Ontario · Receivership (court-appointed)
Trustee's Report to Creditors on Preliminary Administration
Court officer report · 3 September 2024
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What we verified from this filing2 verified
- financial positionnote: Asset table breaks down book value by category (Inter-company receivables $59,273,213; Investment in SPCs $4,281,187; Accounts receivable $755,536; Prepaid expenses $120,000; Cash on hand $13,902; Computer equipment $12,769; Office equipment $9,431; Furniture and fixtures $6,226) with an 'Estimated to produce' column totaling only $13,907, most items marked 'Unknown' or nominal ($1). Creditor summary table is captioned 'at the Date of Bankruptcy' (Aug 14, 2024) but footnoted as 'Estimated amounts are based on the books and records of Serendipity as at July 31, 2024.' Secured claims $24,069,036; Ordinary unsecured claims $2,817,729; Trustee estimates no recovery to unsecured creditors. · as at: 2024-07-31 · basis: unaudited financial information prepared by Serendipity's management; reported book values, not verified by the Trustee · scope: entity - Serendipity Media Ltd. only (excludes its 71 subsidiary SPCs, though it holds inter-company receivables from and an investment in them) · currency: CAD · total assets: 64472264 · total liabilities: 26886765
- recovery outcomeentries: basis: estimated · quote: The Trustee estimates that there will be no recovery to Serendipity's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Ordinary Unsecured Claims · claims amount: 2817729 · interim final: unstated · claims qualifier: estimated · stated on: 2024-09-03 · table missing: