Newfoundland and Labrador · Proposal
First Report of the Proposal Trustee
Court officer report · 12 July 2023
What we verified from this filing11 verified
- appointeeBDO Canada Limited
- appointee roleLicensed Insolvency Trustee
- commencement date7 July 2023
- courtTHE SUPREME COURT OF NEWFOUNDLAND AND LABRADOR GENERAL DIVISION, IN BANKRYTCY AND INSOLVENCY
- court file no51-2963294
- statutory basissection 62.(1) of the Bankruptcy and Insolvency Act (Canada)
- financial positionnote: Total assets figure is estimated book value of Equipment ($15,000) plus Property ($368,000); total liabilities is sum of Secured Creditors ($117,000) and Unsecured Creditors ($353,500) per Creditor Summary table (Preferred Creditors nil); estimated net realizations range $300,000-$402,000 after commissions and priority claims · page: 4 · as at: 2022-12-31 · basis: Company's internal financial records (unaudited, not updated since December 31, 2022), estimated realizable values as at deemed bankruptcy date · scope: entity - Outdoors By Design Inc. · currency: CAD · total assets: 383000 · total liabilities: 470500
- secured creditorsnote: Approx. 1 secured creditor per Creditor Summary; original mortgage financing was approximately $125,000 (Section C) · page: 4 · as of: Filing Date · amount: 117000 · debtor: Outdoors By Design Inc. · creditor: Secured Creditor (unnamed, mortgage on Property) · currency: CAD · security: Mortgage debt on the Property
- unsecured creditorsnote: Approx. 16 unsecured creditors; document names no individual creditors · page: 4 · as of: date of the Proposal · basis: Creditor Summary per draft internal financial statements provided to the Proposal Trustee · amount: 353500 · debtor: Outdoors By Design Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deferred creditor claims; receive distribution only after Unsecured Creditors' Proven Claims paid in full; likely related-party/shareholder subordinated claims · page: 5 · as of: date of the Proposal · basis: Statement of Estimated Realizations · amount: 96896 · debtor: Outdoors By Design Inc. · creditor: Deferred Creditors (aggregate) · currency: CAD
- recovery outcomeentries: basis: plan · quote: If the Proposal is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that the Unsecured Creditors would receive a distribution in the range of 39-67% of their proven claims, as compared to a range of 86-100% under the Proposal. · pct of: proven_claims · outcome: distribution · pct low: 86 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: If the Proposal is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that the Unsecured Creditors would receive a distribution in the range of 39-67% of their proven claims, as compared to a range of 86-100% under the Proposal. · pct of: proven_claims · outcome: distribution · pct low: 39 · pct high: 67 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: | Dividend yield | | 0% | 88% | 0% | 0% | · pct of: unstated · outcome: distribution · pct low: 0 · pct high: 88 · stated by: proposal_trustee · class label: Deferred Creditors · interim final: unstated · conditional on: Deferred Creditors will not receive a distribution under the Proposal unless all Unsecured Creditors' Proven Claims are paid in full. · claims qualifier: unstated · stated on: 2023-07-12 · table missing: