Ontario · Bankruptcy
Preliminary Report of Trustee Couch.Jan.6.2015 (signed copy)
Court officer report · 6 January 2015
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 filing11 verified
- court file no31-1906471, 31-1906457, 31-1906487, 31-1906494
- provinceOntario
- appointeeMNP Ltd.
- appointee roleTrustee
- commencement date13 December 2014
- cash on handnote: Includes the two reserve funds held pending arrangements with NBX and PayPal. · amount: 530000 · currency: CAD · qualifier: approximately
- financial positionnote: Components only, no stated total. Assets per SOA: Cash on Hand approximately $530,000 (including two reserve funds); Accounts Receivable approximately $25,000; Shares in Tasteaway Inc. (little or no value). Liabilities per SOA as at December 13, 2014: Secured/Deemed Trust $3,500,000 (5 creditors); Unsecured $8,553,163 (2034 creditors). As at January 5, 2015, filed claims: Secured $2,120,001 (6); Unsecured $368,478 (11). · as at: 2014-12-13 · basis: Company's Statement of Affairs (estimated realizable value) · scope: consolidated bankrupt estates of Couch Commerce Inc., Dealfind.com Inc., Menupalace.com Corporation and 8108773 Canada Inc. · currency: CAD
- operational summaryThe Couch Commerce Group ceased operations after substantially all assets were sold to nCrowd Commerce Inc. during the NOI period; the companies were deemed bankrupt on December 13, 2014 after failing to file proposals, staff were terminated, and the Trustee is now winding up remaining assets including cash, accounts receivable, tax losses and reserve funds.
- professional feesnote: Exclusive of HST; disbursements of $22,684.40 also accrued. Proposal Trustee's Counsel (Dickinson Wright LLP) accrued fees of $96,263.00 and disbursements of $672.94, both exclusive of HST, up to December 23, 2014. · party: Proposal Trustee (MNP Ltd.) · amount: 156404.5 · period: up to December 12, 2014 · currency: CAD
- report date6 January 2015
- report noTrustee's Preliminary Report