Alberta · Bankruptcy
Trustee’s Preliminary Report
Court officer report · 14 June 2023
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 filing10 verified
- appointeeB. Riley Farber Inc.
- appointee roleLicensed Trustee
- commencement date14 June 2023
- proceeding typebia_bankruptcy
- provinceAlberta
- cash on handnote: Cash on hand per the debtor's statement of affairs as at the date of bankruptcy; Trustee has requested the bank account be closed and funds paid to the Trustee. · amount: 1051.4 · currency: CAD · qualifier: per debtor
- financial positionnote: As at the date of bankruptcy (assignment made June 14, 2023). Assets per statement of affairs: Insurance refund $4,036.50, Cash on hand $1,051.40, Patents $10,000.00 (estimated by debtor). Liabilities total per statement of affairs: secured $15,087.90, preferred $0.00, unsecured $2,911,502.85, contingent $0.00. Claims filed with Trustee to date: $40,000.00 (unsecured). · basis: Per the debtor's statement of affairs; books and records prepared from the Company's records, not audited by the Trustee, which expresses no opinion on their validity, exactness or reliability. Asset values are 'per debtor' or 'estimated by debtor'. · scope: Sigmadek Ltd. (single entity, bankrupt estate) · currency: CAD · total assets: 15087.9 · total liabilities: 2926590.75
- operational summaryOperations ceased and all employees were terminated effective May 12, 2023; aluminium inventory was sold to a recycler, leased assets returned and the final leased premises vacated, so the company is no longer operating.
- recovery outcomeentries: basis: estimated · quote: Subject to the receipt of a legal opinion regarding the validity of their security, it is apparent that the both creditors will suffer a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: EDC and Investment Quebec · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, no surplus funds are expected to be available for distribution to preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: preferred or unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As noted above, the Property of the Company is encumbered in favour of secured creditors and no distribution to unsecured creditors is anticipated. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date28 June 2023