New Brunswick · Bankruptcy
Trustee's preliminary report to creditors dated October 24, 2022
Court officer report · 24 October 2022
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- courtCOURT OF KING’S BENCH OF NEW BRUNSWICK IN BANKRUPTCY AND INSOLVENCY
- court file no25915
- proceeding typebia_bankruptcy
- appointeeDeloitte Restructuring Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date5 October 2022
- financial positionnote: Realizations on assets may vary from book values presented. Liabilities include secured creditors $2,352,109 and unsecured creditors $1,338,515. · page: 3 · as at: 2022-10-05 · basis: Preliminary evaluation, book value, unaudited, not reviewed or otherwise verified by Trustee · scope: Zio's Pizza Kitchen Ltd. (single entity) · currency: CAD · total assets: 3039668 · total liabilities: 3690624
- secured creditorsnote: One of two 'Secured Creditors'; aggregate secured indebtedness of approx. $2,352,109 reported as at Date of Bankruptcy; individual amount not stated. Also owed municipal property tax priority claim of approx. $311,000 ranking ahead of Secured Creditor Collateral on the Properties. · page: 3 · as of: 2022-10-05 · debtor: Zio's Pizza Kitchen Ltd. · creditor: CIBC (Canadian Imperial Bank of Commerce) · currency: CAD · security: General security agreement and real property mortgages over Zio's assets (Secured Creditor Collateral)
- secured creditorsnote: One of two 'Secured Creditors'; aggregate secured indebtedness of approx. $2,352,109 reported as at Date of Bankruptcy; individual amount not stated. · page: 3 · as of: 2022-10-05 · debtor: Zio's Pizza Kitchen Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreement and real property mortgages over Zio's assets (Secured Creditor Collateral)
- secured creditorsnote: PPSA creditor; legal opinions on validity/enforceability of PPSA registrations pending from proposed estate counsel (Stewart McKelvey). · page: 3 · as of: 2022-10-05 · debtor: Zio's Pizza Kitchen Ltd. · creditor: Blue Chip Leasing Corporation · currency: CAD · security: PPSA registration
- secured creditorsnote: PPSA creditor; legal opinions on validity/enforceability of PPSA registrations pending. · page: 3 · as of: 2022-10-05 · debtor: Zio's Pizza Kitchen Ltd. · creditor: Silver Chef Rentals Inc. · currency: CAD · security: PPSA registration
- secured creditorsnote: PPSA creditor; legal opinions on validity/enforceability of PPSA registrations pending. · page: 3 · as of: 2022-10-05 · debtor: Zio's Pizza Kitchen Ltd. · creditor: Bank of Nova Scotia · currency: CAD · security: PPSA registration
- unsecured creditorsnote: Document names no individual unsecured creditors; states 59 unsecured creditors with amounts owing of approximately $1.4 million (page 4). Only four proofs of claim received as at date of report (proofs-filed figure not quantified). No distribution to unsecured creditors is anticipated. · page: 3 · as of: 2022-10-05 · basis: Preliminary summary of assets and liabilities prepared by Trustee from books and records, unaudited · amount: 1338515 · debtor: Zio's Pizza Kitchen Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the activities the Trustee to date, including reviewing documentation relating to Zio's NOI Proceeding and information contained with the statement of affairs, the Trustee does not anticipate a distribution to unsecured creditors will be made from the bankrupt estate. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-10-24 · table missing: