Ontario · Interim receivership
Eleventh Report incl Exhibit A
Court officer report · 23 October 2008
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What we verified from this filing5 verified
- cash on handnote: Includes US funds translated to Cdn; represents proceeds net of administrative costs to date from various asset realizations. · as at: 2008-10-15 · amount: 9849000 · currency: CAD · qualifier: approximately
- operational summaryThe Interim Receiver reports the near-completion of the IIC liquidation with distribution of the IIC surplus to Sun States/Queensway, proposes a second interim dividend of C$7,213,000 to unsecured creditors, and seeks approval to donate the remaining life insurance 'Insured Interests' to a charity after exhausting realization options.
- recovery outcomeentries: basis: actual · quote: As a result of the receipt of the IIC Surplus, and settlement of Pre-Filing Claims in dispute at a significantly lower amount than originally projected, the Second Dividend will be sufficient to pay in full the Other Creditors and, in accordance with the Settlement, to make a further distribution to the debentureholders. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: receiver · class label: Other Creditors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: the Debentureholders were entitled to an initial distribution from the amounts available to unsecured creditors, in the amount of $500,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 500000 · amount high: 500000 · class label: Debentureholders · interim final: unstated · conditional on: Debentureholders entitled to an initial distribution of $500,000, and thereafter 10% of future recoveries while Other Creditors receive 90% until paid in full, then balance to Debentureholders · claims qualifier: unstated; basis: actual · quote: Subject to the approval of this Honourable Court, the Interim Receiver proposes to distribute a second dividend to the unsecured creditors of Queensway in the aggregate amount of C$7,213,000 million (the "Second Dividend"). · pct of: unstated · outcome: distribution · currency: CAD · class key: unsecured · stated by: receiver · amount low: 7213000 · cumulative: false · amount high: 7213000 · class label: unsecured creditors of Queensway (Second Dividend) · interim final: interim · conditional on: Subject to the approval of this Honourable Court · currency quote: C$7,213,000 · claims qualifier: unstated; basis: actual · quote: In accordance with the terms of the Settlement, the First Dividend, net of the Dispute Reserve, was paid in early November 2007 to Queensway's unsecured creditors in the aggregate amount of approximately $4.2 million. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: receiver · amount low: 4200000 · cumulative: false · amount high: 4200000 · class label: unsecured creditors of Queensway (First Dividend) · interim final: interim · claims qualifier: unstated · stated on: 2008-10-23 · table missing:
- report date23 October 2008
- report noEleventh Report