Ontario · Proposal
Notice of Proposal to Creditors
Notice to creditors · 10 May 2021
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What we verified from this filing6 verified
- financial positionnote: SOA creditor classifications: Secured $114,450, Preferred NIL, Unsecured $458,385, Total $572,835 (page 6); separately, secured obligations to TNT (~$192,000) and RBC (~$69,595) reported in Section L differ from the SOA secured figure of $114,450 — document does not reconcile the two secured figures. Company advises no amounts owing to employees or other preferred creditors under s.136(1) BIA. · page: 7 · as at: 2021-05-01 · basis: Statement of Affairs (SOA) as reported / estimated realizable value of Assets (inventory, fixtures, furniture and equipment) · scope: Entity-level: 1776690 Ontario Inc. cob The Country Way Health Food Store · currency: CAD · total assets: 102450 · total liabilities: 572835
- secured creditorsnote: Approximate amount per SOA ('owed approximately $192,000'); would hold priority interest over the Assets · page: 7 · as of: 2021-05-01 · amount: 192000 · debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store · creditor: TNT Holdco Inc. · currency: CAD · security: Guarantee granted by Country Way in favour of TNT securing an advance of $250,000 made by TNT to 259 ON toward the $2.2 million share purchase price; guarantee granted TNT a security interest in the Company's inventory, fixtures, furniture and equipment
- secured creditorsnote: Vehicle estimated to have realizable value lower than the remaining obligation to Toyota; balance not stated · page: 7 · debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store · creditor: Toyota Credit Canada Inc. · currency: CAD · security: Retail Instalment Contract dated October 23, 2017 re: 2015 Toyota 4Runner
- unsecured creditorsnote: Document names no individual unsecured creditors in these pages; SOA reports total unsecured amount · page: 7 · as of: 2021-05-01 · basis: Statement of Affairs (SOA) as reported · amount: 458385 · debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Secured obligation to RBC stated as approximately $69,595; RBC also treated as an Unaffected Creditor under the Proposal, including CEBA loan of $60,000 (see note on CEBA) · page: 8 · as of: 2021-05-01 · amount: 69595 · debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Operating line and credit card secured against the Company's inventory, fixtures, furniture and equipment (Assets)
- recovery outcomeentries: basis: plan · quote: The Related Creditors shall not be entitled to vote on the Proposal or receive a distribution under the Proposal. · pct of: unstated · outcome: nil · stated by: debtor · class label: Related Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proven Claims of the Preferred Creditors are to be paid in full in priority to the Proven Claims of the Unsecured Creditors in accordance with the BIA and the Proposal. · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: debtor · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: For each fiscal year ending August 31 for the next five (5) years, beginning for the year ended August 31, 2021, the Debtor will pay the greater of: (i) twenty percent (20%) of the aggregate gross value of the Certificates based on the Proven Claims; or (ii) forty percent (40%) of the Net Income of the Debtor pro rata to Creditors based on and to reduce the amount owing under the Certificates, provided that no creditor is ennti o a i ti Distributions will be made no later than ninety (90) days after each of the fvi oa o o o ig i cing November 30, 2021. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: debtor · class label: Unsecured Creditors · interim final: unstated · conditional on: For each fiscal year ending August 31 for five years, the Debtor will pay the greater of 20% of the aggregate value of the Certificates or 40% of Net Income pro rata, provided no creditor receives more than 100% of their Proven Claim · claims qualifier: unstated · table missing: