British Columbia · Proposal
Report of Trustee's Preliminary Administration - True Leaf Pet
Court officer report · 22 October 2020
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 filing5 verified
- financial positionnote: Assets: 'all of the Company's assets were sold during the NOI proceedings and accordingly there are no remaining assets.' Liabilities figure is unsecured claims only; the secured DIP Lender's balance is shown on the Statement of Affairs as an unsecured balance (amount not stated here). Statement of Affairs as-at date is not stated (assignment deemed October 3, 2020). · basis: Total unsecured claims according to the Company's books and records, as noted in the Statement of Affairs filed with the assignment in bankruptcy; the Trustee had received only 3 claims totaling $345,725.98 as at the report date · scope: True Leaf Pet Inc. (TLP) only · currency: CAD · total liabilities: 8047736.93
- operational summaryTLP sold all of its assets during the NOI proceedings (closing September 14, 2020), so it has no remaining assets and no business to carry on; it was deemed bankrupt on October 3, 2020 with an expected NIL distribution to unsecured creditors.
- receipts cumulativenote: Gross proceeds from the sale of all TLP assets; this is the only receipts figure stated, not a full statement of receipts · since: closing of the asset sale on September 14, 2020 · amount: 300000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Accordingly, there are no assets available to the Company's unsecured creditors and the expected distribution to the Unsecured Creditors is NIL. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · claims amount: 8047736.93 · interim final: unstated · claims qualifier: listed · stated on: 2020-10-22 · table missing:
- report date22 October 2020