Ontario · Bankruptcy
Trustees Preliminary Report dated July 8 2019
Court officer report · 8 July 2019
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What we verified from this filing16 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date17 June 2019
- court file no31-2459849
- provinceOntario
- financial positionnote: Asset breakdown: Accounts receivables $3,300,000; Machinery and plant equipment $2,000,005; Inventory $5,000,000; Computer equipment and office furniture $8,000; Vehicles $1; Other Property $462,087 (includes $337,087.43 Employee Trust Fund not property of Prodtor, and $125,000 interest in a legal proceeding). Total liabilities not stated as a single figure on these pages; total claims filed per SOA across all categories were $37,792,978 (proofs filed as of July 5, 2019 totalled $1,657,918). Given amount owed to secured creditors, no funds are expected available for distribution. · page: 2 · as at: 2019-06-18 · basis: Statement of Affairs (unaudited, per Company's books and records not reviewed by Trustee); estimated realizable value · scope: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited), entity level, immediately prior to closing of the Transaction · currency: CAD · total assets: 10770993
- secured creditorsnote: Approximate amount owed per PPSA/SOA search; Proposal Trustee received positive independent legal opinion from Goldman Sloan Nash & Haber LLP confirming validity, enforceability and registration of CIBC's security agreements; Transaction purchase price was Purchaser's assumption of Prodtor's indebtedness to CIBC. · page: 3 · as of: Statement of Affairs / PPSA search results · amount: 13500000 · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: CIBC · currency: CAD · security: Registered PPSA security interest against Company's assets
- secured creditorsnote: Amount owed listed as Unknown · page: 3 · as of: Statement of Affairs / PPSA search results · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: Meridian Onecap Credit Corp. · currency: CAD · security: Registered PPSA security interest against Company's assets
- secured creditorsnote: Amount owed listed as Unknown · page: 3 · as of: Statement of Affairs / PPSA search results · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: National Leasing Group Inc. · currency: CAD · security: Registered PPSA security interest against Company's assets
- secured creditorsnote: Amount owed listed as Unknown · page: 3 · as of: Statement of Affairs / PPSA search results · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: Ford Credit Canada Leasing, A Division of Canadian Road Leasing Company · currency: CAD · security: Registered PPSA security interest against Company's assets
- secured creditorsnote: Amount owed listed as Unknown · page: 3 · as of: Statement of Affairs / PPSA search results · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: RCAP Leasing Inc. · currency: CAD · security: Registered PPSA security interest against Company's assets
- secured creditorsnote: SOA-listed secured/deemed trust claims total; corresponding proofs of claim filed as of July 5, 2019 totalled $39,984 (claims have not yet been reviewed for distribution purposes). · page: 3 · as of: SOA, sworn June 21, 2019 · amount: 13784661 · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: Secured/Deemed Trust claims (aggregate per Statement of Affairs) · currency: CAD
- secured creditorsnote: Approximate amount owed per PPSA/SOA search · page: 3 · as of: Statement of Affairs / PPSA search results · amount: 1800 · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: Taurus Craco Machinery Inc. · currency: USD · security: Registered PPSA security interest against Company's assets
- unsecured creditorsnote: Preferred creditor claims per BIA priority; SOA and claims filed both show $0. · page: 3 · as of: SOA, sworn June 21, 2019 · basis: Statement of Affairs as reported (preferred category) · amount: 0 · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: Preferred claims (aggregate per Statement of Affairs) · currency: CAD
- unsecured creditorsnote: Contingent claims; proofs of claim filed as of July 5, 2019 totalled $249,120 in this category. · page: 3 · as of: SOA, sworn June 21, 2019 · basis: Statement of Affairs as reported (contingent category) · amount: 149120 · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: Contingent claims (aggregate per Statement of Affairs) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors; proofs of claim filed as of July 5, 2019 totalled $1,368,814 in the unsecured category (claims have not yet been reviewed for distribution purposes). · page: 3 · as of: SOA, sworn June 21, 2019 · basis: Statement of Affairs as reported (unsecured category) · amount: 23859197 · debtor: Prodtor Inc. (formerly Satin Finish Hardwood Flooring, Limited) · creditor: Unsecured creditors (aggregate per Statement of Affairs) · currency: CAD