Quebec · Receivership (court-appointed)
Application to Discharge the Receiver
Application / notice of application · 4 September 2024
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What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: It is important to note that despite the implementation of the Transaction and the realization on certain other property of the Debtors in the Receivership, CIBC will suffer a shortfall on its senior secured position such that no recovery is contemplated for any of the Debtors' unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: CIBC · creditor name: CIBC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: CIBC is anticipating a shortfall on their senior secured claims such that the Receiver does not anticipate any distributions to any other creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Therefore, on March 18, 2024, and April 16, 2024, the Receiver proceeded with two separate initial distributions in a total amount of $632,500 to CIBC in the context of the Receivership (the Interim Distribution ) · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 632500 · cumulative: false · amount high: 632500 · class label: CIBC · creditor name: CIBC · interim final: interim · claims qualifier: unstated; basis: estimated · quote: In addition, there is $240,000 in cash currently held in the Debtors' CIBC bank accounts that is to be distributed to the CIBC, which will result in a total payout to CIBC of $668,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 668000 · cumulative: true · amount high: 668000 · class label: CIBC · creditor name: CIBC · interim final: unstated · claims qualifier: unstated · table missing: