Nova Scotia · Bankruptcy
Trustee's Preliminary Report - 3309736 Nova Scotia Limited
Court officer report · undated
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What we verified from this filing17 verified
- appointeeBDO Canada Limited
- appointee roleLicensed Insolvency Trustee
- commencement date31 January 2025
- court file no46018
- proceeding typebia_bankruptcy
- provinceNova Scotia
- financial positionnote: Table also shows estimated net realization value of assets as $0 (nil), against secured claims $432,667, unsecured claims $7,708, deferred claims $202,975 (components not summed by document into a stated NRV total; deficiency of $643,350 stated on net book value basis) · page: 2 · as at: 2024-11-30 · basis: Internal (unaudited) financial statements of the Company; not audited, reviewed, or verified by BDO · scope: 3309736 Nova Scotia Limited (Hold Co), entity-level · currency: CAD · total assets: 1601112 · total liabilities: 643350
- secured creditorsnote: No amount stated for this entity's claim against Hold Co · page: 3 · debtor: 3309736 Nova Scotia Limited · creditor: Wells Fargo Capital Finance Corporate Canada · currency: CAD · security: GSA in relation to corporate guarantee provided by Iron Wind in support of a floorplan financing facility; subject to priorities agreement with TD dated July 19, 2023
- secured creditorsnote: Balance approximate ('approximately $430,000') · page: 3 · as of: date of bankruptcy · amount: 430000 · debtor: 3309736 Nova Scotia Limited · creditor: Toronto Dominion Bank (TD) · currency: CAD · security: General security agreement (GSA) re: Term Loan; priority agreement with Wells Fargo; also holds corporate guarantee from Iron Wind
- secured creditorsnote: Secured amount owing approximately $924,000 including principal and interest, plus estimated costs to take possession and sell of $50,000; no equity expected for estate · page: 8 · as of: Notice of Intention to Dispose of Collateral (subsection 60(8) PPSA) · amount: 924000 · debtor: Iron Wind Marine Inc. · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: GSA / PPSA security over floorplan-financed vessel fleet; subject to priorities agreement with TD dated July 19, 2023
- secured creditorsnote: Secured amount owing approximately $772,000 including principal and interest, plus estimated costs to take possession and sell of $50,000; no equity expected for estate · page: 9 · as of: Notice of Sale or Other Disposition (subsection 60(8) PPSA) · amount: 772000 · debtor: Iron Wind Marine Inc. · creditor: Northpoint Commercial Finance Canada Inc. · currency: CAD · security: GSA / PPSA security over floorplan-financed vessel fleet; subject to priorities agreement with TD dated July 21, 2023
- secured creditorsnote: Corporate guarantee amount stated as $1.25 million; separately, BDC first-ranking mortgage on Real Property against Real Co (not Iron Wind) stated at approximately $1.2 million principal and interest owing (see note on Real Co, not a listed debtor entry here) · page: 10 · amount: 1250000 · debtor: Iron Wind Marine Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Corporate guarantee from Iron Wind securing mortgage advanced to Real Co (4428885 Nova Scotia Limited) on Real Property; supported by GSA subject to priorities agreement with TD dated July 17, 2023
- secured creditorsnote: Management not aware of any debts owing to BNS · page: 10 · amount: 0 · debtor: Iron Wind Marine Inc. · creditor: The Bank of Nova Scotia (BNS) · currency: CAD · security: GSA (blanket, all-property)
- secured creditorsnote: Management informed there was no inventory on hand financed by Yamaha when Company ceased operations · page: 10 · amount: 0 · debtor: Iron Wind Marine Inc. · creditor: Yamaha Motor Finance Canada Ltd. · currency: CAD · security: GSA re: floorplan financing facility; subject to priorities agreement with TD dated June 30, 2023
- secured creditorsnote: Balance approximate ('approximately $220,000') · page: 10 · as of: date of bankruptcy · amount: 220000 · debtor: Iron Wind Marine Inc. · creditor: Toronto Dominion Bank (TD) · currency: CAD · security: GSA re: revolving line of credit; priority agreements with other GSA holders; also holds corporate guarantees from Hold Co, Real Co, and FBC
- secured creditorsnote: Steele's collateral: 2021 Dodge Ram lease assumed by third party, 2020 Dodge Ram sold with proceeds used to settle obligations with Steele; John Deere tractor returned pre-bankruptcy and refinanced personally by Mr. Stanley; no balances stated as outstanding to estate · page: 11 · debtor: Iron Wind Marine Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Registered PMSI - Steele Chrysler Plymouth Limited (2021 & 2020 Dodge Ram 3500 vehicles); John Deere Financial Inc. (John Deere 4052R Tractor)
- recovery outcomeentries: basis: estimated · quote: For reasons noted in the Assets section above, the Trustee anticipates Hold Co's secured creditors will suffer a shortfall as asset realizations are not expected to fully repay the Company's secured debt. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Hold Co's secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Therefore, the Trustee does not anticipate any distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: For reasons noted in the Assets section above, the Trustee anticipates Iron Wind's secured creditors will suffer a shortfall as asset realizations are not expected to fully repay the Company's secured debt. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Iron Wind's secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Therefore, the Trustee does not anticipate any distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-02-20 · table missing: