Ontario · NOI
First Report of Richter Inc. – dated December 12, 2023
Court officer report · 12 December 2023
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 filing7 verified
- cash on handnote: Excludes accrued and unpaid costs including insurance, security, telecommunications and professional fees. · as at: 2023-11-30 · amount: 140283 · currency: CAD · qualifier: approximately
- financial positionnote: Table breaks down: Proofs of Claim Filed $1,202,853; Other Potential Claims $10,445,621; Total Potential Claims Against Ayanda $11,648,475. Separately, secured creditor MSFL indebtedness approximately $500,000 as of Date of Bankruptcy (August 25, 2023) - not included in total. As at November 30, 2023 there was approximately $140,283 in the estate account (cash), excluding accrued and unpaid costs including approximately $359,000 in professional fees (excl. HST) and approximately $12,756 in safeguarding expenses. · as at: 2023-12-12 · basis: unaudited · scope: Summary of Potential Claims Against Ayanda (proofs of claim filed and other potential claims, not admitted or approved for distribution) · currency: CAD · total liabilities: 11648475
- operational summaryAyanda has ceased operations, has no employees, and its bankrupt estate's only remaining realizable assets are the Ground Lease/Facility and equipment; the Bankruptcy Trustee has conducted a sale process for these assets and negotiated an asset purchase agreement with a new purchaser.
- professional feesnote: Excludes applicable sales taxes. Proposal Trustee fees for Aug 1-25, 2023 were $42,965.00 (excl. tax); TGF (counsel) fees and disbursements for Total Fee Period were $72,155.00 plus $2,164.65 disbursements plus HST $9,661.55, totaling $83,981.20. · party: Bankruptcy Trustee (Richter) · amount: 96221.5 · period: August 25, 2023 to November 30, 2023 (Bankruptcy Fee Period) · currency: CAD
- recovery outcomeentries: basis: plan · quote: Subject to closing the Initial Transaction, it was expected that the Proposal would provide full recoveries (less any applicable levies payable to the Superintendent of Bankruptcy) to unsecured creditors with proven claims against the Company, plus a meaningful recovery to the Company's Class B (non-voting) shareholders. · pct of: proven_claims · outcome: distribution · class key: unsecured · stated by: trustee · class label: unsecured creditors with proven claims · interim final: unstated · conditional on: Subject to closing the Initial Transaction · claims qualifier: unstated; basis: plan · quote: Subject to closing the Initial Transaction, it was expected that the Proposal would provide full recoveries (less any applicable levies payable to the Superintendent of Bankruptcy) to unsecured creditors with proven claims against the Company, plus a meaningful recovery to the Company's Class B (non-voting) shareholders. · pct of: unstated · outcome: distribution · class key: equity · stated by: trustee · class label: Class B (non-voting) shareholders · interim final: unstated · conditional on: Subject to closing the Initial Transaction · claims qualifier: unstated · stated on: 2023-12-12 · table missing:
- report date12 December 2023
- report noFirst Report