New Brunswick · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 8 August 2025
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What we verified from this filing11 verified
- financial positionnote: PPS asset total excludes inventory, whose existence and value are noted as 'unknown' (Note 1, page 37). PPS liabilities total includes secured ($3,062,650.37) and unsecured ($9,497,162.49) creditors per Appendix B (page 38). · page: 37 · as at: 2025-06-09 · basis: Unaudited, prepared without audit from information provided by the Company; net book value basis for assets · scope: Entity-level: Precision Plasma & Sputtering Ltd. (PPS). Note: 642657 N.B. Ltd.'s assets are stated as 'unknown' (shareholder records not provided); its known secured liabilities total $2,648,270.71 CAD with unsecured liabilities unknown (page 41-42). · currency: CAD · total assets: 3447930.7 · total liabilities: 12559812.86
- secured creditorsnote: Exact balance per pay-out statement dated 24 February 2025 (para 14); prose approximated as 'approximately $414 thousand' · page: 38 · as of: 2025-02-24 · amount: 414379.66 · debtor: Precision Plasma & Sputtering Ltd. · creditor: Opportunities New Brunswick (ONB) · currency: CAD · security: Valid and enforceable security registered against On-Site Assets (para 26)
- secured creditorsnote: Amount owed listed as 'unknown' in Receiver's creditor listing (Appendix B) · page: 38 · as of: 2025-06-09 · debtor: Precision Plasma & Sputtering Ltd. · creditor: Ford Credit Canada Leasing · currency: CAD · security: Equipment financing/leasing security (implied)
- secured creditorsnote: Listed as 'unknown' amount in Appendix B creditor listing; however First Report (para 16) states there are no employees and consequently no unpaid wages, vacation pay, termination pay or severance · page: 38 · as of: 2025-06-09 · debtor: Precision Plasma & Sputtering Ltd. · creditor: Employee Wages and Vacation Pay (s.81.4 BIA) · currency: CAD · security: Statutory deemed-trust/super-priority claim under s.81.4 BIA
- secured creditorsnote: Amount listed as 'unknown'; CRA also appears separately as an unsecured creditor (amount unknown) for other claims; Receiver still determining amounts owed (para 15, 26k) · page: 38 · as of: 2025-06-09 · debtor: Precision Plasma & Sputtering Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust (source deductions/HST priority claim)
- secured creditorsnote: Exact balance converted from USD $1,936,295.03 using BoC spot rate 1.3677 as at date of Receivership (4 June 2025) per Appendix B Note; prose in report described debt as 'approximately $1.936 million USD (or approximately $2.68 million CAD)' (para 13) · page: 38 · as of: 2025-06-09 · amount: 2648270.71 · debtor: 642657 N.B. Ltd. and Precision Plasma & Sputtering Ltd. (co-debtors, blanket security) · creditor: Royal Bank of Canada · currency: CAD · security: Valid and enforceable security registered against On-Site Assets (para 26); specific instrument type not stated
- secured creditorsnote: Amount listed as 'unknown'; creditor listing for 642657 is limited to creditors identified via security documents/tax certificates as shareholder records were not provided (Note 1, Appendix B) · page: 42 · as of: 2025-06-09 · debtor: 642657 N.B. Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust (source deductions/HST priority claim)
- process resultsbids: 2 · note: Two interested parties submitted offers; a third party (Infinity Assets) declined to make an offer. · as of: 2025-07-03 · qualified bids: 2
- purchaserDTI Films LLC
- sale advisorCameron Industrial Inc. Auctioneers & Appraisers
- sale outcometext: Receiver recommends approval of sale of On-Site Assets to DTI Films LLC · scope: parcel · status: pending_approval