Ontario · NOI
Trustee's Report to creditors on Preliminary Administration dated July 26, 2021
Court officer report · 26 July 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- cash on handnote: As at the date of this Report; funded by the Purchaser to fund professional costs of the bankruptcy proceedings. · amount: 50000 · currency: CAD · qualifier: approximately
- closing confirmedscope: substantially all of the Company's business and assets and the shares of Bottom Line · outcome: completed · effective: 2021-04-30 · purchaser: 2806401 Ontario Inc. · date basis: stated · approval order date: 2021-04-07
- financial positionnote: Cash on deposit of approximately $50,000 is 'as at the date of this Report' (July 26, 2021), funded by the Purchaser; unsecured liabilities of approximately $35.2 million are per the Statement of Affairs 'at the date of bankruptcy' (July 6, 2021), before considering employee severance and termination claims. The Trustee is not aware of any other remaining assets. · basis: Statement of Affairs (unaudited); Trustee relied on Company's unaudited financial information and books and records · scope: entity - the bankrupt estate of 1958635 Ontario Inc. (formerly Allied Track Services Inc.) · currency: CAD · total assets: 50000 · total liabilities: 35200000
- operational summaryThe Company's business and assets were sold as a going concern under a court-approved SISP; the Company (renamed 1958635 Ontario Inc.) no longer operates, its employees were hired by the Purchaser, and no recoveries are expected for creditors.
- purchaser2806401 Ontario Inc.
- report date26 July 2021
- sale outcometext: The SISP resulted in a Court-approved going concern sale to 2806401 Ontario Inc. · scope: whole_business · status: closed