Ontario · Proposal
First Report to the Court submitted by MNP Ltd dated
Court officer report · 21 January 2022
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 filing6 verified
- financial positionnote: Asset breakdown: Inventory $54,000, Vehicles $12,000, Trade Fixtures $48,450, Total $114,450. Liability breakdown: Secured $114,450, Preferred Nil, Unsecured $458,385, Total $572,835. · as at: 2021-05-01 · basis: Estimated realizable value of assets as of the Date of the Proposal; liabilities based on the Company's Statement of Affairs (unaudited, draft/internal financial information) · scope: entity - 1776690 Ontario Inc. cob The Country Way Health Food Store (Country Way) only, not consolidated with related entities such as 259 ON or NumCo · currency: CAD · total assets: 114450 · total liabilities: 572835
- operational summaryCountry Way continues to operate its health food store in Sault Ste. Marie while pursuing a Proposal and a related corporate Arrangement aimed at stabilizing the business and restructuring its capital, after suffering significant sales declines due to COVID-19.
- professional feesnote: Stated as approximate and plus taxes; described as the overall cost of the Proposal Proceedings, not broken out by professional. · party: Proposal Proceedings costs (Trustee and professionals, not itemized individually) · amount: 50000 · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on the cost value of the inventory and the limited store furniture and fixtures and the extent of the Company's obligation to the Secured Creditors, it appears likely that the Secured Creditors would suffer a significant shortfall in recovering their loan advances in the event of the Company's bankruptcy. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date21 January 2022
- report noFirst Report