Ontario · Proposal
Propak Trustee Report on Proposal.pdf
Court officer report · 19 May 2011
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 filing9 verified
- provinceOntario
- appointeeThe Fuller Landau Group Inc.
- appointee roleTrustee
- proceeding typebia_proposal
- statutory basisSubsection 50(5) of the Bankruptcy and Insolvency Act
- statutory basisSubsection 50(5) of the Bankruptcy and Insolvency Act
- commencement date26 November 2010
- financial positionnote: Assets shown at two bases: Estimated Net Book Value totaling $4,878,000 and Estimated Realizable Value per SOA totaling $707,000 (Accounts Receivable $103k NBV/$57k realizable; Machinery & Equipment $4,775k NBV/$650k realizable). Liabilities per SOA: Secured $496,000, Preferred $37,000, Unsecured $2,591,000, Contingent 'NIL', Total $3,124,000. · as at: 2011-05-09 · basis: Statement of Affairs; Estimated Realizable Value per SOA (assets), unaudited estimates · scope: Propak Limited (single entity) · currency: CAD · total assets: 707000 · total liabilities: 3124000
- recovery outcomeentries: basis: estimated · quote: As set out therein, the Trustee estimates the average dividend from the Funds to Unsecured Creditors is between approximately 5.7 cents and 11.9 cents per dollar of claim. · pct of: unstated · outcome: distribution · pct low: 5.7 · pct high: 11.9 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 2591159 · interim final: unstated · claims qualifier: listed; basis: liquidation_alternative · quote: | Estimated Cents Distribution Per Dollar of Claim | | | Nil | Nil | · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 2591000 · interim final: unstated · claims qualifier: estimated; basis: plan · quote: which will result in Propak's onlysecured creditor being paid in full and unsecured creditors being paid the balance. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Propak's only secured creditor · interim final: unstated · claims qualifier: unstated; basis: plan · quote: As required by the Act, Preferred Claims are to be paid in full in priority to the claims of all other Unsecured Creditors. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2011-05-19 · table missing: