date of this report. · page: 5 · as of: 2025-01-15 · amount: 425000 · debtor: Kid Drop Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: Mortgage on the Property plus general security agreement (GSA) over all present and after-acquired property
- secured creditorsnote: Deemed trust claim (ranks ahead of all creditors) for payroll source deductions. CRA advised the Trustee the balance owing is approximately $74,000; Table 3 (PPR search as at date of bankruptcy) listed an estimated claim of only $1,000, which appears to be a placeholder pending CRA's advice. CRA had not filed a Proof of Claim as of the date of this report. · page: 5 · as of: 2025-01-15 · amount: 74000 · debtor: Kid Drop Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust - all present and after-acquired property
- secured creditorsnote: Regulatory claim relating to outstanding workers' compensation premiums. All four vehicles were sold prior to bankruptcy. WCB had not filed a proof of claim as of the date of this report. · page: 5 · as of: 2025-01-15 · amount: 3000 · debtor: Kid Drop Inc. · creditor: Workers' Compensation Board (WCB) · currency: CAD · security: Registered security over four serial numbered vehicles
- secured creditorsnote: Aggregated per PMSI class rule; components not summed by document. TDF Group Inc. - estimated claim $1,000 (Table 3, $000's). The Bank of Nova Scotia - estimated claim $1,000 (Table 3, $000's). Related collateral (vehicles) was sold through a third-party brokerage prior to bankruptcy; proceeds were forwarded to the respective lessors in respect of their security. · page: 5 · as of: 2025-01-15 · debtor: Kid Drop Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Specific serial numbered vehicles (PPR registrations)
- unsecured creditorsnote: The Trustee had identified 26 potential unsecured creditors; amounts owing are unknown due to the incomplete nature of the Company's books and records. · page: 6 · basis: Trustee's identification based on the Company's books and records · debtor: Kid Drop Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD