New Brunswick · Proposal
First Meeting of Creditor Meeting Minutes
Meeting materials · 24 January 2014
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What we verified from this filing2 verified
- financial positionnote: Total assets figure is book value per Statement of Affairs; estimated realizable value in liquidation ranged from $496,962 (low) to $686,190 (high). Total liabilities is Unsecured claims of $1,767,734 (74 creditors); Preferred creditors $0; Contingent N/A. · as at: 2013-11-30 · basis: Statement of Affairs, unaudited financial statements; estimated realizable value in liquidation (low/high) also provided · scope: entity - Jeanie Marshal Foods Canada Inc. · currency: CAD · total assets: 1937115 · total liabilities: 1767734
- recovery outcomeentries: basis: plan · quote: A Convenience Class will be created and all Proven Claims up to $3,500 will be paid in full, without interest, on or before the 1ªt day of June 2014; · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 3500 · amount high: 3500 · class label: Convenience Class · interim final: unstated · conditional on: 100% of Proven Claims up to $3,500 paid in full; pro rata payments approximating 67% of amount in excess of $3,500 · claims qualifier: unstated; basis: plan · quote: For Proven Claims in excess of $3,500, pro rata payments approximating 67% of the amount outstanding will be paid, in addition to the $3,500 Convenience Class payment contemplated in paragraph (i); and · pct of: unstated · outcome: distribution · pct low: 67 · pct high: 67 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (Proven Claims in excess of $3,500) · interim final: unstated · conditional on: in addition to the $3,500 Convenience Class payment · claims qualifier: unstated; basis: plan · quote: Conditional upon acceptance and Court approval of the Amended Proposal, Unsecured Creditors which are related to Jeanie Marshal in accordance with Section 4 of the BIA, namely Lewis and Associates, Jeanie Marshal Food Inc, BAFS Inc, and JMF UK (the "Related Parties"), have agreed to postpone receipt of distributions pursuant to the Amended Proposal until such time as the Proven Claims of all other Unsecured Creditors have been paid from the Fund in accordance with the terms of the Amended Proposal. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: Related Parties (Lewis and Associates, Jeanie Marshal Food Inc, BAFS Inc, and JMF UK) · interim final: unstated · related party: true · conditional on: postponed until Proven Claims of all other Unsecured Creditors have been paid from the Fund · claims qualifier: unstated; basis: plan · quote: If the Amended Proposal is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that the Ünsecured Creditors would receive a return in the range of 22 to 30%, as opposed to the approximately 68% return contemplated by the terms of the Amended Proposal. · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2014-01-13 · table missing: Hereto attached as Appendix A is the Projected Distribution to Unsecured Creditors.