Prince Edward Island · Proposal
Report of the Proposal Trustee on Proposal.pdf
Court officer report · 2 June 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing12 verified
- appointeeGrant Thornton Limited
- appointee roleProposal Trustee
- courtSUPREME COURT OF PRINCE EDWARD ISLAND IN BANKRUPTCY AND INSOLVENCY
- proceeding typebia_proposal
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3
- commencement date28 May 2025
- statutory basissection 50 of the Bankruptcy and Insolvency Act
- financial positionnote: Table shows Book Value vs Estimated Realization; Statement of Assets total book value $3,223,969 with estimated realization $519,973. Total liabilities per SOA of $2,865,774 comprised of secured creditors $1,342,160 and unsecured creditors $1,523,614. · as at: 2025-05-23 · basis: Not audited- prepared by Management; Statement of Assets book value with separate estimated realization values · scope: entity - 101792 PEI Inc. o/a Upstreet Brewing · currency: CAD · total assets: 3223969 · total liabilities: 2865774
- operational summaryUpstreet continues to operate its brewery and taphouses as a going concern while pursuing a Division I proposal to compromise creditor claims, contingent on a $300,000 liquidity injection from its president to fund working capital and proposal payments.
- professional feesnote: Retainer paid prior to consenting to act, held in trust; not necessarily total fees incurred. · party: Grant Thornton Limited (Proposal Trustee) · amount: 25000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: | Dividend percentage | 10% | · pct of: unstated · outcome: distribution · pct low: 10 · currency: CAD · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · currency quote: $CAD · claims qualifier: unstated; basis: plan · quote: The Proposal, if approved by BMO, contemplates that BMO will have a shortfall on its security and, if approved, the Proposal will have the effect of reducing the principal value of the Company's obligations to BMO to $428,000, such principal to be paid in monthly installments over 10 years from the Effective Date at a commercial interest rate to be negotiated between BMO and the Company. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: BMO's Secured Claim · creditor name: Bank of Montreal (BMO) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: As calculated below, the SER estimates a significant shortfall to BMO in respect of its security in the event of a liquidation. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: BMO's Secured Claim (bankruptcy scenario) · creditor name: Bank of Montreal (BMO) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: As such, in a bankruptcy it is expected that no amounts are available for the Company's other creditors, including Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Company's other creditors, including Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The distribution to Unsecured Creditors contemplated by the Proposal (estimated to be 10%) is in excess of the estimated distribution to Unsecured Creditors within a liquidation scenario (estimated to be zero). · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (liquidation scenario) · interim final: unstated · claims qualifier: unstated · stated on: 2025-06-02 · table missing:
- report date2 June 2025