Ontario · Bankruptcy
Preliminary Report of Trustee
Court officer report · 26 October 2022
What we verified from this filing9 verified
- appointeeMNP Ltd.
- appointee roleTrustee
- commencement date6 October 2022
- court file no32-2872402
- cash on handnote: Stated as 'at the time of this report'; represents net realizations to date (Asset sale proceeds net of operating losses and professional fees). · amount: 246420 · currency: CAD
- financial positionnote: Table shows Unsecured $6,145,550, Preferred nil, Secured $219,000, Deemed trust nil per draft SOA at July 12, 2021, versus Claims Received to Date total of $472,885 (Unsecured $472,885, Secured $63,649). No asset values reported; Classes I-V of assets are all listed as 'None'. · as at: 2021-07-12 · basis: DRAFT Statement of Affairs · scope: CNS Iron Fabrication Ltd. (bankruptcy estate) · currency: CAD · total liabilities: 6364550
- operational summaryThe Receiver took possession of and operated CNS Iron Fabrication Ltd.'s business from May 13, 2022 until the Assets were sold on July 27, 2022, after which the purchaser took over the Company's operations and most of its records.
- recovery outcomeentries: basis: estimated · quote: RBC is expected to suffer a shortfall in the realization of its security over CNS. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: RBC (secured creditor) · creditor name: RBC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: No distribution to creditors is expected in the bankruptcy. · pct of: unstated · outcome: nil · stated by: trustee · class label: creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-10-26 · table missing:
- report date26 October 2022