Ontario · Bankruptcy
Trustee's Report to Creditors on preliminary administration dated July 23, 2020
Court officer report · 23 July 2020
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- appointeeKSV Kofman Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date6 July 2020
- provinceNew Brunswick
- cash on handnote: Figure is from the balance sheet stated 'as at the date of bankruptcy' but footnote clarifies asset balances are actually as of April 30, 2020. · as at: 2020-04-30 · amount: 1300000 · currency: CAD
- financial positionnote: Footnote clarifies asset balances are as of April 30, 2020, not the date of bankruptcy: 'The asset balances in section 3.1 are as of April 30, 2020; however, the Trustee was able to obtain the creditors' list as of the date of bankruptcy.' Components (in $000s): Cash 1,300; Accounts receivable 143; Intercompany receivable due from Lucky Brand US 5,427; Inventory 4,672; Other assets 282; Fixed assets 2,215; total shown as 14,039. Liabilities not totaled in this report: unsecured creditors 'totaled approximately $7 million as at the date of bankruptcy' and SCI's asserted lien of 'approximately $240,000'. · as at: 2020-04-30 · basis: unaudited balance sheet as at the date of bankruptcy · scope: entity: Lucky Brand Dungarees Canada Inc. · currency: CAD · total assets: 14039000
- operational summaryThe Company's retail stores have been closed since March 2020 and all employees terminated; the Trustee is exploring realization options for the business and assets, including a going-concern sale, an in-store liquidation, or an en bloc sale of inventory.
- report date23 July 2020