Ontario · Bankruptcy
Trustee’s Report to the First Meeting of Creditors on Preliminary Administration – dated March 22, 2023
Court officer report · 22 March 2023
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 filing4 verified
- financial positionnote: Estimated realizations from Company's assets as at date of bankruptcy expected to be nil. Statement of Affairs indicates ~14 unsecured creditors totalling approximately $7.8 million (of which IL US ~$5.5M and Raziel ~$2.1M as separately itemised); does not have any secured obligations or other potential priority claims; no known preferred creditors. As at March 21, 2023, Proof of Claims filed totalled $247,932.52 (6 unsecured claims) - distinct from the Statement of Affairs reported figure. · page: 2 · as at: 2023-03-02 · basis: Statement of Affairs (estimated realizations) · scope: entity - Ideal Life, Inc. only · currency: CAD · total assets: 0
- unsecured creditorsnote: Related party (wholly-owned US subsidiary); approximate figure from Statement of Affairs · page: 3 · as of: date of bankruptcy · basis: Statement of Affairs as reported · amount: 5500000 · debtor: Ideal Life, Inc. · creditor: Ideal Life US, Inc. (IL US) · currency: CAD
- unsecured creditorsnote: Related party (80% parent company); approximate figure from Statement of Affairs · page: 3 · as of: date of bankruptcy · basis: Statement of Affairs as reported · amount: 2100000 · debtor: Ideal Life, Inc. · creditor: Raziel Health, Inc. · currency: CAD
- secured creditors