Ontario · Proposal
Fifth report of the trustee
Court officer report · 22 April 2016
A plain-language read of this filing opens with a subscription.
What we verified from this filing19 verified
- appointeeMNP Ltd.
- appointee roleproposal trustee
- commencement date13 April 2015
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY AND INSOLVENCY) [COMMERCIAL LIST]
- court file no31-1982234
- unsecured creditorsnote: Related party (Company President); excluded from unsecured dividend by terms of Amended Proposal; entitled to share as secured creditor instead re: Baxendale Security · page: 2 · basis: excluded from participating in any dividend per terms of Amended Proposal · debtor: J.F. Moore Lithographers Inc. · creditor: Dean Baxendale (in his capacity as unsecured creditor, pre-Baxendale Security assignment) · currency: CAD
- secured creditorsnote: Related party: Company President and DIP Lender; first ranking secured creditor; value of security held by any creditor subordinate to Baxendale Security stated to be Nil per Amended Proposal · page: 5 · as of: 2015-06-19 · amount: 1560230 · debtor: J.F. Moore Lithographers Inc. · creditor: Dean Baxendale (as assignee of Business Development Bank of Canada debt and security) · currency: CAD · security: Baxendale Security (assigned BDC debt and security), first ranking secured creditor by assignment dated June 26, 2015
- unsecured creditorsnote: This is the fund available for distribution, not a statement of total unsecured claims; document names no individual unsecured creditors' claim amounts; preferred creditors also share this pool · page: 5 · as of: Amended Proposal terms · basis: Unsecured Creditor Cash Pool fund established under Amended Proposal for distribution to preferred and unsecured creditors · amount: 50000 · debtor: J.F. Moore Lithographers Inc. · creditor: Unsecured creditors (aggregate, fund for distribution) · currency: CAD
- secured creditorsnote: Court-ordered administrative charge securing professional fees · page: 6 · debtor: J.F. Moore Lithographers Inc. · creditor: MNP Ltd. (Trustee) and Goldman Sloan Nash & Haber LLP (Company's counsel) · currency: CAD · security: Administrative Charge for outstanding fees pursuant to Order of Conway J. dated July 24, 2015
- unsecured creditorsnote: CRA served with motion to advise whether unpaid amounts owing; CRA had not yet advised (cannot-say situation) as of report date · page: 6 · basis: Amended Proposal provides for payment of Source Deduction Creditors, if any · debtor: J.F. Moore Lithographers Inc. · creditor: Source Deduction Creditors · currency: CAD
- unsecured creditorsnote: Preferred class per Amended Proposal; Trustee had not received any proofs of claim from Employee Creditors as of report date · page: 6 · basis: Amended Proposal provides for payment of Employee Creditors, if any · debtor: J.F. Moore Lithographers Inc. · creditor: Employee Creditors (preferred) · currency: CAD
- secured creditorsnote: Related party (Company President); advances have since been repaid · page: 8 · as of: during the NOI period · amount: 25000 · debtor: J.F. Moore Lithographers Inc. · creditor: Dean Baxendale (as DIP Lender) · currency: CAD · security: DIP Lender's Charge granted in July 24, 2015 Order of Conway J.
- unsecured creditorsnote: Contract disclaimed effective per notice sent March 14, 2016; no notice served to oppose; may file unsecured claim participating in Unsecured Creditor Cash Pool distribution · page: 8 · basis: potential unsecured proof of claim arising from disclaimer of contract · debtor: J.F. Moore Lithographers Inc. · creditor: Bell Mobility · currency: CAD
- unsecured creditorsnote: Contract disclaimed effective per notice sent Feb 23, 2016; no notice served to oppose; may file unsecured claim participating in Unsecured Creditor Cash Pool distribution · page: 8 · basis: potential unsecured proof of claim arising from disclaimer of contract · debtor: J.F. Moore Lithographers Inc. · creditor: Bell Canada · currency: CAD
- unsecured creditorsnote: Contract disclaimed effective per notice sent Feb 23, 2016; no notice served to oppose; may file unsecured claim participating in Unsecured Creditor Cash Pool distribution · page: 8 · basis: potential unsecured proof of claim arising from disclaimer of contract · debtor: J.F. Moore Lithographers Inc. · creditor: Hudson Energy Canada Corp. · currency: CAD
- secured creditorsnote: Regulatory/tax lien for unpaid employer health tax (EHT); Trustee advised a credit may in fact be owing to the Company for overpayment, so this amount may be waived · page: 9 · as of: 2016-03 (notification date) · amount: 6144 · debtor: J.F. Moore Lithographers Inc. · creditor: Ministry of Finance (Ontario) · currency: CAD · security: Lien registered against the Company
- secured creditorsnote: DISCHARGED - National Leasing confirmed on April 22, 2016 that it had discharged its PPSA registration against the Company following buyout · page: 9 · debtor: J.F. Moore Lithographers Inc. · creditor: National Leasing · currency: CAD · security: PPSA registration re: leased photocopier
- unsecured creditorsnote: Being paid directly by the Company to GSNH, separate from Surplus Funds; also holds an Administrative Charge (see secured entry) for outstanding fees · page: 11 · basis: unpaid legal fees owed by the Company · debtor: J.F. Moore Lithographers Inc. · creditor: Goldman Sloan Nash & Haber LLP (GSNH) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Baxendale concludes that there will be a shortfall in recovering loans advanced under the Baxendale Security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Baxendale Security (Baxendale) · creditor name: Dean Baxendale · interim final: unstated · claims qualifier: unstated · table missing: