Northwest Territories · NOI
Trustee’s Report on Proposal
Court officer report · 22 January 2020
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
- applicantTHE BOWRA GROUP INC. IN ITS CAPACITY AS THE PROPOSAL TRUSTEE IN THE DIVISION I PROPOSAL OF MCCAW NORTH DRILLING & BLASTING LTD.
- courtSUPREME COURT OF THE NORTHWEST TERRITORIES
- court file noS-1-BK-2019-000 029
- appointeeThe Bowra Group Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date20 September 2019
- statutory basisSection 59(1) and paragraph 58(d) of the Act
- financial positionnote: Assets table (in 000's): Book Value total 1,864; Appraised Value total 3,602; Estimated Realization total 3,425 (Cash on Hand at Nov 29, 2019: 27; Accounts Receivable book 1,087 / realization 211; Clark Builders Judgement 750; Rental Income 154; Inventory 80; Yellowknife Equipment appraised 2,146/realization 1,300; Hope Bay Equipment appraised 814/realization 550; Newfoundland Equipment appraised 642/realization 353). Liabilities: Per Statement of Affairs total $5,587,675 (Secured $2,919,527; Unsecured $2,668,148); Filed as at January 15, 2020 total $3,155,359 (Secured $648,457; Unsecured $2,506,902). · basis: Estimated fair realization value per Trustee's opinion (assets); liabilities per Statement of Affairs and as filed by creditors as at January 15, 2020 · scope: entity - McCaw North Drilling & Blasting Ltd. · currency: CAD · total assets: 3425000 · total liabilities: 3155359
- recovery outcomeentries: basis: liquidation_alternative · quote: in the event of a bankruptcy, it would provide the unsecured creditors a recovery of $nil. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors (in a bankruptcy) · claims amount: 2834000 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: Under a Proposal, we estimate there will be net proceeds available to unsecured creditors between $nil and $400,000 depending on whether Clark Builders judgement amount is collected in full, the amount of account receivables collected, and the proceeds from auctioning the Newfoundland Assets. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 0 · amount high: 400000 · class label: unsecured creditors (under the Proposal) · claims amount: 2834000 · interim final: unstated · conditional on: depending on whether Clark Builders judgement amount is collected in full, the amount of account receivables collected, and the proceeds from auctioning the Newfoundland Assets · claims qualifier: estimated; basis: estimated · quote: This would provide unsecured creditors a recovery between $nil and $0.14 per $1 of outstanding claim. · pct of: unstated · outcome: distribution · pct low: 0 · pct high: 14 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors (per $1 of outstanding claim, under the Proposal) · interim final: unstated · cents on dollar: 14 · claims qualifier: unstated · table missing: