Nova Scotia · Bankruptcy
Trustee's Preliminary Report
Court officer report · 11 March 2025
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What we verified from this filing19 verified
- court file no46051
- proceeding typebia_bankruptcy
- provinceNova Scotia
- appointeeBDO Canada Limited
- appointee rolelicensed insolvency trustee
- commencement date11 March 2025
- statutory basisBankruptcy & Insolvency Act
- statutory basisBankruptcy & Insolvency Act
- financial positionnote: Estimated net realization value not separately stated as a total (dashes shown in table for most asset categories); deficiency of $2,903,893 reported. Liabilities comprise Priority Claims $1,503,982, Secured Claims $1, Unsecured Claims $1,274,910, and Deferred Claims $125,000, which the Trustee reports as summing to Total Liabilities of $2,903,893 · page: 3 · as at: 2025-03-04 · basis: Statement of Affairs prepared using internal records of the Company, not audited, reviewed or verified by BDO · scope: City Light Electric Ltd. (single entity) · currency: CAD · total assets: 1653 · total liabilities: 2903893
- unsecured creditorsnote: Priority creditor for unremitted source deductions; per Company records approx. $1.5 million, but CRA notice of assessment dated October 2, 2024 indicates balance owing may be approximately $2.8 million; preferred/priority claim, not ordinary unsecured · page: 3 · as of: 2025-03-04 · basis: Statement of Affairs as at March 4, 2025 (Priority Claims) · amount: 1503982 · debtor: City Light Electric Ltd. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: SOA also separately references approximately 18 unsecured creditors totaling approximately $1.3 million as of March 11, 2025; proofs of claim filed as at March 31, 2025 (9:00am) totaled only $40,000 (1 claim) versus $2,903,892 (20 claims) per SOA; document names no individual unsecured creditors except judgment creditors listed separately · page: 3 · as of: 2025-03-04 · basis: Statement of Affairs as at March 4, 2025 (Unsecured Claims) · amount: 1274910 · debtor: City Light Electric Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: PPSA registration; amount not stated · page: 4 · as of: 2025-01-28 · debtor: City Light Electric Ltd. · creditor: 11302078 Canada Ltd. o/a Sheaves Capital · currency: CAD · security: General security agreement against personal property, registered November 15, 2023
- secured creditorsnote: PPSA registration; amount not stated · page: 4 · as of: 2025-01-28 · debtor: City Light Electric Ltd. · creditor: Clyde Street Developments Ltd. · currency: CAD · security: General security agreement against personal property, registered February 26, 2021
- unsecured creditorsnote: Preferred claim under s.136(f) BIA for unpaid rent, limited to realization of property on leased premises; approx. $9,000 relates to the 3-month period immediately prior to bankruptcy · page: 4 · as of: Statement of Affairs as reported · basis: Statement of Affairs as reported · amount: 39000 · debtor: City Light Electric Ltd. · creditor: Atlantic Automatic Sprinklers Limited (Landlord) · currency: CAD
- unsecured creditorsnote: Disputed/unpaid contributions to training, health, welfare and pension benefit plans for period June 2022 to February 2024; grievance originally sought approx. $273,000, of which $256,000 remains unpaid per Trustee's understanding · page: 5 · as of: 2025 report date · basis: Arbitrator consent order under Trade Union Act (Nova Scotia) · amount: 256000 · debtor: City Light Electric Ltd. · creditor: International Brotherhood of Electrical Workers Union · currency: CAD
- unsecured creditorsnote: Judgment creditor per order of Supreme Court of Nova Scotia · page: 5 · as of: 2025-01-06 · basis: PPSA judgment registration · amount: 71000 · debtor: City Light Electric Ltd. · creditor: Hilti (Canada) Corporation · currency: CAD
- unsecured creditorsnote: Judgment creditor per order of Supreme Court of Nova Scotia · page: 5 · as of: 2024-12-04 · basis: PPSA judgment registration · amount: 22000 · debtor: City Light Electric Ltd. · creditor: Workers' Compensation Board of Nova Scotia · currency: CAD
- unsecured creditorsnote: Judgment creditor per order of Supreme Court of Nova Scotia · page: 5 · as of: 2024-07-08 · basis: PPSA judgment registration · amount: 76000 · debtor: City Light Electric Ltd. · creditor: ECS Electrical Cable Supply Ltd. · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Trustee does not anticipate a distribution to the Company's secured and unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: secured and unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: For reasons noted above, the Trustee anticipates City Light's creditors will suffer a significant shortfall as asset realizations are expected to be less than the amounts owing to the Company's priority creditors. · pct of: unstated · outcome: shortfall · class key: preferred · stated by: trustee · class label: priority creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-03-31 · table missing: