Ontario · Proposal

Trustees Report on Amended Proposal - Cambridge Door Ltd.pdf

Court officer report · 27 August 2007

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What we verified from this filing14 verified

proceeding typebia_proposal
statutory basisBankruptcy and Insolvency Act
secured creditorsnote: Related Secured Creditor; subordinated/postponed, will receive no dividend under Amended Proposal unless Proposal fails · page: 6 · debtor: Cambridge Door Ltd. · creditor: Cambridge Architectural Wood Products Inc. · currency: CAD · security: General security agreement (Related Party Security) granted March 1, 2007
secured creditorsnote: Related Secured Creditor (Company President and sole beneficial owner); subordinated/postponed, will receive no dividend under Amended Proposal unless Proposal fails; also provided guarantee/indemnity to Trustee for fees · page: 6 · debtor: Cambridge Door Ltd. · creditor: Brian Tourangeau · currency: CAD · security: General security agreement (Related Party Security) granted March 1, 2007
financial positionnote: Assets stated at estimated cost of $1,508,000 (per Statement of Affairs table, in $000's); estimated realizable value per Statement of Affairs is $418,000. Total liabilities of $3,108,598 comprise Secured $2,315,000, Preferred NIL, Unsecured $793,598, and Contingent (Unknown, excluded from total). Contingent claims (e.g., John Forsyth ~$100,000) are unknown/unquantified and not included in the stated total. · page: 9 · as at: 2007-07-30 · basis: Statement of Affairs (management-prepared, not audited by Trustee; Trustee offers no opinion on completeness or accuracy) · scope: Cambridge Door Ltd. (entity only) · currency: CAD · total assets: 1508000 · total liabilities: 3108598
unsecured creditorsnote: Document names no individual creditors in this summary; total also referenced elsewhere as approximately $793,000/$794,000 and net of related-party claims per Section M · page: 9 · as of: 2007-07-30 · basis: Statement of Affairs as reported (Creditors' Estimated Claim per Statement of Affairs) · amount: 793598 · debtor: Cambridge Door Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
secured creditorsnote: PPSA registry search reveals registration; Company's records indicate there is no liability to Hardwood · page: 11 · debtor: Cambridge Door Ltd. · creditor: Hardwood Specialty Products LP · currency: CAD · security: PPSA registration
secured creditorsnote: Primary secured lender since August 2000; estimated secured indebtedness as at July 30, 2007 · page: 11 · as of: 2007-07-30 · amount: 150000 · debtor: Cambridge Door Ltd. · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD
secured creditorsnote: Company disputes the McGarr Lien; validity/enforceability opinion pending from Minden Gross LLP; Statement of Estimated Realizations (Appendix A) estimates recovery of only $10,000-$15,000 limited to net recoveries from machinery and equipment · page: 11 · as of: 2007-05-09 · amount: 57542.36 · debtor: Cambridge Door Ltd. · creditor: MC Garr Industries Limited · currency: CAD · security: Lien registered under the Repair and Storage Lien Act (Ontario) against Company's equipment (the 'McGarr Lien')
secured creditorsnote: Related party (Related Secured Creditor); subordinated/postponed claims - will receive no dividend under Amended Proposal unless Proposal fails; amount represents estimated bona fide advances by DoorTec after March 1, 2007 (accrued Leasing Charges); security potentially vulnerable to challenge as granted ~2 months before NOI filing · page: 12 · as of: 2007-07-30 · amount: 200000 · debtor: Cambridge Door Ltd. · creditor: Door-Tec Holdings Inc. (DoorTec) · currency: CAD · security: General security agreement (Related Party Security) granted March 1, 2007 securing prior and future advances
unsecured creditorsnote: Amended proof of claim also asserts $92,922.54 as Preferred Claim (three months rent arrears) - see preferred entry; original proof of claim filed June 19, 2007 claimed $25,884.73 ordinary unsecured; Company disputes the amount of this claim and is reviewing/reconciling · page: 12 · as of: 2007-08-17 · basis: Amended Proof of Claim filed by Savage · amount: 2295.58 · debtor: Cambridge Door Ltd. · creditor: Savage Holdings Inc. (Landlord) · currency: CAD
unsecured creditorsnote: Preferred - three months of rent arrears; Trustee reviewing/reconciling; Minden Gross advises Savage may not be entitled to Preferred Claim status given basis asserted · page: 12 · as of: 2007-08-17 · basis: Amended Proof of Claim filed pursuant to section 136(f) of the Act · amount: 92922.54 · debtor: Cambridge Door Ltd. · creditor: Savage Holdings Inc. (Landlord) - Preferred Claim · currency: CAD
unsecured creditorsnote: Contingent creditor; Company disputes and believes it has reasonable defences/counterclaim; no Proof of Claim has been filed by John Forsyth; approximate amount claimed · page: 12 · basis: Statement of Claim (contingent claim) related to CDL's use of a shared heating fuel vessel · amount: 100000 · debtor: Cambridge Door Ltd. · creditor: John Forsyth Shirt Company Limited · currency: CAD
recovery outcomeentries: basis: plan · quote: As required by the Act, Preferred Claims are to be paid in full in priority to the claims of all other Unsecured Creditors. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Accordingly, the Trustee estimates that in a bankruptcy, a dividend might only be payable to Preferred Creditors but not to any ordinary Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: ordinary Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As set out therein, the Trustee estimates the average dividend from the Proposal Funds to Unsecured Creditors is approximately 9¢ on the dollar for those Unsecured Creditors not accepting $400 as full settlement of their claim. · pct of: unstated · outcome: distribution · pct low: 9 · pct high: 9 · class key: unsecured · stated by: trustee · class label: Unsecured Creditors not accepting $400 as full settlement of their claim · interim final: unstated · cents on dollar: 9 · claims qualifier: unstated; basis: estimated · quote: | Estimated Payout Per Dollar of Claim | | 8.6% | | | · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: Ordinary Unsecured Claims Per Statement of Affairs · interim final: unstated · claims qualifier: unstated · stated on: 2007-08-27 · table missing: