Ontario · NOI
Proposal Trustee's First Report
Court officer report · 16 July 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 filing9 verified
- financial positionnote: Total liabilities exceeded total assets by over $4.5 million as at February 26, 2025 (the date of the most recent financial statement review); net loss of approximately $910,871 for the year then ended. · page: 9 · as at: 2025-02-26 · basis: unaudited financial statements; book value · scope: entity - Bucephalas Stables Corp. (single debtor company, not consolidated) · currency: CAD · total assets: 2134709 · total liabilities: 6717260
- secured creditorsnote: First Report of the Proposal Trustee states approx. $3 million owed as at the Filing Date (prose approximation, page 9); exact balance per Fisher Affidavit is $2,994,000 as of July 7, 2025. Personal (partial) guarantees given by Jason Fisher and his wife. · page: 47 · as of: 2025-07-07 · amount: 2994000 · debtor: Bucephalas Stables Corp. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreement - first ranking charge over all of the Company's equipment; second ranking charge (behind BMO) over accounts receivable and inventory; registered under PPSA September 14, 2018. Original loan advanced under Letter of Offer dated August 14, 2018 was $3,500,000 (the 'BDC Loan'), amended August 3, 2022, maturing February 15, 2032.
- secured creditorsnote: Personal guarantees given by Jason Fisher and his wife. · page: 49 · as of: 2025-07-07 · amount: 817000 · debtor: Bucephalas Stables Corp. · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security agreement over all of the Company's property, registered under PPSA August 9, 2019; subject to/subordinate to BDC's security over equipment pursuant to a Priorities Agreement dated September 13, 2019. Comprised of: BMO Capital Facility (demand non-revolving, max $500,000), BMO LOC (demand overdraft, max $500,000), BMO MasterCard (max $75,000), and BMO Term Loan ($250,000, 120-month term, advanced April 16, 2021).
- secured creditorsnote: First Report states approx. $295,000 owed and describes a loan agreement dated September 25, 2023 for an advance of up to $650,000 (page 10); Fisher Affidavit describes a loan agreement dated October 3, 2024 to a maximum of $400,000 (the 'Driven Facility') and states the exact balance owed as of July 7, 2025 as $295,068 (page 49) - facility date/limit differs between the two documents. · page: 49 · as of: 2025-07-07 · amount: 295068 · debtor: Bucephalas Stables Corp. · creditor: Driven Financial Technologies Corporation · currency: CAD · security: General security agreement over the Company's equipment, inventory and accounts receivable, subject to (subordinate to) the BDC Security and BMO Security.
- secured creditorsnote: Regulatory/provincial tax debt (unpaid 'Beer Tax'). Amount is the Company's own estimate as of July 7, 2025 (Fisher Affidavit); First Report states approx. $100,000 (page 10). · page: 49 · as of: 2025-07-07 · amount: 100983.07 · debtor: Bucephalas Stables Corp. · creditor: Ontario Ministry of Finance (Beer Tax) · currency: CAD · security: PPSA financing statement registered March 11, 2024 in the amount of $25,338 (registration amount, not balance); amended December 31, 2024 to $90,690 (registration amount, not balance).
- secured creditorsnote: Related party: 1989678 Ontario Limited owns 27% of the Company's shares (per First Report, para. 11). Debt arises from a promissory note executed November 28, 2023, due November 28, 2025. · page: 50 · as of: 2025-07-07 · amount: 100000 · debtor: Bucephalas Stables Corp. · creditor: 1989678 Ontario Limited · currency: CAD · security: PPSA financing statement registered December 13, 2023 against the Company (initially registered with a misspelled debtor name, corrected by amendment registered May 26, 2025).
- purchaser1001279208 Ontario Ltd.
- sale outcometext: Sale Process contemplated to include approval of a stalking horse bid; SISP not yet run · scope: whole_business · status: process_approved
- stalking horse1001279208 Ontario Ltd.