Ontario · Proposal
Report for Approval of Proposal dated
Court officer report · 25 January 2023
What we verified from this filing2 verified
- financial positionnote: Assets comprise Cash $66,829.91 and Retainer $40,000.00 held by MNP. Liabilities as per SOA (Aug 22, 2022) were Secured $118,513.65, Preferred NIL, Unsecured $546,035.63, Contingent $3.00, Total $664,552.28; as claims filed and accepted at Jan 24, 2023 the figures changed to Secured $216,884.88, Preferred NIL, Unsecured $206,673.25, Contingent NIL, Total $423,558.13. Claims still subject to final determination for distribution purposes. · as at: 2023-01-24 · basis: Fair realizable value (assets) and claims filed and accepted for voting purposes only, subject to final determination for distribution purposes (liabilities) · scope: entity - Taccom Rapid Deployment Protection Group Inc. · currency: CAD · total assets: 106829.91 · total liabilities: 423558.13
- recovery outcomeentries: basis: plan · quote: The Amended Proposal i) provides for payment of CRA's unremitted source deductions in full; and ii) allows for a recovery of approximately 38% for the unsecured creditors. · pct of: unstated · outcome: distribution · pct low: 38 · pct high: 38 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: No amounts are estimated to be owing to Secured Creditors. In the event of the bankruptcy, there will be no funds available for distribution to the any creditors, except to CRA for its deemed trust claim. · pct of: unstated · outcome: nil · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on indebtedness figure as per SOA. In the event of the bankruptcy, there will be no funds available for distribution to the any creditors, except to CRA for its deemed trust claim. · pct of: unstated · outcome: nil · class key: deemed_trust · stated by: proposal_trustee · class label: creditors (in the event of bankruptcy, except CRA deemed trust) · interim final: unstated · claims qualifier: unstated · table missing: The estimated distributions to the Company's creditors under the Amended Proposal versus a bankruptcy proceeding are presented below:; Set-out below is a comparison the Proposal Trustee's estimate of the distribution to the Unsecured Creditors if the Proposal is accepted by the Creditors and approved by the Court versus if the Proposal is rejected by the Creditors and the Company is deemed to have made an assignment in bankruptcy.; Set-out below is a comparison the Proposal Trustee's estimate of the distribution to the Unsecured Creditors if the Proposal is accepted by the Creditors and approved by the Court versus if the Proposal is rejected by the Creditors and the Company is deemed to have made an assignment in bankruptcy.