Ontario · NOI
First Report of the Trustee
Court officer report · 23 February 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing7 verified
- financial positionnote: As at the NOI Filing Date (January 31, 2024), the Company's balance sheet showed creditors owed approximately $14.8 million, an approximate $400,000 increase from the total liabilities disclosed as at November 25, 2023 (excluding future income taxes) · page: 8 · as at: 2023-11-25 · basis: internally prepared, unaudited financial statements (most recently prepared internal financial statements as at November 25, 2023) · scope: BRR Logistics Limited (entity level) · currency: CAD · total assets: 13496170 · total liabilities: 14607536
- secured creditorsnote: Subordinated its first ranking security position in favour of SPCF GSA · page: 10 · as of: NOI Filing Date · amount: 1290610 · debtor: BRR Logistics Limited · creditor: BDC Capital Inc. · currency: CAD · security: General Security Agreement
- secured creditorsnote: Related party; affiant in Wakefield Affidavit, appears to be an individual/insider · page: 10 · as of: NOI Filing Date · amount: 240000 · debtor: BRR Logistics Limited · creditor: Michael Wakefield · currency: CAD · security: General Security Agreement
- secured creditorsnote: Related party (individual) · page: 10 · as of: NOI Filing Date · amount: 70000 · debtor: BRR Logistics Limited · creditor: Judy Wakefield · currency: CAD · security: General Security Agreement
- secured creditorsnote: Also holds SPCF GSA (general security interest in all personal property); independent legal counsel opined SPCF Security is valid, enforceable, and would rank in priority to a trustee in bankruptcy; BDC Capital Inc. subordinated its first ranking security position in favour of the SPCF GSA · page: 10 · as of: NOI Filing Date · amount: 2392002 · debtor: BRR Logistics Limited · creditor: Sallyport Commercial Finance ULC · currency: CAD · security: General Security Agreement
- secured creditorsnote: Aggregate of G.N. Johnstone Equipment Ltd. ($11,736), Reefer Sales & Service ($47,862), Rush Truck Leasing ($6,270), Ryder Truck Rental Canada Ltd. ($22,235), Thistle Truck & Trailer Services Ltd. ($96,266) · page: 10 · as of: NOI Filing Date · amount: 184369 · debtor: BRR Logistics Limited · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized Goods
- secured creditorspage: 10 · as of: NOI Filing Date · amount: 180000 · debtor: BRR Logistics Limited · creditor: Back 40 Realty Co. Ltd. · currency: CAD · security: General Security Agreement