Alberta · Bankruptcy
Trustees Report to Creditors
Court officer report · 1 February 2021
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What we verified from this filing17 verified
- commencement date1 February 2021
- courtIN THE COURT OF QUEEN’S BENCH OF ALBERTA
- court file no25-2708554
- proceeding typebia_bankruptcy
- financial positionnote: Table 2 header states figures 'As at November 30, 2020', though the accompanying text describes the balance sheet as being 'as at February 1, 2021' - the table's own header date is used per document data. Comparative column 'As at August 31, 2020' shows total assets $1,202,000 and total liabilities $794,000. · page: 3 · as at: 2020-11-30 · basis: Management prepared draft balance sheet · scope: 3E Glass (Calgary) Ltd. (entity-level, not consolidated) · currency: CAD · total assets: 2114000 · total liabilities: 1154000
- secured creditorsnote: Security capped at $2,000 per employee over current assets; individual employee entitlement under WEPP capped at $7,578 for 2021. · page: 4 · as of: Trustee's Report to Creditors, February 17, 2021 (estimated claim) · amount: 27000 · debtor: 3E Glass (Calgary) Ltd. · creditor: Wage Earner Protection Program (WEPP) · currency: CAD · security: Statutory security over current assets for unpaid wages, vacation pay and severance pay
- secured creditorsnote: Trustee states there is no amount owing to BMO directly by the Company; the estimated claim of $100,000 relates to a cross-guarantee for indebtedness owed by the related company 3E Glass Ltd. Related-party guarantee. BMO is separately listed as an unsecured creditor for $94,000 (Table 4). · page: 4 · as of: Trustee's Report to Creditors, February 17, 2021 (estimated claim) · amount: 100000 · debtor: 3E Glass (Calgary) Ltd. (as guarantor); primary obligor stated as 3E Glass Ltd. · creditor: BMO Bank of Montreal · currency: CAD · security: Registered General Security Agreement - all present and after-acquired property
- secured creditorsnote: It is not known if any amounts are owing to CRA for payroll source deductions; if owing, such amounts would constitute a deemed trust claim ranking ahead of all creditors. Amount unknown/unconfirmed. · page: 5 · debtor: 3E Glass (Calgary) Ltd. · creditor: Canada Revenue Agency (CRA) - payroll source deductions · currency: CAD · security: Deemed trust (statutory) ranking ahead of all creditors
- unsecured creditorspage: 5 · as of: Trustee's Report to Creditors, February 17, 2021 · basis: Major unsecured creditor per Table 4, based on Company's books and records · amount: 288000 · debtor: 3E Glass (Calgary) Ltd. · creditor: Kawneer · currency: CAD
- unsecured creditorsnote: Table 4 provides only the major (largest) unsecured creditors, a partial itemization of the 47 total unsecured creditors comprising this aggregate figure. · page: 5 · as of: Trustee's Report to Creditors, February 17, 2021 · basis: Based on the Company's books and records, 47 unsecured creditors owed approximately $1,023,212 · amount: 1023212 · debtor: 3E Glass (Calgary) Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorspage: 5 · as of: Trustee's Report to Creditors, February 17, 2021 · basis: Major unsecured creditor per Table 4, based on Company's books and records · amount: 134000 · debtor: 3E Glass (Calgary) Ltd. · creditor: Glascurtain 2010 Inc. · currency: CAD
- unsecured creditorspage: 5 · as of: Trustee's Report to Creditors, February 17, 2021 · basis: Major unsecured creditor per Table 4, based on Company's books and records · amount: 114000 · debtor: 3E Glass (Calgary) Ltd. · creditor: Oldcastle Building Envelope · currency: CAD
- unsecured creditorsnote: Distinct from BMO's $100,000 secured cross-guarantee claim listed in Table 3. · page: 5 · as of: Trustee's Report to Creditors, February 17, 2021 · basis: Major unsecured creditor per Table 4, based on Company's books and records · amount: 94000 · debtor: 3E Glass (Calgary) Ltd. · creditor: BMO Bank of Montreal · currency: CAD
- unsecured creditorspage: 5 · as of: Trustee's Report to Creditors, February 17, 2021 · basis: Major unsecured creditor per Table 4, based on Company's books and records · amount: 75000 · debtor: 3E Glass (Calgary) Ltd. · creditor: Alumicor · currency: CAD
- unsecured creditorspage: 5 · as of: Trustee's Report to Creditors, February 17, 2021 · basis: Major unsecured creditor per Table 4, based on Company's books and records · amount: 54000 · debtor: 3E Glass (Calgary) Ltd. · creditor: Double Diamond Glazing Installations Ltd. · currency: CAD
- unsecured creditorsnote: Amount of any GST arrears claim is unknown; would rank as an unsecured claim in the bankruptcy. · page: 5 · basis: Unknown - CRA has not filed a proof of claim as of the report date · debtor: 3E Glass (Calgary) Ltd. · creditor: Canada Revenue Agency (CRA) - GST arrears · currency: CAD
- recovery outcomeentries: basis: estimated · quote: We estimate there will be a recovery to the unsecured creditors between $216,000 to $428,000 · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · amount low: 216000 · amount high: 428000 · class label: Unsecured creditors · claims amount: 1023000 · interim final: unstated · claims qualifier: estimated · stated on: 2021-02-17 · table missing: