Ontario · Proposal
Proposal Trustee’s Notice of Proposal to Creditors dated November 23, 2018
Notice to creditors · 23 November 2018
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 filing10 verified
- appointeeALBERT GELMAN INC.
- appointee roleTrustee
- commencement date23 November 2018
- statutory basisSection 51 (1) of the Bankruptcy and Insolvency Act (Canada)
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY AND INSOLVENCY)
- provinceONTARIO
- secured creditorsnote: Amount is the SOA-stated total for the 24 secured creditors (the individual Debenture Holders, each listed on the SOA but not named in this document); Winterberry acts solely as collateral agent, not the beneficial creditor. Proposal Trustee obtained a Security Opinion dated November 2, 2018 confirming the security is validly perfected and enforceable. · page: 18 · as of: 2018-11-23 · amount: 10471261 · debtor: Yappn Canada Inc. · creditor: Winterberry Investments Inc., as Agent (collateral agent for 24 individual Debenture Holders under a subscription agreement dated July 15, 2015) · currency: CAD · security: PPSA registration dated December 23, 2015 against Inventory, Equipment, Accounts, Other, Motor Vehicles; blanket security under debenture subscription agreement dated July 15, 2015
- unsecured creditorsnote: Document states 46 unsecured creditors in aggregate; individual creditor names are not disclosed in this filing. The SOA also states the Company has no preferred creditors (0 creditors, $0). · page: 18 · as of: 2018-11-23 · basis: Statement of Affairs sworn November 23, 2018, as summarized in Trustee's Report on Proposal · amount: 7536698 · debtor: Yappn Canada Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- financial positionnote: This is a separate, earlier-dated internal balance sheet (May 31, 2018) than the SOA liquidation-value asset listing (sworn November 23, 2018, total estimated to produce $6,655,824 excluding accounts receivable of $34,625, per Form 78 List H). The two statements are not on the same basis or date. · page: 22 · as at: 2018-05-31 · basis: Internally prepared, unaudited balance sheet; no externally prepared financial statements have ever been prepared for Yappn per Company representations to the Proposal Trustee · scope: Yappn Canada Inc. (entity only, not consolidated) · currency: CAD · total assets: 3484838 · total liabilities: 15318611
- recovery outcomeentries: basis: plan · quote: The Proposal contemplates that unsecured creditors will share pro-rata in a distribution of 149, 106 non-voting Class 11 C 11 Common shares (defined above as "Shares 11 ) in the capital of 596 · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: pro-rata share of 149,106 non-voting Class C Common shares of 596, not valued by the Trustee · claims qualifier: unstated; basis: liquidation_alternative · quote: If Yappn is declared bankrupt it is anticipated that unsecured creditors will not receive any distribution. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors (bankruptcy) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All proven Preferred Claims, if any, without interest from the Filing Date, 'will be paid in full in cash and in priority to all Unsecured Claims. · pct of: proven_claims · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Preferred Claims · interim final: unstated · conditional on: if any; in cash and in priority to all Unsecured Claims · claims qualifier: unstated · stated on: 2018-11-23 · table missing: