Ontario · Proposal
Report of the Proposal Trustee on the Financial Situation of the Debtor and the Proposal – dated September 20, 2016
Court officer report · 20 September 2016
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 filing2 verified
- financial positionnote: Asset figures are in $000s: Cash 1,129; Investments/Other 364; Accounts Receivable 973 (realizable 783); Capital Assets 56 (realizable nil); total net book value 2,523, total realizable 2,276. Totals exclude customer trust funds transferred to the Purchaser around August 12, 2016. Liabilities per SOA: Secured 11,008,200; Preferred nil; Unsecured 10,597,044 (includes approx. $10.4 million Elleway related-party claim, to be postponed if the Proposal is approved); total 21,605,244. Asset book values and claim balances are stated as at August 10, 2016 (NOI filing date) elsewhere in the report; the SOA's own as-at date is not stated. · basis: Company's Statement of Affairs (sworn September 8, 2016); assets shown at estimated net book value, with estimated realizable value per SOA of $2,276 (000s); liabilities are estimated claims per SOA; financial information is unaudited and the Proposal Trustee has not verified it · scope: 8635919 Canada Inc. (formerly iTravel 2000), single entity · currency: CAD · total assets: 2523000 · total liabilities: 21605244
- recovery outcomeentries: basis: plan · quote: (ii) Superintendent's Levy: the Superintendent's Levy shall be paid in full; · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Superintendent's Levy · interim final: unstated · conditional on: Subject to Creditor acceptance and Court approval · claims qualifier: unstated; basis: plan · quote: (iii) Mandatory Payment Claims: Mandatory Payment Claims, if any, shall be paid in full; · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Mandatory Payment Claims · interim final: unstated · conditional on: Subject to Creditor acceptance and Court approval · claims qualifier: unstated; basis: plan · quote: (iv) Preferred Creditors: Preferred Claims, if any, shall be paid in full, without interest; and · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · conditional on: Subject to Creditor acceptance and Court approval · claims qualifier: unstated; basis: plan · quote: (v) Unsecured Claims: $100,000 of the Available Funds shall be set aside with the Proposal Trustee to comprise the Distribution Fund which shall be distributed pro-rata to Proven Affected Creditors on account of their Proven Affected Claims (other than D&O Claims). · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 100000 · amount high: 100000 · class label: Unsecured Claims (Proven Affected Creditors) · interim final: unstated · conditional on: distributed pro-rata to Proven Affected Creditors on account of their Proven Affected Claims (other than D&O Claims) · claims qualifier: unstated; basis: plan · quote: As part of the Proposal, Elleway also agreed that if the conditions precedent set out in Section 5.1 of the Proposal are satisfied, it will waive any right to receive a distribution pro-rata with Proven Affected Creditors from the Distribution Fund on account of its Claim. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Elleway Properties Limited · creditor name: Elleway Properties Limited · interim final: unstated · conditional on: if the conditions precedent set out in Section 5.1 of the Proposal are satisfied · claims qualifier: unstated · table missing: