Alberta · Proposal
Report of Trustee on the Proposal
Court officer report · 10 January 2017
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 · 1 withheld
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no24-2200650
- commencement date19 December 2016
- financial positionnote: Trustee's table also shows book value total assets $789,500 and estimated net realizable value in bankruptcy total assets $429,250; total liabilities $1,800,000 in all three columns (unaffected secured creditors $475,000 + accounts payable $1,325,000); equity/(deficiency) $(1,017,000) on the Statement of Affairs column. The sworn Form 78 Statement of Affairs separately states total liabilities of $1,859,982.85 and total assets of $782,000.00 (deficiency $1,077,982.85). · as at: 2016-12-19 · basis: Unaudited; Statement of Affairs for the Proposal column of the trustee's financial position table, as at December 19, 2016 · scope: Bruce Steel Erectors Ltd. (single entity) · currency: CAD · total assets: 783000 · total liabilities: 1800000
- operational summaryThe Company is continuing to operate during the Proposal to complete ongoing contracts and potential future work, funded by a related-party secured creditor; the cash pool of $135,000 for unsecured creditors is held in trust with the Company's legal counsel.
- professional feesnote: Estimated trustee fees in a bankruptcy scenario; total estimated cost to administer $65,000 (trustee fees $30,000, WEPPA $20,000, legal fees $15,000). Under the Proposal the trustee's fees are based on time spent and are taxed by the Court. · party: Trustee (Grant Thornton Limited) · amount: 30000 · currency: CAD
- report date10 January 2017
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.