British Columbia · NOI
Proposal Trustee ’s First Report to Court dated December 2, 2024
Court officer report · 2 December 2024
What we verified from this filing18 verified
- appointeeCrowe MacKay & Company Ltd.
- appointee roleProposal Trustee
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noB-240536
- provinceBritish Columbia
- commencement date1 November 2024
- proceeding typebia_noi
- statutory basisBankruptcy and the Insolvency Act R.S.C.1985, c. B-3
- statutory basissubsection 50.4(1) of the Bankruptcy and the Insolvency Act R.S.C.1985, c. B-3
- financial positionnote: Trustee has not conducted detailed assessment of assets and liabilities; figures prepared using Company's bookkeeping as at October 31, 2024; liabilities not presented as a consolidated total in this report (secured, statutory, preferred and unsecured creditor amounts reported separately) · page: 5 · as at: 2024-10-31 · basis: Preliminary/unaudited information provided by Company management; net book value basis; subject to change pending detailed assessment · scope: Lambda Solutions Inc. (entity level) · currency: CAD · total assets: 722622
- secured creditorsnote: Approximate indebtedness per PPR search; FirePower issued Notice of Intention to Enforce Security under s.244 BIA on or around October 23, 2024 · page: 7 · as of: 2024-10-31 · amount: 1379752 · debtor: Lambda Solutions Inc. · creditor: Evergreen Gap Debt GP Inc., as agent for FirePower Capital · currency: CAD · security: First ranking all present and after-acquired personal property (AllPAAP) security
- secured creditorsnote: Approximate indebtedness per PPR search · page: 7 · as of: 2024-10-31 · amount: 422309 · debtor: Lambda Solutions Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Second ranking AllPAAP security
- secured creditorsnote: Approximate indebtedness per PPR search · page: 7 · as of: 2024-10-31 · amount: 11900 · debtor: Lambda Solutions Inc. · creditor: BMW Canada Inc. · currency: CAD · security: Purchase Money Security Interest (PMSI) on 1 vehicle
- secured creditorsnote: Deemed trust class; amount includes employee and employer portions but may not include interest/penalties; subject to change pending CRA trust examination; only employee portion ranks as deemed trust ahead of secured creditors in bankruptcy · page: 7 · as of: NOI filing date · amount: 12726 · debtor: Lambda Solutions Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim (employee portion) for unpaid employee source deductions
- unsecured creditorsnote: Preferred claim potential under s.136(d) BIA for wages/vacation due within 6 months of Filing Date, capped at $2,000 per employee; extent of amounts due has yet to be determined · page: 8 · as of: NOI filing date · basis: Management advised approximate accrued vacation pay owed to approximately 9 employees · amount: 21000 · debtor: Lambda Solutions Inc. · creditor: Employees (accrued vacation pay and wages) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors; consists primarily of trade suppliers, employees, Management, and various other vendors · page: 8 · as of: NOI filing date · basis: As at the Filing Date, the Company was indebted to in or around 11 parties with unsecured claims totaling approximately $1,683,724.27 · amount: 1683724.27 · debtor: Lambda Solutions Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Related party - Company's sole director; interim/DIP financing facility, not yet advanced as of report date; maximum facility amount, not outstanding balance · page: 11 · as of: term sheet dated for reference November 2024 · amount: 120000 · debtor: Lambda Solutions Inc. · creditor: Bat-Sheva Levy (Interim/DIP Lender), personal capacity · currency: CAD · security: Super-priority DIP Charge over all present and after-acquired property, ranking behind only the Administration Charge
- recovery outcomeentries: basis: liquidation_alternative · quote: based on preliminary information received with respect to the valuation of the Company's assets, it appears FirePower, along with all subordinated secured creditors may suffer a shortfall on its advances to the Company in the event that the Company is placed into bankruptcy. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: FirePower, along with all subordinated secured creditors · creditor name: FirePower · interim final: unstated · conditional on: in the event that the Company is placed into bankruptcy · claims qualifier: unstated · stated on: 2024-12-02 · table missing: