Ontario · Interim receivership
Tenth Report
Court officer report · 31 October 2007
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What we verified from this filing8 verified
- cash on handnote: Includes U.S. funds translated to C$; represents net proceeds of asset realizations to date · as at: 2007-10-29 · amount: 6000000 · currency: CAD · qualifier: approximately
- disbursementsnote: Total Disbursements per Statement of Receipts and Disbursements (in $000s) for the period June 8, 2007 to October 29, 2007 · since: June 8, 2007 · amount: 12437000 · currency: CAD
- operational summaryThe Interim Receiver continues to oversee the wind-down of the Queensway receivership, monitoring the ADL's administration and closing of the International Indemnity Company (IIC) liquidation, and completing the Post-Filing Claims Process ahead of an interim distribution to unsecured creditors.
- professional feesnote: Post-receivership Interim Receiver's fees per Statement of Receipts and Disbursements (in $000s); also includes Cdn $100,000 pre-receivership fees offset by application of a pre-receivership retainer of $100,000, and $2,109,000 reimbursed by the Secured Lender for fees relating to secured assets · party: Interim Receiver (Ernst & Young Inc.) · amount: 2640000 · period: June 8, 2007 to October 29, 2007 · currency: CAD
- receipts cumulativenote: Total Receipts per Statement of Receipts and Disbursements (in $000s) for the period June 8, 2007 to October 29, 2007 · since: June 8, 2007 · amount: 18446000 · currency: CAD
- recovery outcomeentries: basis: actual · quote: The settlement, which was approved by the Court, entitles the Debentureholders to an initial interim distribution in the amount of $500,000 from the amounts available to unsecured creditors. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 500000 · amount high: 500000 · class label: Debentureholders · creditor name: Debentureholders · interim final: interim · claims qualifier: unstated; basis: unstated · quote: From any future receipts available to the Queensway Estate, which receipts are expected to be amounts received as surplus from U.S. liquidation proceedings, the Debentureholders will be entitled to 10% of such recoveries, while the other creditors shall be entitled to 90% of any such amounts, until such other creditors' claims are paid in full, thereafter the balance to be paid to the Debentureholders. · pct of: unstated · outcome: distribution · pct low: 90 · pct high: 90 · class key: unsecured · stated by: receiver · class label: other creditors of Queensway who have or will prove their claims · interim final: unstated · conditional on: From any future receipts available to the Queensway Estate, the Debentureholders will be entitled to 10% of such recoveries, while the other creditors shall be entitled to 90% of any such amounts, until such other creditors' claims are paid in full · claims qualifier: unstated; basis: unstated · quote: From any future receipts available to the Queensway Estate, which receipts are expected to be amounts received as surplus from U.S. liquidation proceedings, the Debentureholders will be entitled to 10% of such recoveries, while the other creditors shall be entitled to 90% of any such amounts, until such other creditors' claims are paid in full, thereafter the balance to be paid to the Debentureholders. · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: secured · stated by: receiver · class label: Debentureholders · creditor name: Debentureholders · interim final: unstated · conditional on: From any future receipts available to the Queensway Estate, the Debentureholders will be entitled to 10% of such recoveries, while the other creditors shall be entitled to 90% of any such amounts, until such other creditors' claims are paid in full, thereafter the balance to be paid to the Debentureholders · claims qualifier: unstated · stated on: 2007-10-31 · table missing:
- report date31 October 2007
- report noTenth Report