Ontario · Receivership (court-appointed)
Information Officers First Court Report - 11/13/2015
Court officer report · 13 November 2015
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What we verified from this filing7 verified
- unsecured creditorsnote: Deemed-trust class claim (tax remittances); amount owed is not quantified in the document. · page: 5 · basis: Identified by the Joint Administrators as the only known creditor in Canada, owed tax remittances that arose prior to the TRP Administration; claims process commenced June 2015; CRA had not filed a proof of claim as of the date of the First Report (13 November 2015) · debtor: Tullis Russell Papermakers Limited (TRP) · creditor: Canada Revenue Agency (CRA) · currency: CAD
- financial positionnote: In its audited accounts to 31 March 2014, TRP recorded net assets of £7.4 million, turnover of £124.6 million and a pre-tax loss of £3.4 million; cumulative losses of £18.5 million over the preceding five years were noted. · page: 18 · as at: 2014-03-31 · basis: Audited accounts (entity-level, net assets figure only; total assets/liabilities not separately disclosed) · scope: Tullis Russell Papermakers Limited (TRP), entity-level (not consolidated with Group) · currency: GBP
- secured creditorsnote: No outstanding debt due to LBCF at the date of appointment (27 April 2015). · page: 27 · as of: 2015-04-27 · amount: 0 · debtor: Tullis Russell Papermakers Limited (TRP) · creditor: LBCF (Lloyds Bank Commercial Finance) · currency: GBP · security: Assignation of trade debtors granted August 2012, in connection with a confidential invoice discounting facility
- secured creditorsnote: No outstanding debt due to BoS at date of appointment; floating charge had not crystallised and no amounts were due. · page: 27 · as of: 2015-04-27 · amount: 0 · debtor: Tullis Russell Papermakers Limited (TRP) · creditor: BoS (Bank of Scotland, part of Lloyds Banking Group plc) · currency: GBP · security: Floating charge over certain assets of TRP
- secured creditorsnote: Estimated pension deficit of £15.7 million (per Directors' Statement of Affairs, most recent Scheme Actuary funding update) exceeds the £13.5 million security ceiling; claim is effectively bifurcated - secured to the value realised from the land (up to £13.5M cap), with any shortfall/excess (section 75 debt) expected to rank as an unsecured claim against TRP. No surplus expected for other creditors from the land sale. · page: 27 · as of: 2015-04-27 · amount: 15700000 · debtor: Tullis Russell Papermakers Limited (TRP) · creditor: Pension Scheme (TRP's defined benefit pension scheme, of which TRP is principal employer) · currency: GBP · security: Standard securities over two areas of freehold land (North and South sites, Markinch); security covers all sums due to the Pension Scheme up to a stated maximum (ceiling) of £13.5 million
- unsecured creditorsnote: Preferred creditor class: (1) arrears of wages up to £800 per employee, (2) unlimited accrued holiday pay, (3) certain pension benefits. Anticipated to be paid in full and ranks ahead of ordinary unsecured creditors. · page: 28 · as of: 2015-04-27 · basis: Joint Administrators' estimate of preferential claims at the date of appointment · amount: 733000 · debtor: Tullis Russell Papermakers Limited (TRP) · creditor: Employees (preferential claims) · currency: GBP
- recovery outcomeentries: basis: estimated · quote: It is highly unlikely that realisations from the sale of the two areas of land will exceed the £13.5 million the Pension Scheme is entitled to, therefore there will be no surplus funds available to TRP's other creditors. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Pension Scheme (secured) · creditor name: Pension Scheme · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: LBCF had no outstanding debt at the date of our appointment. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: LBCF · creditor name: LBCF · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: BoS had no outstanding debt due by TRP, hence its floating charge has not crystallised and no amounts are due to BoS. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: BoS · creditor name: BoS · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on current estimates, we anticipate that preferential creditors will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: receiver · class label: Preferential creditors · claims amount: 733000 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: Based on current estimates, we anticipate that a dividend will be available to unsecured creditors. It is not currently possible to estimate the level of this dividend as this will depend on inter allia : · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: receiver · class label: Unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: