Ontario · Proposal
Notice to Creditors - Untether Technologies Inc.
Notice to creditors · 12 December 2024
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 filing9 verified
- secured creditorsnote: Per the trustee's report creditor summary 'as per the sworn SOA and Proofs of Claim filed to date'; creditors not individually named in the table (Daimler and BMO are named as senior secured elsewhere). To be paid in full from the Proposal Fund in the proposal scenario; estimated $1,037,800 recovery in bankruptcy. · page: 23 · amount: 1500000 · debtor: Untether Capital Inc. and Untether Technologies Inc. (joint proposal) · creditor: Third-party secured creditors (aggregate per SOA, joint Untether Group) · currency: CAD
- secured creditorsnote: Related party secured; individual creditors not named. Under the Joint Proposal, related party creditors receive $1,000 each in full and final settlement (estimated $4,000 total); estimated nil recovery in bankruptcy. · page: 23 · amount: 934000 · debtor: Untether Capital Inc. and Untether Technologies Inc. (joint proposal) · creditor: Related party secured creditors (aggregate per SOA, joint Untether Group) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors. The estimated-realizations schedule lumps preferred and third-party unsecured claims together at $1,500,000. Proofs of claim filed are not separately quantified. · page: 23 · basis: Per sworn SOA and Proofs of Claim filed to date, as reported by the Proposal Trustee · amount: 1200000 · debtor: Untether Group (joint SOA) · creditor: Third-party unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deemed trust / Crown class: unpaid source deductions including penalties and interest, per trustee's report summary. Crown claims to be paid within six months of Court approval out of the Proposal Fund. · page: 23 · basis: Per SOA as reported · amount: 267000 · debtor: Untether Group (joint SOA) · creditor: Canada Revenue Agency (employee source deductions) · currency: CAD
- unsecured creditorsnote: Preferred class; the trustee's report states the SOA shows one preferred creditor, the landlord of the rental premises, whose preferred claim 'has not yet been quantified'; the $300,000 preferred total appears in the creditor summary table. Names no individual creditor beyond the landlord. · page: 23 · basis: Per SOA as reported · amount: 300000 · debtor: Untether Group (joint SOA) · creditor: Preferred creditors (aggregate per SOA; landlord of rental premises) · currency: CAD
- secured creditorsnote: Named with Bank of Montreal as one of the Company's 'senior secured creditors' in discussions with counsel on the Joint Proposal; no amount stated for Daimler individually. · page: 24 · creditor: Daimler · currency: CAD
- financial positionnote: Form 78 shows deficiency of -259,091.70. Internally prepared historical results (year ended Sept 2023): sales $766,791, net loss $(721,076); (Sept 2022: sales $598,900, net loss $(1,397,269)). Realization estimates: Mobile Cafes net proceeds est. $1,950,000 in a joint proposal vs $1,350,000 in bankruptcy, per Letters of Intent and negotiations (an estimate, not a book value). · page: 27 · as at: 2024-11-26 · basis: Form 78 Statement of Affairs (Corporate Proposal), sworn by Kirk Tobias; estimated realizable value of assets 0.00 · scope: Untether Technologies Inc. entity-only Form 78 (asset list blank; only BMO CSBF loan listed). The joint trustee's report separately states principal assets of the two-company Untether Group: five Mobile Cafes valued approximately $1,950,000 (USD 275,000-350,000 each) per the sworn SOA, and total indebtedness per SOA of $4,201,000 (CRA $267,000; third-party secured $1,500,000; related party secured $934,000; preferred $300,000; third-party unsecured $1,200,000). · currency: CAD · total assets: 0 · total liabilities: 259091.7
- secured creditorsnote: From the Form 78 Statement of Affairs of Untether Technologies Inc. alone, sworn 2024-11-26 (form dated as of Nov 26, 2024). The Form 78 shows total assets/realizable value of 0.00 and a deficiency of -259,091.70. BMO is named as a senior secured creditor in the trustee's report (p.24). · page: 28 · amount: 259091.7 · debtor: Untether Technologies Inc. · creditor: Bank of Montreal · currency: CAD · security: CSBF Loan - Secured (bank loan); listed as the only creditor in the Form 78 list of liabilities
- unsecured creditorsnote: Entry flagged as contingent/trust/other liability (X mark); amount shown as 0.00 — amount not quantified. · page: 28 · basis: Form 78 liability list entry, Other Taxes Federal/Provincial/Municipal; amount 0.00 in all columns · amount: 0 · debtor: Untether Technologies Inc. · creditor: Canada Revenue Agency - GST/HST (Jonquiere) · currency: CAD