Alberta · NOI
Report of Trustee on Proposal - April 7, 2014
Court officer report · 7 April 2014
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What we verified from this filing12 verified
- appointeeGrant Thornton Limited
- appointee roletrustee
- commencement date4 February 2014
- courtIN THE COURT OF QUEEN'S BENCH OF ALBERTA
- court file no25-1834420
- statutory basisPart III of the Bankruptcy and Insolvency Act
- cash on handnote: Figure is the Company's cash as reported in the Book Value column of the financial position table. · as at: 2014-02-07 · amount: 19678 · currency: CAD
- financial positionnote: Table presents three parallel valuations: Book Value as at Feb 7, 2014 (Total Assets 1,522,889 / Total Liabilities 4,784,741 / Deficiency (3,261,852)); Statement of Affairs Value as at March 6, 2014 (Total Assets 1,521,678 / Total Liabilities 5,384,864 / Deficiency (3,863,186)); Estimated Net Realizable Value in a bankruptcy scenario as at March 6, 2014 (Total Assets 21,678 / Total Liabilities 5,384,864 / Deficiency (5,363,186)). The primary financial position figures reported above use the Book Value column. · as at: 2014-02-07 · basis: Book Value (unaudited), as prepared by Company management; the report also separately presents a Statement of Affairs Value as at March 6, 2014 (Total Assets $1,521,678 / Total Liabilities $5,384,864) and an Estimated Net Realizable Value in a bankruptcy scenario as at March 6, 2014 (Total Assets $21,678 / Total Liabilities $5,384,864) · scope: Health Assessment Systems Inc. (the parent holding company) only, not consolidated with the Operating Companies it holds shareholder loans in/owns · currency: CAD · total assets: 1522889 · total liabilities: 4784741
- operational summaryHealth Assessment has ceased direct operations, has no employees, and now functions solely as a holding company dependent on its indirectly-owned Operating Companies, which continue to operate and serve patients while the Proposal is pending.
- recovery outcomeentries: basis: plan · quote: There are no known Crown Claims at this time. If any Crown Claims are proven, such claims will be paid in full without interest or penalty within 6 months of the Court Approval Date. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · stated by: proposal_trustee · class label: Crown Creditors · interim final: unstated · conditional on: if any Crown Claims are proven · claims qualifier: unstated; basis: plan · quote: There are no known Preferred Claims at this time. If any Preferred Claims, as defined in the Proposal, are proven, such claims will be paid in full within 6 months of the Effective Date. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · conditional on: if any Preferred Claims are proven · claims qualifier: unstated; basis: plan · quote: Proven Ordinary Unsecured Creditors will receive, within 6 months of the Effective Date, cash payment of an amount equal to: · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 1000 · amount high: 1000 · class label: Ordinary Unsecured Creditors · interim final: unstated · conditional on: The lesser of the principal amount of its claim or $1,000; and 20% of the remaining balance of its claim after deducting the amount in a) above · claims qualifier: unstated; basis: liquidation_alternative · quote: As discussed further in this report, if the Company were to become bankrupt, unsecured creditors may not receive any distribution; and · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2014-03-06 · table missing:
- report date18 March 2014
- report noTrustee's First Report to the Creditors