#Filing
Application by Trustee to Annul the Proposal (returnable January 25, 2016) — Application / notice of application
1749049 Alberta Ltd
ActiveFollow
- Proceeding
- NOISections 13.4 and 50.4(9) of the Bankruptcy and Insolvency Act.
- File
- 24-1957048
OverviewSummary updated
1749049 Alberta Ltd., an Alberta company, remains in active insolvency proceedings. A Statement of Affairs prepared as at 3 February 2015, stated and estimated by the officer, puts the company's total assets at CAD 1,646,598.26 against total liabilities of CAD 2,176,046.92, a stated deficiency of CAD 529,448.66. Liabilities as of that date comprise CAD 647,691.78 owed to secured creditors, listed in aggregate under list "B", and CAD 1,922,459.26 owed to unsecured creditors under list "A"; neither list names individual creditors on the face of the statement. The statement carries a sworn or declared date of 16 April 2015, differing from the 3 February 2015 date of the statement of affairs itself.
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Proceedings AIOpen Proceedings AI
Case updates18 dated entries
#Report
The officer filed report no. Fourth Report. The MCW asset sale has closed and the business continues as a going concern under MCW, but the Trustee reports that unresolved professional liability (Insurance Claimant) claims complicate the Proposal, and it now proposes annulling the Proposal, bankrupting the Company, and having the Trustee act as receiver to collect and distribute remaining accounts receivable to unsecured creditors.
#Filing
Application by Insurance Claimant to Annul the Proposal (returnable January 25, 2016) — Application / notice of application
#Report
The officer filed report no. Third Report. The Company's assets were sold to MCW Hemisphere Ltd. (closed in escrow, effective January 1, 2015), with most employees offered continued employment by MCW. The Company is now collecting its remaining accounts receivable to fund distributions to unsecured creditors under the accepted Proposal.
Source: Trustee's Third Report
#Sale
The court granted an approval and vesting order for the sale to MCW Hemisphere Ltd. Closing terms, as extracted: Vesting is effective upon delivery of a Trustee's certificate to the Purchaser (or its nominee) substantially in the form of Schedule "A" confirming payment of the Purchase Price and satisfaction or waiver of closing conditions. Sealed: Schedules "B" and "C" to the Report are confidential and need not be filed on the Court file until the later of closing of the Transaction and expiry of the 10-day appeal period.
Source: Sale Approval and Vesting Order
Parties
Debtor
1749049 Alberta Ltd
Proposal trustee
PwC
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Secured creditors as per list "B" · in 7 casesAggregate figure per Statement of Affairs list 'B'; individual secured creditors not named on this page. — debtor: 1749049 Alberta Ltd. · as of 3 Feb 2015 | $648K | Statement of Assets & Liabilities |
| 8 | Unsecured |
1 more claim in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
Sale closed — The sale of the assets to MCW has closedFourth Report of the Proposal Trustee · 14 Jan 2016
| Purchaser | Price | Status | Source |
|---|---|---|---|
| MCW Hemisphere Ltd.the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · nominee/assignee: its nominee (unnamed) · agreement 11 Feb 2015 | Subscribers | Closed1 Jan 2015 | Fourth Report of the Proposal Trustee |
Closing termsVesting is effective upon delivery of a Trustee's certificate to the Purchaser (or its nominee) substantially in the form of Schedule "A" confirming payment of the Purchase Price and satisfaction or waiver of closing conditions.Sale Approval and Vesting Order
Sealed materialsSchedules "B" and "C" to the Report are confidential and need not be filed on the Court file until the later of closing of the Transaction and expiry of the 10-day appeal period.Sale Approval and Vesting Order
RecoveriesAs declared or paid
Unsecured creditors: no distribution. Canada Revenue Agency paid in full.Fourth Report of the Proposal Trustee · 14 Jan 2016
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trustCRA's deemed trust claim for source deductions | Canada Revenue Agency | — | paid in full | Finalper the proposal trustee | Fourth Report of the Proposal Trustee · 14 Jan 2016 |
| Preferred | employee claims (as defined in Article 7.4) | — | paid in full | Under the planvote pendingper the debtor | Trustee's Third Report · 11 May 2015 |
| Unsecured | Insurance Claimants | — | no distributionconditional | per the proposal trustee | Fourth Report of the Proposal Trustee · 14 Jan 2016 |
| Equity | — | — | a distributionconditional | Under the planvote pendingper the debtor | Trustee's Third Report · 11 May 2015 |
| class not placed | claims in respect of goods supplied, services rendered and other consideration given to the Company after December 31, 2014 | — | paid in full | Under the planper the proposal trustee | Trustee's Third Report · 11 May 2015 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
Estate financialsReported figures — never derived
Total assets at filing
As at ·
Cash on hand
$731K
As at 14 Jan 2016Fourth Report of the Proposal Trustee
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
18 filings
| Date | Document | File |
|---|---|---|
Application by Trustee to Annul the Proposal (returnable January 25, 2016)
| PDF · Subscribers | |
Fourth Report of the Proposal Trustee
| PDF · Subscribers | |
| Application by Insurance Claimant to Annul the Proposal (returnable January 25, 2016) | PDF · Subscribers | |
Trustee's Third Report
| PDF · Subscribers | |
Notice of Intended Amendment to Proposal
| PDF · Subscribers | |
List of Creditors
| PDF · Subscribers | |
Notice of Proposal to Creditors
| PDF · Subscribers | |
| Proof of Claim & General Proxy form | PDF · Subscribers | |
| Proposal | PDF · Subscribers | |
Statement of Assets & Liabilities
| PDF · Subscribers | |
Trustee's Report on Proposal
| PDF · Subscribers | |
Voting Letter
| PDF · Subscribers | |
Extension Order dated March 4, 2015
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
Application for Extension (returnable March 4, 2015)
| PDF · Subscribers | |
Notice of Intention to Make a Proposal
| PDF · Subscribers | |
Sale Approval and Vesting Order
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “1749049 Alberta Ltd” (NOI), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/1749049-alberta-ltd