British Columbia · Proposal
Notice of Application to approve the Joint Proposal
Application / notice of application · 7 August 2024
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What we verified from this filing8 verified
- applicantErnst & Young, Inc., in its capacity as the proposal trustee
- commencement date7 August 2024
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY AND INSOLVENCY
- court file noVLC-S-B-240328
- proceeding typebia_proposal
- provinceBritish Columbia
- statutory basisSection 50.4(1) of the Bankruptcy and Insolvency Act
- recovery outcomeentries: basis: plan · quote: Unsecured Creditors will receive a cash distribution equal to 2% of their proven claim; and · pct of: proven_claims · outcome: distribution · pct low: 2 · pct high: 2 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: the Crown GST Creditors will receive $100,000, paid over four-years in full satisfaction for their Crown GST Claims. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 100000 · amount high: 100000 · class label: Crown GST Creditors · creditor name: CRA · interim final: unstated · conditional on: paid over four-years in full satisfaction for their Crown GST Claims · claims qualifier: unstated; basis: liquidation_alternative · quote: it is contemplated that unsecured creditors would not receive any distribution in a bankruptcy scenario regardless of whether such proceeding would occur on an individual or consolidated entity basis. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Claims that are Proven Claims (if any) shall be paid in full on or after the date that is immediately upon the Approval Order, in accordance with the scheme of distribution set forth in the BIA. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Crown Source Claims that are Proven Claims (if any) shall be paid in their entirety, inclusive of interest, within six months after the granting of the Approval Order in accordance with the scheme of distribution set forth in the BIA. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Source Claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated · table missing: