British Columbia · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 17 June 2025
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What we verified from this filing18 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date28 May 2025
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noEstate No. 11-3228882
- proceeding typebia_bankruptcy
- statutory basisBankruptcy and Insolvency Act
- statutory basisBankruptcy and Insolvency Act
- unsecured creditorsnote: Subject to legal action commenced by Advantage Tool & Machine Ltd. and Advantage Holdings Ltd. re: debt from an equipment sale; included within the SOA aggregate unsecured total of $3,512,584 · page: 1 · as of: Statement of Affairs · basis: Reported by the Company on its Statement of Affairs · amount: 282432 · debtor: Cross Industries Ltd. · creditor: Advantage Tool & Machine Ltd. · currency: CAD
- financial positionnote: Company reported no assets on its Statement of Affairs. SOA reported: secured creditors Nil, preferred creditors Nil, unsecured creditors $3,512,584, total $3,512,584. As of report date, only two proofs of claim totaling $47,082 have been filed. Trustee notes general ledger (Jan 31, 2023) showed equipment ~$840,000 and inventory/WIP ~$1,600,000, but management indicates these are materially misstated (assets belonging to related party 1065210 B.C. Ltd.) and no realization is currently expected. · page: 3 · as at: Statement of Affairs · basis: Statement of Affairs as reported · scope: Cross Industries Ltd. (single entity) · currency: CAD · total assets: 0 · total liabilities: 3512584
- secured creditorsnote: Registration only - no balance stated; no proof of claim received as of report date · page: 3 · as of: 2025-04-21 · debtor: Cross Industries Ltd. · creditor: Passenger Thermodynamics Inc. · currency: CAD · security: Security registered against specific pieces of equipment (BC PPR search)
- secured creditorsnote: Registration only - no balance stated; no proof of claim received; related party - equipment/molds and leased assets connected to this entity are disputed as improperly recorded on the Company's books · page: 3 · as of: 2025-04-21 · debtor: Cross Industries Ltd. · creditor: 1065210 B.C. Ltd. · currency: CAD · security: Security registered against specific pieces of equipment (BC PPR search)
- secured creditorsnote: Registration only - no balance stated; no proof of claim received as of report date · page: 3 · as of: 2025-04-21 · debtor: Cross Industries Ltd. · creditor: Rocky Ridge Turkey Farm Ltd. · currency: CAD · security: Security registered against specific pieces of equipment (BC PPR search)
- secured creditorsnote: Registration only - no balance stated; no proof of claim received as of report date · page: 3 · as of: 2025-04-21 · debtor: Cross Industries Ltd. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement registered against the Company (BC PPR search)
- secured creditorsnote: Amount approximate per CRA statements of account provided by Company; unconfirmed - Trustee to correspond with CRA to confirm deemed trust amount; no proof of claim received to date; deemed trust class · page: 3 · as of: CRA statements of account · amount: 69000 · debtor: Cross Industries Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust claim over unremitted payroll source deductions, ranking in priority to all other creditors
- unsecured creditorsnote: Document does not name individual unsecured creditors beyond Advantage Tool & Machine Ltd. (listed separately); as of the date of this report only two proofs of claim totaling $47,082 have been filed · page: 3 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 3512584 · debtor: Cross Industries Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Approximate; unconfirmed; no proof of claim received to date · page: 3 · as of: CRA statements of account · basis: Amount per CRA statements of account provided by the Company; unremitted GST at date of bankruptcy ranks as general unsecured claim · amount: 55000 · debtor: Cross Industries Ltd. · creditor: Canada Revenue Agency · currency: CAD
- provinceBritish Columbia