New Brunswick · Proposal
Trustee's Second Report to Creditors
Court officer report · 21 July 2025
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What we verified from this filing6 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date24 April 2025
- courtIN THE COURT OF KING'S BENCH OF NEW BRUNSWICK
- court file no26629
- recovery outcomeentries: basis: plan · quote: The Source Deduction claim will be paid in full from the Proposal Proceeds within 60 of the date that the Proposal is approved by the Court. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: trustee · class label: Canada Revenue Agency (payroll source deductions) · claims amount: 951414.18 · creditor name: Canada Revenue Agency · interim final: unstated · conditional on: paid within 60 months of Court approval of the Proposal · claims qualifier: proven; basis: plan · quote: CRA's claim related to HST will be considered an unsecured claim and will not receive any distribution from the Proposal Proceeds. · pct of: unstated · outcome: nil · class key: deemed_trust · stated by: trustee · class label: CRA's HST claim (unsecured) · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: plan · quote: There will not be any funds available to unsecured creditors apart from CRA for the unsecured portion of its claim related to payroll source deductions. · pct of: unstated · outcome: nil · class key: deemed_trust · stated by: trustee · class label: Unsecured creditors (apart from CRA) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Company's secured creditors are expected to recover fully on their loans if the Proposal is approved as they are continuing to be paid in the normal course of operations. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: Secured creditors · interim final: unstated · conditional on: if the Proposal is approved · claims qualifier: unstated; basis: liquidation_alternative · quote: Under a bankruptcy it is expected that the secured creditors would experience a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: There is no reasonable expectation for any recovery for unsecured creditors under a bankruptcy scenario as the net asset realizations are not expected to fully repay the secured creditors with specific serial numbered goods as security or CRA's deemed trust claim for unpaid payroll source deductions. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-07-09 · table missing: