Manitoba · Receivership (court-appointed)
Trustee’s Report to the First Meeting of Creditors on Preliminary Administration – dated July 8, 2024
Court officer report · 8 July 2024
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
- cash on handnote: Net sale proceeds held by the Receiver as at the date of bankruptcy, as reported on the Statement of Affairs; also approximately USD$765,000 held. Final net amount will be somewhat less after costs of finalizing Receivership activities. · amount: 8050000 · currency: CAD · qualifier: approximately
- financial positionnote: No total assets or total liabilities stated. Assets: Receiver held net sale proceeds of approximately CDN$8,050,000 and USD$765,000, 'the only remaining material assets of the Debtors' to the Trustee's knowledge. Secured: White Oak repaid in full during the Receivership; Trustee not aware of other secured parties or priority claims. Preferred: no known preferred creditors. Unsecured: Statement of Affairs indicates approximately 772 unsecured creditors (excluding former employees) with claims totalling approximately $25.7 million. as_at is the date of bankruptcy (assignments filed June 19, 2024; NPL/NEL adjudged bankrupt June 20, 2024); no explicit calendar date given for the Statement of Affairs figures. · basis: As reported on the Debtors' Statement of Affairs, as at the date of bankruptcy; net proceeds figures stated as approximate and expected to be somewhat lower after finalization costs · scope: Consolidated bankruptcy of the Nygard Group entities (NHU, NI, FV, NYC, NPL, NEL, 879, 887, NIP) · currency: CAD
- operational summaryThe Debtors' business has ceased and its property has been sold in the Receivership, with secured lender White Oak repaid in full; the consolidated bankruptcy now addresses unsecured creditors from the remaining sale proceeds, and the Trustee is reviewing potential preferences and transfers at undervalue.
- report date8 July 2024