Ontario · Bankruptcy
RMB Canada Inc. - Report to First Meeting of Creditors.pdf
Court officer report · 21 October 2009
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 filing8 verified
- appointeeThe Fuller Landau Group Inc.
- appointee roletrustee in bankruptcy
- commencement date30 September 2009
- provinceOntario
- financial positionnote: Assets per Statement of Affairs: Cash on hand $100.00 (collected $100.00); Accounts Receivable $24,808.68 (collected Nil); Preferred Shares in RMB Int. $181,892.13 (collected Nil); Common Shares in RMB Int. $1.00 (collected Nil). Creditor claims per Statement of Affairs as at the Date of Bankruptcy: Secured Nil, Preferred Nil, Unsecured $899,032.66; Proofs of Claim filed to date as at 4:00 p.m. October 20, 2009: Secured Nil, Preferred Nil, Unsecured $208,929.37. · basis: Per Statement of Affairs · scope: RMB Canada, Inc. (entity level) · currency: CAD
- operational summaryRMB Canada ceased operating after sustained financial losses and its US parent's refusal to continue funding, leading to an assignment into bankruptcy; the Trustee holds no operating business or fixed assets, focusing only on collecting receivables and pursuing realization of shares held in RMB International.
- recovery outcomeentries: basis: estimated · quote: The Trustee anticipates that there will be a distribution to the unsecured creditors, but cannot quantify the amount of the future dividends, as the realizations on the preferred and common shares will possibly take some time and it is not known what the realizable value of these assets will be. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2009-10-21 · table missing:
- report date21 October 2009