Ontario · Proposal
Supplement to the Proposal Trustee's First Report to Court dated January 17, 2024.pdf
Court officer report · 17 January 2024
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: As such, our interpretation is that given employee termination and severance claims will rank pari passu with all other unsecured creditors for a distribution of approximately 15 cents on the dollar, Service Canada's subrogated rights under section 36(1) would entitle it to a pro-rata distribution of 15 cents on the dollar for the amount it pays under WEPPA. · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: unstated · class label: unsecured creditors (including former employees) · interim final: unstated · cents on dollar: 15 · claims qualifier: unstated; basis: plan · quote: Based on our current estimates, we believe that total distributions from Service Canada under WEPPA in respect of the receivership may be in the approximate amount of $4.6 million, and Service Canada would receive an approximate 15% recovery ($690,000) on this amount pursuant to distributions under the Accepted Proposal. · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: weppa · stated by: unstated · amount low: 690000 · amount high: 690000 · class label: Service Canada · claims amount: 4600000 · creditor name: Service Canada · interim final: unstated · claims qualifier: estimated · stated on: 2024-01-16 · table missing: