Ontario · Bankruptcy
Preliminary Report of Trustee
Court officer report · 9 May 2023
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What we verified from this filing17 verified
- appointeeMNP Ltd.
- appointee roletrustee
- commencement date18 April 2023
- court file no35-2934066
- proceeding typebia_bankruptcy
- secured creditorsnote: Prose states mortgage amount of $250,000; title search shows registered charge of $320,000 (registration ceiling, not confirmed balance); related party - owned by Kamal Hira's son; originally held by unrelated third party, assigned to Shab; no claim/security docs received; Trustee issued s.128(1) BIA demand for proof of claim and security · page: 1 · debtor: Hira Custom Homes Inc. · creditor: Shab Holdings Ontario Inc. · currency: CAD · security: Second mortgage registered against 10A Knevitt Place
- secured creditorsnote: Prose states mortgage amount of $383,615; title search shows registered charge of $975,000 (registration ceiling, not confirmed balance); no claim or security documents yet received by Trustee; counsel awaiting confirmation of CRA deemed trust before proceeding · page: 1 · debtor: Hira Custom Homes Inc. · creditor: Eden Park Holdings Inc. · currency: CAD · security: First mortgage registered against 10A Knevitt Place
- secured creditorsnote: Buyout amounts confirmed via proof of claim; dispute over equity in vehicles above buyout amounts · page: 2 · debtor: Hira Custom Homes Inc. · creditor: Halton Auto Lease · currency: CAD · security: PPSA equipment financiers (PMSI class) - numerous equipment/vehicle leases registered against four leased vehicles
- unsecured creditorsnote: Amount not stated · page: 2 · basis: Unpaid professional fees for construction lien actions pursued on Hira's behalf · debtor: Hira Custom Homes Inc. · creditor: Duncan Linton LLP · currency: CAD
- financial positionnote: Total per Statement of Affairs is $4,577,594; claims received to date total $3,616,977 (proofs filed to date, a different figure). Latest externally prepared financial statements (year ended Dec 31, 2019) reflect a net loss of $809,000 for 2019, a loss of $282,000 in 2018, and a retained earnings deficit of $3.4 million, but no balance sheet totals given. · page: 3 · basis: As per Statement of Affairs (total provable claims: unsecured, preferred, secured, deemed trust) · scope: Hira Custom Homes Inc. (entity level) · currency: CAD · total liabilities: 4577594
- secured creditorsnote: Trustee advised there is nothing owing to this creditor · page: 3 · debtor: Hira Custom Homes Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General security registered against all assets of Hira
- secured creditorsnote: Trustee advised there is nothing owing to this creditor · page: 3 · debtor: Hira Custom Homes Inc. · creditor: The Corporation of the City of Waterloo · currency: CAD · security: General security registered against all assets of Hira
- unsecured creditorsnote: Deemed trust class stated as Nil per Statement of Affairs; separately, CRA deemed trust status referenced elsewhere as unresolved pending confirmation before Eden's counsel decides how to proceed · page: 3 · as of: Statement of Affairs · basis: As per Statement of Affairs · amount: 0 · debtor: Hira Custom Homes Inc. · creditor: Deemed trust claims (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred claims per BIA - claims received to date is Nil · page: 3 · as of: Statement of Affairs · basis: As per Statement of Affairs · amount: 4000 · debtor: Hira Custom Homes Inc. · creditor: Preferred creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors in this table; claims received to date total $3,645,851 (proofs filed, distinct from SOA figure) · page: 3 · as of: Statement of Affairs · basis: As per Statement of Affairs · amount: 3939979 · debtor: Hira Custom Homes Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- provinceOntario
- recovery outcomeentries: basis: unstated · quote: There will only be a distribution if the Trustee is able to realize on the vehicle equity, the construction liens, any equity in the Property, or any other asset. The Trustee is not yet able to predict the likelihood of this, or possible recovery amounts. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: if the Trustee is able to realize on the vehicle equity, the construction liens, any equity in the Property, or any other asset · claims qualifier: unstated · table missing: