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What we verified from this filing11 verified · 1 withheld
- cash on handnote: Referred to as the 'Net Sale Proceeds' remaining with the Trustee after allocation of $27,000 to professional fees. · amount: 103000 · currency: CAD · qualifier: approximately
- closing confirmedscope: All of the Company's assets, properties and undertakings other than the Excluded Assets · outcome: completed · effective: 2024-12-20 · purchaser: Urecka Canada Corporation · date basis: stated
- financial positionnote: As of the report date, Trustee had received proofs of claim totalling $487,917 ($137,917 unsecured + $350,000 secured from WOCFDC); the Statement of Affairs lists a broader total of $800,681 across 47 creditors. No total assets figure is stated in the report. · basis: Statement of Affairs (estimated, per Trustee's report) · scope: Datec Coating Corporation, entity-level · currency: CAD · total liabilities: 800681
- operational summaryDatec's business and assets were sold to Urecka Canada Corporation via a stalking horse/SISP process that closed on December 20, 2024; the Purchaser rehired most employees and now holds the operating business, while the Trustee winds down the estate and pursues remaining asset realizations (e.g., equipment, SR&ED credit).
- process resultsndas: 5 · note: Pre-filing process contacted over 30 parties; SISP resulted in five parties signing NDAs and carrying out due diligence, with the Stalking Horse Bid being the only Qualified Bid received. · as of: 2024-12-02 · solicited: 30 · qualified bids: 1
- professional feesnote: Allocated from sale proceeds for outstanding fees and disbursements with respect to the Proposal proceeding. · party: professionals (Proposal proceeding, including Proposal Trustee) under the Administrative Charge · amount: 27000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: At this time, it is anticipated that the total anticipated net realizations will be insufficient to repay WOCFDC's secured claim in full and WOCFDC will experience a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: WOCFDC · claims amount: 350000 · creditor name: WOCFDC · interim final: unstated · claims qualifier: proven · table missing:
- report date24 January 2025
- sale advisorXL Business Consulting & Financing Inc.
- sale outcometext: The sale transaction closed on December 20, 2024. · scope: whole_business · status: closed
- stalking horsestate: stated · amount: 300000 · currency: CAD
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.