Ontario · Proposal
Creditor Package_First Meeting of Creditors
Meeting materials · 2 December 2021
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
- court file no31-2785327
- provinceOntario
- appointeeDodick Landau Inc.
- appointee roleProposal Trustee
- commencement date25 November 2021
- unsecured creditorsnote: Stated as 'approximately $1,500.00' by the Company, including related penalties and interest calculated to the Date of Filing; this is a Crown Claim (deemed trust class) for source deductions, ranking outside the Secured/Unsecured classification but disclosed here per its priority significance. · page: 16 · as of: Date of Filing (November 19, 2021) · basis: Company's own estimate of amounts owing for employee source deductions withheld but not remitted, as stated in the Proposal · amount: 1500 · debtor: Tecna Construction Ltd. · creditor: Canada Revenue Agency · currency: CAD
- recovery outcomeentries: basis: plan · quote: According to the Proposal, Crown Priority Claims will be paid in full and shall be paid by funds derived from additional funds from the Company's operations ("Additional Funds") to the Proposal Trustee within six (6) months of the Court Approval Date and then remitted by the Proposal Trustee to CRA. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Priority Claims · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Claims, shall be paid in full, without interest, in priority to Unsecured Claims out of additional operating funds to be delivered by the Company to the Proposal Trustee and shall be remitted by the Proposal Trustee to the entitled claimants, if any. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: As can be seen below, the net estimated recovery to Unsecured Creditors in a bankruptcy scenario is NIL versus approximately 32% under the Proposal scenario. · pct of: unstated · outcome: distribution · pct low: 32 · pct high: 32 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 128000 · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: As can be seen below, the net estimated recovery to Unsecured Creditors in a bankruptcy scenario is NIL versus approximately 32% under the Proposal scenario. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 128000 · interim final: unstated · claims qualifier: estimated · stated on: 2021-12-02 · table missing: