Nova Scotia · NOI
First Report of the Proposal Trustee dated June 30, 2026
Court officer report · 30 June 2026
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 filing9 verified
- cash on handnote: Opening cash for the projection period beginning June 8, 2026; projected closing cash of $69,246 at August 14, 2026 assumes $200,000 of DIP financing is drawn. · as at: 2026-06-08 · amount: 7276 · currency: CAD · qualifier: opening cash in the Cash Flow Projection
- financial positionnote: Statements are as at September 30, 2024 (the most recent available), not the June 8, 2026 Filing Date. Shareholders' deficiency of $(140,029). Proposal Trustee notes rent is recorded in the 'rent clearing' liability account, so correcting this would show a net surplus rather than a net loss, and that a significant portion of accounts receivable ($176,430) would likely be bad debts. The Appendix D balance sheet (dated 'Sep 27, 2027') shows differing totals (assets $5,775,931.83; liabilities $5,990,091.61). · as at: 2024-09-30 · basis: Internally prepared, unaudited financial statements (2024 Financials) provided by Management; the Proposal Trustee states the balances recorded within are not reliable due to aging and likely do not conform with ASPE. · scope: Comfort Smart Homes Incorporated, single entity (non-consolidated); assets include $4,277,040 due from related entities. · currency: CAD · total assets: 5887672 · total liabilities: 6027701
- operational summaryThe Company is a real estate investor operating five multi-unit residential buildings (43 units, 79% occupied) in Truro and Truro Heights, with no employees. It is in NOI proceedings amid a shareholder dispute and is seeking DIP financing to fund a restructuring that may involve a sale process, refinancing or a proposal.
- professional feesnote: Forecast estimate, subject to change and Court approval; the report's summary table lists total restructuring fees of $140,000, which also includes appraisals, Phase I and site condition assessments. Admin Charge of $250,000 sought to secure these fees. · party: Proposal Trustee, counsel to the Proposal Trustee, and Company counsel (aggregate) · amount: 105000 · period: June 8, 2026 to August 14, 2026 (Cash Flow Projection period) · currency: CAD
- recovery outcomeentries: basis: actual · quote: As of the Filing Date, the Proposal Trustee understands the Company's indebtedness to BMO, in the form of bank loans and mortgage debt outstanding related to real properties located at 80 King Street, Truro and 88 Kaulback Street, Truro, has been paid in full from the sale proceeds from said properties. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Bank of Montreal · creditor name: Bank of Montreal · interim final: unstated · claims qualifier: unstated · stated on: 2026-06-30 · table missing:
- report date30 June 2026
- report noFirst Report
- sale outcometext: the Company may pursue a sale of the Residential Properties through a SISP as part of a restructuring plan · scope: whole_business · status: listed
- stalking horsestate: stated · is lender: false