Ontario · Bankruptcy
Trustee's Report on Preliminary Administration
Court officer report · 7 January 2025
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What we verified from this filing12 verified
- appointeePricewaterhouseCoopers Inc., LIT
- appointee roleLicensed Insolvency Trustee
- commencement date20 December 2024
- court file no31-3168234
- proceeding typebia_bankruptcy
- provinceOntario
- statutory basisBankruptcy and Insolvency Act (Canada)
- statutory basisBankruptcy and Insolvency Act (Canada)
- financial positionnote: Only nominal component values given, not summed: Accounts Receivable $1 (fully encumbered by BNS, underlying AR ~$2.3 million), Equipment $1 (fully encumbered), Fleet of vehicles $1 (fully encumbered). Liabilities noted separately: BNS secured claim balance approximately $5.8 million; unsecured creditors (excl. former employees) approximately $890,000; no amounts owing to preferred creditors. · as at: 2024-12-20 · basis: Statement of Affairs (as at the Bankruptcy Date) · scope: entity: Turnkey Site Solutions Ltd. · currency: CAD
- operational summaryTurnkey ceased operations on the bankruptcy date, terminating all 24 employees, and the Trustee is now realizing the fully-encumbered assets primarily for the benefit of secured creditor BNS, with no recoveries anticipated for unsecured creditors.
- report date7 January 2025
- report noTrustee's Report to the First Meeting of Creditors on Preliminary Administration