Nova Scotia · NOI
Second Report of the Proposal Trustee dated October 21, 2026
Court officer report · 21 October 2026
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
- unsecured creditorsnote: Principal $1,166,656.98 plus penalty and interest $276,823.00. Original claim was $1,132,654.61. Must be paid in full within 6 months of court approval of any proposal unless CRA consents (BIA s.60(1.1)). Total CRA claim (both categories) stated as $2,323,728.53, versus $1,954,179.46 originally. Regulatory/deemed-trust class, not ordinary unsecured. · page: 9 · as of: 2026-10-14 · basis: CRA Amended Claim (amended proof of claim) as summarized by the Proposal Trustee; amounts of a kind subject to demand under the Income Tax Act, CPP, EI Act (deemed-trust/Crown priority class); not yet reviewed by the Company or Proposal Trustee · amount: 1443479.98 · debtor: 3344150 Nova Scotia Limited · creditor: Canada Revenue Agency (CRA) - subsection 60(1.1) claim (per CRA Amended Claim dated Oct 14, 2026) · currency: CAD
- unsecured creditorsnote: Principal $828,929.56 plus penalty and interest $51,318.99. Original claim dated Aug 20, 2026 was $821,524.85. CRA is described as the largest creditor. · page: 9 · as of: 2026-10-14 · basis: CRA Amended Claim (amended proof of claim) as summarized by the Proposal Trustee; not yet reviewed by the Company or Proposal Trustee · amount: 880248.55 · debtor: 3344150 Nova Scotia Limited · creditor: Canada Revenue Agency (CRA) - unsecured claim (per CRA Amended Claim dated Oct 14, 2026) · currency: CAD
- unsecured creditorsnote: Company provided an unsecured guarantee for Vandal Donuts Inc.'s indebtedness to BMO. Pay-out: capital $467,374.66 (term loan $455,120.16 plus Mastercard $12,254.50) plus interest $210.26; per diem $71.07. This is the borrower's debt; the Company's exposure arises only as guarantor. · page: 11 · as of: 2026-09-04 · basis: BMO pay-out statement as of Sept 4, 2026 (capital and interest $467,584.92), as described by the Proposal Trustee · amount: 467584.92 · debtor: 3344150 Nova Scotia Limited (guarantor); primary borrower Vandal Donuts/Doughnuts Inc. · creditor: Bank of Montreal (BMO) - unsecured guarantee of Vandal Donuts Inc. indebtedness · currency: CAD
- cash on handnote: Actual closing cash for Weeks 1-10 (to October 5, 2026) per the budget-to-actual report; the October Cash Flow Projection shows opening cash of 312,378 (rounding). · as at: 2026-10-05 · amount: 312379 · currency: CAD
- disbursementsnote: Total operating disbursements only; restructuring fees of 38,668 are shown separately. · since: Weeks 1-10 of the cash flow (to October 5, 2026) · amount: 1705204 · currency: CAD
- operational summaryThe Company continues to operate its sole remaining restaurant in the ordinary course, paying post-filing obligations while negotiating with CRA toward a possible proposal; it has disclaimed its Killam lease and terminated certain employees.
- professional feesnote: Breakdown: Trustee 12,668, Legal 10,000, Advisor 16,000. Forecast restructuring fees of 102,500 for Weeks 11-20 are projections, not actuals; tax treatment not stated. · party: Trustee, legal counsel and financial advisor (actual restructuring fees paid) · amount: 38668 · period: Weeks 1-10 (to October 5, 2026) · currency: CAD
- receipts cumulativenote: Includes bar, food, tips and HST collected. · since: Weeks 1-10 of the cash flow (to October 5, 2026) · amount: 1949828 · currency: CAD
- report date21 October 2026
- report noSecond Report