Ontario · Bankruptcy
Trustee's Preliminary Report, dated July 25, 2024
Court officer report · 25 July 2024
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What we verified from this filing11 verified
- appointeeErnst & Young Inc.
- appointee roletrustee
- commencement date8 July 2024
- proceeding typebia_bankruptcy
- provinceONTARIO
- unsecured creditorsnote: Related party (owned by Wu, spouse of majority shareholder Pan). Represents net transfers (credits exceeding debits) recorded as intercompany payables between 2020 and April 2023; no invoices or documentation maintained. · page: 4 · as of: 2023-04-30 · basis: Subledger for intercompany account #2420 · amount: 600557 · debtor: 9249419 Canada Inc. · creditor: 13509001 Canada Inc. (Terzetto Homes) - intercompany payable · currency: CAD
- unsecured creditorsnote: Related party (owned by Wu). Balance was $50,123 at beginning of 2021. · page: 4 · as of: 2023-12-31 · basis: Trial balance as of December 2023 · amount: 16813 · debtor: 9249419 Canada Inc. · creditor: 11819020 Canada Inc. (TierraDecor) · currency: CAD
- unsecured creditorsnote: Deemed trust class (source deductions/payroll). Earlier CRA Payroll Examination Statement of Account dated November 30, 2022 indicated outstanding balance of $697,767.66 for source deductions and taxpayer's obligations for 2019-2022 (superseded by later notice). · page: 5 · as of: 2024-02-05 · basis: CRA notice dated February 5, 2024 · amount: 791575.4 · debtor: 9249419 Canada Inc. · creditor: Canada Revenue Agency (CRA) - payroll deductions account · currency: CAD
- unsecured creditorsnote: May overlap with/relate to CRA payroll deductions claim reported separately from CRA notice; document does not reconcile the two figures. · page: 5 · as of: 2023-12-31 · basis: Company's Accounts Payable account as of December 31, 2023 · amount: 377121.44 · debtor: 9249419 Canada Inc. · creditor: Outstanding payroll deductions (Accounts Payable) · currency: CAD
- unsecured creditorspage: 5 · as of: 2023-12-31 · basis: Company's Accounts Payable account as of December 31, 2023 · amount: 29169.37 · debtor: 9249419 Canada Inc. · creditor: HST arrears (Accounts Payable) · currency: CAD
- secured creditorsnote: Proof of claim received by Trustee as at July 25, 2024. Statement of Claim (Jan 3, 2024) itemized indebtedness as: $258,493.15 under HASCA Loan (interest 4% p.a. from Jan 2, 2024), $60,000 under CEBA Loan (interest 5% from Jan 2, 2024), and $2,115.73 under Credit Facility (interest 21% p.a. from Jan 2, 2024) - these components are not summed per document; the filed proof of claim amount of $268,596.91 is used as the amount. · page: 6 · as of: 2024-07-25 · amount: 268596.91 · debtor: 9249419 Canada Inc. · creditor: Toronto-Dominion Bank (TD) · currency: CAD · security: Security agreement dated August 10, 2020 granting security interest in Company's assets, property and undertaking