British Columbia · Receivership (court-appointed)
Trustee's Preliminary Report to Creditors
Court officer report · 28 April 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing10 verified
- cash on handnote: Cash consists of proceeds from the RVO Subscription Agreement and cash on hand at Closing Date; subject to security of NBC and Sidhu Loan; $25.9M subsequently distributed on April 24, 2026 with $500K held back. · as at: 2026-04-22 · amount: 27723000 · currency: CAD
- closing confirmedscope: all SSM Property · outcome: completed · effective: 2026-04-16 · purchaser: 1578478 B.C. Ltd. · date basis: stated · approval order date: 2026-04-08
- financial positionnote: Assets consist solely of Cash on Hand ($27,723K); Liabilities comprise Secured Creditors ($26,530K) and Unsecured Creditors ($4,880K). Of the cash, $25.9M was distributed to Secured Lenders (NBC and Sidhu Loan) on April 24, 2026 as a First Distribution, with $500K held back for Receiver's operational payments. · as at: 2026-04-22 · basis: Book Value (CA$000's) · scope: ResidualCo (1583884 B.C. LTD.), the bankrupt estate · currency: CAD · total assets: 27723000 · total liabilities: 31410000
- operational summaryResidualCo holds only the Excluded Liabilities and residual cash from the SSM sale transaction; it has no ongoing business operations, and the Receiver continues to hold the estate's assets pending final distributions.
- process resultsbids: 7 · ndas: 54 · note: En Bloc and individual parcel offers; one Qualified Bid selected · as of: 2026-02-25 · solicited: 213 · qualified bids: 1
- purchaser1578478 B.C. Ltd.
- recovery outcomeentries: basis: actual · quote: The only creditor to be paid in priority to the Secured Lenders is $7,054 paid to the CRA in relation to deemed trust amounts for unremitted source deductions. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: trustee · amount low: 7054 · amount high: 7054 · class label: CRA (deemed trust amounts for unremitted source deductions) · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: NBC is expected to be repaid for its loan; however, given the allocation of the purchase price and anticipated costs of the Receivership, the Sidhu Loan will not be repaid in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Sidhu Loan · creditor name: Kamalpreet Singh and Kulwinder Singh Sidhu · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Therefore, the Trustee does not expect any proceeds to be available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-04-28 · table missing:
- report date28 April 2026
- report noTrustee's Preliminary Report to Creditors
- sale outcometext: The Transaction closed and SSM entities were removed from the Receivership proceedings. · scope: whole_business · status: closed