Ontario · Proposal
Trustee Report on Proposal
Court officer report · 13 August 2025
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 filing5 verified
- cash on handnote: Cash represents the Company's cash position as at August 12, 2025, per Statement of Affairs. · as at: 2025-08-12 · amount: 29100 · currency: CAD
- financial positionnote: Statement of Affairs as at August 13, 2025 shows realizable assets of $401,400 (Cash $29,100; Accounts Receivable $257,300; Inventory $0; Machinery and equipment $115,000), materially lower than book value balance sheet figures; Total Creditor Claims per Statement of Affairs were $3,992,700 (Preferred $51,600; Unsecured $3,941,000; Secured Nil). · as at: 2025-05-31 · basis: unaudited internal management financial statements (book value) · scope: entity - Goodlevel Enterprises Canada ULC · currency: CAD · total assets: 3747100 · total liabilities: 3536500
- operational summaryGoodlevel manufactures and distributes latex balloons but ceased active operations, with all approximately 32 employees on temporary layoff as of the Filing Date, and the Company remains reliant on its US Affiliate for funding and sales.
- recovery outcomeentries: basis: plan · quote: Based on the amounts set forth in Section G above would result in a gross dividend yield of 100% (excluding any deductions for the Levy); · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors (Employee Preferred Claims) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Based on the amounts set forth in Section G above would result in a gross dividend yield of 100% (excluding any deductions for the Levy); · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (Convenience Creditors) · interim final: unstated · conditional on: amount equal to the lesser of $2,500 and the actual amount of their Proven Claim · claims qualifier: unstated; basis: estimated · quote: Based on an analysis performed by the Trustee would result in an estimated gross dividend yield of 71% (excluding any deductions for the Levy). · pct of: unstated · outcome: distribution · pct low: 71 · pct high: 71 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (Convenience Creditor Election) · interim final: unstated · conditional on: amount equal to the lesser of $2,500 and the actual amount of their Proven Claim, subject to change based on the number of valid elections made prior to the Convenience Creditor Election Deadline · claims qualifier: unstated; basis: liquidation_alternative · quote: If Goodlevel becomes bankrupt, the estimated realization of the Company's assets under the bankruptcy scenario would not be sufficient to cover the balance of Preferred Claims and Unsecured Claims as outlined in this Report, resulting in a $Nil recovery from the estate. · pct of: unstated · outcome: nil · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims and Unsecured Claims (bankruptcy scenario) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: For the Company's former employees, they would potentially recover approximately [34%] on their claims through WEPP. · pct of: unstated · outcome: distribution · pct low: 34 · pct high: 34 · class key: weppa · stated by: proposal_trustee · class label: Former Employees (WEPP) · interim final: unstated · claims qualifier: unstated · table missing:
- report date18 August 2025