Ontario · Proposal
Second Report to Court
Court officer report · 15 October 2020
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What we verified from this filing12 verified
- appointeeMNP Ltd.
- appointee roleProposal Trustee
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY AND INSOLVENCY)
- court file no35-2655472
- provinceONTARIO
- commencement date30 June 2020
- statutory basisSections 58(d) and 59(1) of the BIA
- financial positionnote: As at the date of the NOI (June 30, 2020, not stated as explicit date but referenced as 'date of the NOI'); liabilities include Secured Creditors $5,175,391, Preferred Creditors $nil, Unsecured Creditors (Ordinary $2,993,033, Landlord $3,478,486) totaling $6,471,519. · basis: estimated realizable values per Company's records, unaudited · scope: entity - Educator Supplies Limited · currency: CAD · total assets: 3346000 · total liabilities: 11646910
- operational summaryESL liquidated inventory and disclaimed leases at 13 of 16 retail locations, and going forward will operate from three retail/distribution locations (London, Winnipeg, Moncton) plus its online catalogue business.
- recovery outcomeentries: basis: plan · quote: Creditors in the Ordinary Creditor Class will receive payment in full for proven claims up to $750. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 750 · amount high: 750 · class label: Ordinary Creditor Class · interim final: unstated · conditional on: 100% of proven claims up to $750; balance split pro rata · claims qualifier: unstated; basis: plan · quote: The Proposal Funds are to be split in two baskets, $650,000 for distribution to the Ordinary Creditor Class and $350,000 for distribution to the Landlord Class. · pct of: unstated · outcome: distribution · class key: landlord · stated by: proposal_trustee · amount low: 350000 · amount high: 350000 · class label: landlords under the disclaimed leases (the 'Landlord Class') · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Paragraph 4.1(c) of the Proposal calls for all crown claims as described in section 60(1.1) of the BIA to be paid in full in priority to the claims of other unsecured creditors within six months after court approval of the Proposal. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: crown claims as described in section 60(1.1) of the BIA · claims amount: 0 · interim final: unstated · conditional on: within six months after court approval of the Proposal · claims qualifier: unstated; basis: plan · quote: Paragraph 4.1(d) of the Proposal calls for any preferred claims to be paid in full within six months of the Proposal. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: preferred claims · interim final: unstated · conditional on: within six months of the Proposal · claims qualifier: unstated · stated on: 2020-10-15 · table missing:
- report date15 October 2020
- report noSecond Report