Ontario · Bankruptcy

Minutes of the First Meeting of Creditors

Meeting materials · 7 June 2021

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 filing1 verified

financial positionnote: Assets per SOA: Cash in Receiver's bank account ~$173,200; Cash in JP Morgan Chase Bank account ~$655,800; Inventory net book value ~$1.5 million; Fixed assets net book value ~$35,600; Accounts receivable net book value ~$292,000; IP not expected to be sold. Liabilities: MidCap secured loan ~$525,400 USD; CRA claim ~$417,500 (Company's records suggest $202,900, discrepancy being investigated); Wage Claims ~$2,100; severance/termination ~$73,100; landlord preferred claims ~$35,000; additional unsecured claims ~$1.1 million per Company's books and records. · basis: Statement of Affairs (SOA) estimates; book value for inventory, fixed assets and accounts receivable · scope: entity - AVAD Canada Ltd. (bankrupt estate) · currency: CAD