British Columbia · Bankruptcy
Trustee's Report to Creditors
Court officer report · 24 June 2024
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What we verified from this filing13 verified
- proceeding typebia_bankruptcy
- financial positionnote: Total liabilities figure excludes share capital ($95,567) and shareholders' deficit ($4,642,959); balance sheet also as at Feb. 28, 2022 comparative shown but not used here per most recent year rule. · page: 3 · as at: 2023-02-28 · basis: Balance sheet prepared by an independent, external accountant; Company has not prepared financial statements for the 2024 year-end due to bankruptcy · scope: Entity-level financial statements of MyZone Media Inc. · currency: CAD · total assets: 5118893 · total liabilities: 9666285
- secured creditorsnote: Estimated claim per Company's books and records and BC Personal Property Registry; no proof of claim filed as of the date of this report. · page: 5 · amount: 265690 · debtor: MyZone Media Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreement over all present and after-acquired property
- secured creditorsnote: Estimated claim per Company's books and records and BC Personal Property Registry; no proof of claim filed as of the date of this report. · page: 5 · amount: 1 · debtor: MyZone Media Inc. · creditor: ClubVibes Media Technologies · currency: CAD · security: General security agreement over all present and after-acquired property
- secured creditorsnote: Per Table 3 (Estimated Claim) and matches 'Amount owing to RBC' of $2,068,000 in Table 5's Statement of Affairs as at June 3, 2024; prose in report describes this as 'approximately $2M'; RBC has not filed a proof of claim as of the date of this report (June 24, 2024); described by Trustee as Company's senior secured creditor. · page: 5 · as of: 2024-06-03 · amount: 2068347 · debtor: MyZone Media Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement over all present and after-acquired property
- unsecured creditorsnote: Possible related party (shares surname with sole director Mike Schwarz); part of major-creditors listing. · page: 6 · basis: Per Company's books and records, listed as a major unsecured creditor in Trustee's report · amount: 109309 · debtor: MyZone Media Inc. · creditor: Joanna S. Schwarz · currency: CAD
- unsecured creditorsnote: Individual creditor; part of major-creditors listing (see note on total unsecured figure). · page: 6 · basis: Per Company's books and records, listed as a major unsecured creditor in Trustee's report · amount: 109309 · debtor: MyZone Media Inc. · creditor: Robert Randall · currency: CAD
- unsecured creditorsnote: Part of the same major-creditors listing; total unsecured creditors reported as 23 creditors owed approximately $5,140,244. · page: 6 · basis: Per Company's books and records, listed as a major unsecured creditor in Trustee's report · amount: 437236 · debtor: MyZone Media Inc. · creditor: 0803153 BC Ltd. · currency: CAD
- unsecured creditorsnote: Individual creditor; part of major-creditors listing (see note on total unsecured figure). · page: 6 · basis: Per Company's books and records, listed as a major unsecured creditor in Trustee's report · amount: 111333 · debtor: MyZone Media Inc. · creditor: Tae Ouk Kim · currency: CAD
- unsecured creditorsnote: Report states Trustee is aware of 23 unsecured creditors owed approximately $5,140,244 in aggregate; only the major unsecured creditors are individually itemized in Table 4, so this list is not exhaustive of all 23 creditors. · page: 6 · basis: Per Company's books and records, listed as a major unsecured creditor in Trustee's report · amount: 1312500 · debtor: MyZone Media Inc. · creditor: XPEC Enterprises Inc. dba Medura PPE · currency: CAD
- unsecured creditorsnote: Individual creditor; part of major-creditors listing (see note on total unsecured figure). · page: 6 · basis: Per Company's books and records, listed as a major unsecured creditor in Trustee's report · amount: 122235 · debtor: MyZone Media Inc. · creditor: Victoria Ellen Chemko · currency: CAD
- unsecured creditorsnote: Individual creditor; part of major-creditors listing (see note on total unsecured figure). · page: 6 · basis: Per Company's books and records, listed as a major unsecured creditor in Trustee's report · amount: 116836 · debtor: MyZone Media Inc. · creditor: Ken Chi Tran · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the estimated realizations and conversations with management the Trustee estimates a substantial shortfall to the Company's senior secured creditor, RBC. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: RBC · creditor name: RBC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: No recovery is expected to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-06-24 · table missing: