Alberta · NOI
First Report of the Trustee filed November 12, 2025
Court officer report · 12 November 2025
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What we verified from this filing13 verified
- cash on handnote: Reflects cash after disbursements and the First Interim Distribution; matches 'Balance in Trustee's account' in the Statement of Receipts and Disbursements. · as at: 2025-11-08 · amount: 18170512.24 · currency: CAD
- closing confirmedscope: substantially all of the Companies' Business and Property · outcome: completed · effective: 2024-04-26 · purchaser: Badger Mining Corporation · date basis: stated · approval order date: 2024-04-19
- disbursementssince: date of the Bankruptcy (May 14, 2024) · amount: 4656414 · currency: CAD
- financial positionnote: Assets consisted solely of cash proceeds from the Transaction as at the date of Bankruptcy; Proven (ordinary) Claims totaled $4,150,985 (Employees $1,416,077 / non-Employees $2,734,908); allowed portion of Disputed Claims totaled $3,186,839; as at November 8, 2025 the Trustee held cash of $18,170,512.24 after disbursements and the First Interim Distribution. · as at: 2024-05-14 · basis: Statement of Affairs (unaudited) · scope: 2585929 Alberta Ltd. (ResidualCo) bankruptcy estate · currency: CAD · total assets: 21954189
- operational summaryResidualCo has no ongoing business operations; the Trustee is winding down the bankruptcy estate by resolving creditor claims, addressing complex tax issues (TCP/PUC/vesting) arising from the RVO transaction, and seeking Court approval to make further interim distributions to creditors and equity claimants before eventual discharge.
- professional feesnote: Legal fees and disbursements to Trustee's counsel for the period May 14, 2024 to October 1, 2025 totaled $196,331, separately approved by the Estate Inspectors. · party: Trustee (KSV Restructuring Inc.) · amount: 226924 · period: May 14, 2024 to September 30, 2025 · currency: CAD
- purchaserBadger Mining Corporation; JMAC Energy Services LLC
- receipts cumulativesince: date of the Bankruptcy (May 14, 2024) · amount: 22826926 · currency: CAD
- recovery outcomeentries: basis: actual · quote: The First Interim Distribution motion was unanimously approved by all three Inspectors, and the Trustee subsequently issued payments to the creditors in relation to the Proven Claims on August 30, 2024 for a total of $4,150,985. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · amount low: 4150985 · cumulative: false · amount high: 4150985 · class label: Proven Claims (ordinary creditors) · claims amount: 4150985 · interim final: interim · claims qualifier: proven; basis: unstated · quote: A Second Interim Distribution in the amount of $3,186,839.19 for payment to settle the resolved Disputed Claims; · pct of: unstated · outcome: distribution · stated by: trustee · amount low: 3186839.19 · cumulative: false · amount high: 3186839.19 · class label: Disputed Claims (JMAC, Iain Munro, AMI Silica LLC) · interim final: interim · claims qualifier: unstated; basis: unstated · quote: an Interest Distribution of approximately $308,064.45 to comply with section 143 of the BIA; and · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · amount low: 308064.45 · cumulative: false · amount high: 308064.45 · class label: Proven creditors (Interest Distribution under s.143 BIA) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: an Interim Equity Distribution of $8,000,000 which is on a gross basis and is inclusive of any necessary remittances required for the TCP remittances to CRA. · pct of: unstated · outcome: distribution · class key: equity · stated by: trustee · amount low: 8000000 · cumulative: false · amount high: 8000000 · class label: Equity claimants (Interim Equity Distribution) · interim final: interim · conditional on: on a gross basis and is inclusive of any necessary remittances required for the TCP remittances to CRA · claims qualifier: unstated · stated on: 2025-11-10 · table missing:
- report date10 November 2025
- report noFirst Report of KSV Restructuring Inc. as Trustee in Bankruptcy
- sale outcometext: Transaction closed; ResidualCo established, entities exited NOI Proceedings · scope: whole_business · status: closed
- stalking horseJMAC Energy Services LLC (13200000)