Newfoundland and Labrador · Bankruptcy
First Report of the Proposal Trustee dated September 12, 2024 with Appendices.pdf
Court officer report · 12 September 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 filing7 verified
- cash on handnote: Stated as at the Filing Date (August 16, 2024), phrased as an event date rather than a computed figure. · amount: 60000 · currency: CAD · qualifier: approximately
- financial positionnote: Liabilities stated as 'Listing of Liabilities as of NOI Filing' (event-based as-at date, Filing Date not restated numerically here); components: Sobeys Capital Inc. $4,335,641.05, Town of Stephenville $28,170.98, DI Financial Solutions $2,801.46, Total $4,366,613.49. Assets not totalled: Company owns two buildings (grocery store and gas station) and accounts receivable of approximately $5,000 from gas bar operations; no valuation or total assets figure given. · basis: The Proposal Trustee has relied upon unaudited internal financial statements, certain other financial information and financial projections of the Company · scope: entity - Indian Head Consumers Co-operative Society Ltd. · currency: CAD · total liabilities: 4366613.49
- operational summaryIHCCS ceased operating its grocery store and gas station in July 2024 due to insufficient liquidity and does not intend to resume operations; it is instead pursuing an orderly wind-down and liquidation of its property through a Court-supervised SISP administered by the Proposal Trustee.
- receipts cumulativenote: Actual cumulative cash receipts for Weeks 1-3 of the Cash Flow Forecast period (August 19, 2024 to September 6, 2024), compared against a budget of $1,001. · since: August 19, 2024 · amount: 3214 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Stalking Horse Bid would result in no recovery to unsecured creditors, or creditors subordinate to Sobeys. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors, or creditors subordinate to Sobeys · interim final: unstated · conditional on: Should the Stalking Horse Bid be identified as the Successful Bidder and approved by the Court · claims qualifier: unstated · stated on: 2024-09-12 · table missing:
- report date12 September 2024
- report noFirst Report