Quebec · NOI
Trustee’s Report on State of Insolvent Person – dated January 29, 2009
Court officer report · 29 January 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 filing4 verified
- disbursementsnote: Represents a $579K positive variance as compared to budgeted expenses of $1,203K · since: filing of the Notice of Intention · amount: 624000 · currency: CAD
- operational summaryThe Company, a distributor of music CDs/DVDs and related products, has suffered a long-term sales decline due to downloading and competitive pressures, temporarily suspended operations with layoffs of about 15 employees after filing its Notice of Intention, and is working to reduce expenses, collect receivables, dispose of inventory, and negotiate financing with its secured creditors while pursuing a viable proposal.
- receipts cumulativenote: Approximate figure; a $645K favourable variance as compared to Budget ($197K) · since: filing of the Notice of Intention · amount: 842000 · currency: CAD
- report date29 January 2009