Alberta · Bankruptcy
Trustee's Report to Creditors
Court officer report · 28 November 2023
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What we verified from this filing11 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date10 November 2023
- courtIN THE COURT OF KING'S BENCH OF ALBERTA
- court file no25-3008542
- financial positionnote: Figures in $000's per Table 2; comparative year (June 30, 2021) also presented but not used here; total liabilities calculated in the document as sum of current liabilities ($5,908) and future income taxes ($50) · page: 3 · as at: 2022-06-30 · basis: Reviewed (by an independent, external accountant); not the current year (no statements prepared for FY2023 due to loss and ongoing financial challenges) · scope: entity - Techcanada Contracting Ltd. · currency: CAD · total assets: 6960000 · total liabilities: 5958000
- secured creditorsnote: Deemed trust class (source deductions); priority over other secured claims; CRA had not filed proof of claim as of report date; figure is approximate per Company's books and records · page: 5 · as of: 2023-11-10 · amount: 720000 · debtor: Techcanada Contracting Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust - all present and after-acquired property
- secured creditorsnote: Balance owing as at date of bankruptcy approximately $1.35M · page: 5 · as of: 2023-11-10 · amount: 1350000 · debtor: Techcanada Contracting Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement - all present and after-acquired property
- secured creditorsnote: No proof of claim filed as of report date; Trustee obtaining legal opinion on validity/enforceability of security (pending) · page: 6 · amount: 456000 · debtor: Techcanada Contracting Ltd. · creditor: Factors Western Inc. · currency: CAD · security: General Security Agreement - all present and after-acquired property (per factoring agreement)
- secured creditorsnote: Amount per filed proof of claim; table estimate was $2,125,000; Trustee obtaining legal opinion on validity/enforceability of security (pending) · page: 6 · as of: proof of claim filing date · amount: 2124769 · debtor: Techcanada Contracting Ltd. · creditor: Jim Pattison Industries Ltd. · currency: CAD · security: Security over 37 specific serial numbered vehicles leased by the Company
- recovery outcomeentries: basis: estimated · quote: As such, the Trustee estimates there will be no recovery 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: 2023-11-28 · table missing: