Ontario · Proposal
First Report to Court of the Proposal Trustee dated May 3, 2021
Court officer report · 3 May 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- cash on handnote: Figure appears in the Estimated Distribution in the Event of a Bankruptcy table within the Report to Creditors (Appendix C). · as at: 2021-03-24 · amount: 19000 · currency: CAD · qualifier: book value per Statement of Affairs
- financial positionnote: Table also shows estimated realizable value in a bankruptcy scenario (forecast/liquidation estimate, not actual position): Cash $19,000 realizable of $19,000 book; Inventory $124,000 book value, Nil realizable; Fixed Assets $4,000 book, Nil realizable; Prepaids and deposits $3,000 book, Nil realizable; Total Assets before costs of realization $150,000 book / $19,000 estimated realizable; Creditor claims $2,726,000; Estimated recovery <1¢ on the dollar. · as at: 2021-03-24 · basis: book value of the assets is based on the values in the Statement of Affairs sworn on March 24, 2021 by a representative of the Company · scope: entity-level, O.B. Wiik Canada Ltd. (the Company) · currency: CAD · total assets: 150000 · total liabilities: 2726000
- operational summaryThe Company has been winding down its operations following the NOI filing, no longer seeking new customers or performing work on existing projects, and its office lease has been disclaimed while inventory remains stored at a Dunnville, Ontario facility.
- recovery outcomeentries: basis: plan · quote: Payments under the Proposal could result in a recovery of up to approximately 24¢ on the dollar for the Proven Claims versus the alternative, which is a virtually nil recovery if the Proposal is rejected and the Company becomes bankrupt. · pct of: proven_claims · outcome: distribution · pct low: 24 · pct high: 24 · class key: unsecured · stated by: proposal_trustee · class label: Proven Claims (unsecured Proven Creditors under the Proposal) · interim final: unstated · cents on dollar: 24 · claims qualifier: unstated; basis: liquidation_alternative · quote: Payments under the Proposal could result in a recovery of up to approximately 24¢ on the dollar for the Proven Claims versus the alternative, which is a virtually nil recovery if the Proposal is rejected and the Company becomes bankrupt. · pct of: unstated · outcome: nil · stated by: proposal_trustee · class label: Company's creditors (in a bankruptcy) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Crown Priority Claims that were outstanding as at the Filing Date, if any, shall be paid in full; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Employee Priority Claims shall be paid in full; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Employee Priority Claims · interim final: unstated · claims qualifier: unstated · stated on: 2021-05-03 · table missing:
- report date3 May 2021
- report noFirst Report