Quebec · NOI
Report of the trustee on Debtor's business and financial affairs_without appendix
Court officer report · 22 March 2022
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 filing14 verified
- courtS U P E R I O R C O U R T
- court file no500-11-060795-222
- statutory basisSubsection 50.4(7)b) of the Bankruptcy and Insolvency Act
- appointeeRaymond Chabot Inc.
- appointee roleTrustee
- commencement date25 February 2022
- cash on handnote: Cash - End of period figure from the 4-week actual cash flow, reflecting an overdrawn/negative cash position · as at: 2022-03-20 · amount: -981789 · currency: CAD · qualifier: actual per comparative cash-flow statement (negative/overdrawn position)
- disbursementsnote: Total actual cash outflows for the cumulative 4-week period ended March 20, 2022 · since: start of the 4-week cash flow period (approx. late February 2022) · amount: 440238 · currency: CAD
- financial positionnote: Figures in $'000; total liabilities & equity equals total assets (9,313); the accounts receivable of the company include more than $1 million of doubtful accounts and discounts taken by clients, for which no write-off has been recorded to date in the books of the company · as at: 2021-05-31 · basis: Unaudited balance sheet based on analysis of financial statements and discussions with management; no audit or review performed by the Trustee, and the Trustee notes accounts receivable include over $1 million of doubtful accounts/discounts not yet written off, which would show significant losses if recorded · scope: 193641 Canada Inc. (the Debtor), single entity, unconsolidated · currency: CAD · total assets: 9313000 · total liabilities: 7537000
- operational summaryThe Debtor continues operating its import/distribution business with a reduced workforce (12 employees, down from 29) while running a sale process for the company and its assets, having already sold its nuts and dried fruits division and operating under a forbearance agreement with its secured lender.
- professional feesnote: Actual restructuring fees of $69,773 vs. forecast of $74,493 for the period · party: Restructuring professionals (including Trustee) - 'Restructuring fees' line · amount: 69773 · period: 4-week period ended March 20, 2022 · currency: CAD
- receipts cumulativenote: Total actual cash inflows for the cumulative 4-week period ended March 20, 2022 · since: start of the 4-week cash flow period (approx. late February 2022) · amount: 695193 · currency: CAD
- report date22 March 2022
- report noSecond Report of the Trustee