What we verified from this filing13 verified
- appointeeMNP Ltd.
- appointee roleProposal Trustee
- courtSUPERIOR COURT OF JUSTICE IN BANKRUPTCY AND INSOLVENCY
- court file no31-2858238
- provinceONTARIO
- statutory basisSection 50(5) of the Bankruptcy and Insolvency Act
- commencement date22 August 2022
- financial positionnote: Comparative figures for May 31, 2021 were Total Assets $246,953 and Liabilities $291,218; May 31, 2022 figures used as the as-at date. Separately, per sworn Statement of Affairs as at August 22, 2022, total creditor indebtedness reported as $664,552 (Secured $118,514 [reflecting only value of security/net assets subject to secured claims], Preferred $0, Unsecured $546,035, Contingent $3), with only asset being Cash at Bank of $118,513.65. · page: 5 · as at: 2022-05-31 · basis: Company's historical financial results, unaudited/draft internal financial information · scope: Entity - Taccom Rapid Deployment Protection Group Inc. · currency: CAD · total assets: 171614 · total liabilities: 430943
- secured creditorsnote: Deemed trust class claim, ranks in priority to all creditors in bankruptcy; classified as secured on SOA. Aggregate CRA/HST/corporate tax arrears stated elsewhere as approximately $384,000 before accrued interest. · page: 6 · as of: 2022-08-22 · amount: 191650.8 · debtor: Taccom Rapid Deployment Protection Group Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust claim for unremitted source deductions (per SOA List B); portion relating to interest/penalties and employer's CPP/EI portion is unsecured
- secured creditorsnote: Of this amount, $4,000 would be a super-priority secured claim under Section 81.3 of the BIA in a bankruptcy, with the balance being a preferred claim under Subsection 136(1) of the BIA. On SOA, classified as secured but effectively subordinated. · page: 6 · as of: 2022-08-22 · amount: 5328.22 · debtor: Taccom Rapid Deployment Protection Group Inc. · creditor: Former employees (outstanding wages) · currency: CAD · security: Classified as secured on SOA but subordinated to unsecured claims given limited net asset/value of security
- unsecured creditorsnote: Relates to unliquidated damages from wrongful dismissal actions and alleged loans made by Anna Hicks and Ron Lampman; loan agreements show borrower as 'Taccom Consultants' (a different business venture) but payments were made by the Company and loans appear on Company's internal financial statements. Disputed/contingent nature noted. · page: 6 · as of: 2022-08-22 · basis: Statement of Affairs as reported - contingent claims listed as nominal ($3 total per SOA classification table) · debtor: Taccom Rapid Deployment Protection Group Inc. · creditor: Contingent creditors (Anna Hicks, Amy Hicks, Ron Lampman - wrongful dismissal actions and alleged loans) · currency: CAD
- unsecured creditorsnote: Document does not itemize individual unsecured creditors. Majority relates to balance of CRA's claim for source deductions arrears, HST, and corporate tax; balance relates to potential termination pay claims by employees (reflected at $1 each for privacy) and potential subrogated claim of Service Canada under WEPP (estimate only). · page: 6 · as of: 2022-08-22 · basis: Statement of Affairs as reported · amount: 546035 · debtor: Taccom Rapid Deployment Protection Group Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: No amounts are estimated to be owing to Secured Creditors. In the event of the bankruptcy, there will be no funds available for distribution to the any creditors, except to CRA for its deemed trust claim. · pct of: unstated · outcome: nil · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: No amounts are estimated to be owing to Preferred Creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on indebtedness figure as per SOA. In the event of the bankruptcy, there will be no funds available for distribution to the any creditors, except to CRA for its deemed trust claim. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · table missing: Set-out below is a comparison the Proposal Trustee's estimate of the distribution to the Unsecured Creditors if the Proposal is accepted by the Creditors and approved by the Court versus if the Proposal is rejected by the Creditors and the Company is deemed to have made an assignment in bankruptcy.