Nova Scotia · Bankruptcy
Trustee's Preliminary Report to Creditors dated June 1st, 2023
Court officer report · 1 June 2023
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What we verified from this filing13 verified
- appointeeDeloitte Restructuring Inc.
- appointee roleLicensed Insolvency Trustee
- courtSUPREME COURT OF NOVA SCOTIA IN BANKRUPTCY AND INSOLVENCY
- court file no45472
- commencement date12 May 2023
- statutory basissection 49 of the Bankruptcy and Insolvency Act
- financial positionnote: Current assets $7,939,984 and non-current assets $21,305,698 sum to total assets as reported; current liabilities $7,593,452 and non-current liabilities $24,331,851 sum to total liabilities as reported · page: 3 · as at: 2023-05-12 · basis: book value; obtained from books and records of SMEC, not audited, reviewed or otherwise verified · scope: Sustainable Marine Energy (Canada) Ltd., entity level · currency: CAD · total assets: 29245682 · total liabilities: 31925303
- secured creditorsnote: Four secured creditors owed $12.4 million in total per books and records; individual amount not stated · page: 4 · as of: Date of Bankruptcy (May 12, 2023) · debtor: Sustainable Marine Energy (Canada) Ltd. · creditor: BMO (Bank of Montreal) · currency: CAD · security: Short term investment certificates
- secured creditorsnote: Four secured creditors owed $12.4 million in total per books and records; individual amount not stated · page: 4 · as of: Date of Bankruptcy (May 12, 2023) · debtor: Sustainable Marine Energy (Canada) Ltd. · creditor: Vault Credit Corporation · currency: CAD · security: Forklift
- secured creditorsnote: Four secured creditors owed $12.4 million in total per books and records; individual amount not stated · page: 4 · as of: Date of Bankruptcy (May 12, 2023) · debtor: Sustainable Marine Energy (Canada) Ltd. · creditor: Neptune Shipyard BV · currency: CAD · security: MV Tidal Pioneer (first position marine mortgage)
- secured creditorsnote: Related party (Project counterparty; also funding Trustee's fees via administrative agreement and in discussions for dual appointment as Receiver); four secured creditors owed $12.4 million in total per books and records; individual amount not stated · page: 4 · as of: Date of Bankruptcy (May 12, 2023) · debtor: Sustainable Marine Energy (Canada) Ltd. · creditor: reconcept 13 Meeresenergie Bay of Fundy Limited Partnership (RE13) · currency: CAD · security: MV Tidal Pioneer (second position marine mortgage); general security agreement over all present and after-acquired personal property
- unsecured creditorsnote: Document names no individual unsecured creditors; only 6 proofs of claim received as at date of Report, a different and lesser figure than the reported amount · page: 5 · as of: Date of Bankruptcy (May 12, 2023) · basis: SMEC identified 37 unsecured creditors with amounts owing of approximately $7.5 million, per books and records · amount: 7500000 · debtor: Sustainable Marine Energy (Canada) Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the activities the Trustee to date, the Trustee does not anticipate a distribution to unsecured creditors will be made from the bankrupt estate. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-06-01 · table missing: