Tullis Russell Papermakers Limited is in receivership under BIA s. 243 and provincial Judicature Act authority, following its UK administration; Joint Administrators reported net assets of £7.4 million, turnover of £124.6 million and a pre-tax loss of £3.4 million for the year to 31 March 2014, with cumulative losses of £18.5 million over the prior five years. At appointment on 27 April 2015, the company's defined benefit pension scheme held security over two Markinch land parcels capped at £13.5 million against an estimated £15.7 million deficit, with no surplus expected for other creditors from the land sale; Bank of Scotland and Lloyds Bank Commercial Finance held no outstanding debt. Preferential employee claims were estimated at £733,000. The Canada Revenue Agency, the only known Canadian creditor, had filed no proof of claim as of the Joint Administrators' First Report on 13 November 2015.
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GBP · stated amounts, drawn to scale · 2 named without a figure
#
Priority class
Creditor
Amount
Source
4
Secured
Pension Scheme (TRP's defined benefit pension scheme, of which TRP is principal employer)Standard securities over two areas of freehold land (North and South sites, Markinch); security covers all sums due to the Pension Scheme up to a stated maximum (ceiling) of £13.5 million — Estimated pension deficit of £15.7 million (per Directors' Statement of Affairs, most recent Scheme Actuary funding update) exceeds the £13.5 million security ceiling; claim is effectively bifurcated - secured to the value realised from the land (up to £13.5M cap), with any shortfall/excess (section 75 debt) expected to rank as an unsecured claim against TRP. No surplus expected for other creditors from the · as of 27 Apr 2015
$15.7M GBP
Information Officers First Court Report - 11/13/2015
4
Secured
LBCF (Lloyds Bank Commercial Finance)Assignation of trade debtors granted August 2012, in connection with a confidential invoice discounting facility — No outstanding debt due to LBCF at the date of appointment (27 April 2015). — debtor: Tullis Russell Papermakers Limited (TRP) · as of 27 Apr 2015
$0 GBP
Information Officers First Court Report - 11/13/2015
4
Secured
BoS (Bank of Scotland, part of Lloyds Banking Group plc)Floating charge over certain assets of TRP — No outstanding debt due to BoS at date of appointment; floating charge had not crystallised and no amounts were due. — debtor: Tullis Russell Papermakers Limited (TRP) · as of 27 Apr 2015
$0 GBP
Information Officers First Court Report - 11/13/2015
6
Landlord preferred
Employees (preferential claims) · in 185 casesPreferred creditor class: (1) arrears of wages up to £800 per employee, (2) unlimited accrued holiday pay, (3) certain pension benefits. Anticipated to be paid in full and ranks ahead of ordinary unsecured creditors. — debtor: Tullis Russell Papermakers Limited (TRP) · as of 27 Apr 2015
$733K GBP
Information Officers First Court Report - 11/13/2015
8
Unsecured
Canada Revenue Agency (CRA) · in 926 casesDeemed-trust class claim (tax remittances); amount owed is not quantified in the document. — debtor: Tullis Russell Papermakers Limited (TRP)
—
Information Officers First Court Report - 11/13/2015
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“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
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.
Fourth Progress Report of the Joint Liquidators - 5/20/2022
Fee scheduleEngagements: Form: time_summary · Rows: Fees: 141.6 · Role: Notification of appointment · Hours: 0.6 · Quote: Notification of appointment | | 0.60 | 0.60 | 141.60 | 236.00 · Row kind: bucket · Rate kind: average · Name as stated: Notification of appointment; Fees: 98 · Role: Statutory reports · Hours: 0.4 · Quote: Statutory reports | | 0.40 | 0.40 | 98.00 | 245.00 · Row kind: bucket · Rate kind: average · Name as stated: Statutory reports · Money: Fees: $28.1K · Quote: we have incurred time costs of £28,100.70 · Approximate: false · Period: End: 2022-04-25 · Kind: interim · Label: the period from 26 April 2021 to 25 April 2022 · Quote: This progress report covers the period from 26 April 2021 to 25 April 2022. · Start: 2021-04-26 · Approval: State: unstated · Averages: · Currency: Code: GBP · Quote: we have incurred time costs of £28,100.70 · Invoices: · Firm text: Interpath Ltd · Firm quote: KPMG LLP sold its Restructuring practice in the UK to Interpath Ltd ('Interpath Advisory') on 4 May 2021 · Context quote: the expenses paid directly by Interpath for the period from 26 April 2021 to 25 April 2022
Recovery outcomeEntries: per actual; per actual · Stated on: 2022-04-25 · Table missing:
Recovery outcomeEntries: per actual; per actual; per actual; per estimated; per estimated; per unstated; per actual · Stated on: 2021-04-14 · Table missing:
Information Officers First Court Report - 11/13/2015
Financial positionas at 31 Mar 2014 · per Audited accounts (entity-level, net assets figure only; total assets/liabilities not separately disclosed) · Tullis Russell Papermakers Limited (TRP), entity-level (not consolidated with Group) — In its audited accounts to 31 March 2014, TRP recorded net assets of £7.4 million, turnover of £124.6 million and a pre-tax loss of £3.4 million; cumulative losses of £18.5 million over the preceding five years were noted.
Recovery outcomeEntries: per estimated; per unstated; per unstated; per estimated; per estimated · Table missing:
Secured creditors$0 GBP · Note: No outstanding debt due to BoS at date of appointment; floating charge had not crystallised and no amounts were due. · Page: 27 · As of: 2015-04-27 · Debtor: Tullis Russell Papermakers Limited (TRP) · Creditor: BoS (Bank of Scotland, part of Lloyds Banking Group plc) · Security: Floating charge over certain assets of TRP
Unsecured creditorsper Identified by the Joint Administrators as the only known creditor in Canada, owed tax remittances that arose prior to the TRP Administration; claims process commenced June 2015; CRA had not filed a proof of claim as of the date of the First Report (13 November 2015) — Deemed-trust class claim (tax remittances); amount owed is not quantified in the document.
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Tullis Russell Papermakers Limited” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/tullis-russell-papermakers-limited
Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/tullis-russell-papermakers-limited
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.