Newfoundland and Labrador · Proposal
Creditors Package
Meeting materials · 25 August 2023
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 filing2 verified
- financial positionnote: Components per Statement of Affairs: Total unsecured creditors 353,437.60; Secured creditors 116,618.00; Preferred creditors 0.00; Contingent/other liabilities 0.00; Total liabilities 470,055.60; Surplus/deficiency shown as NIL (deficiency of 87,055.60). Separately, the Proposal Trustee's Report (Section D) estimates realizable value of assets at book value $383,000 with a bankruptcy-scenario range of $305,000-$435,000; these are forward-looking liquidation estimates, not a restated financial position. · as at: 2023-07-07 · basis: Sworn Statement of Affairs (Business Proposal), amounts 'as stated and estimated by the officer'; not audited, reviewed or otherwise verified · scope: entity - Outdoors by Design Inc. (the Debtor) · currency: CAD · total assets: 383000 · total liabilities: 470055.6
- recovery outcomeentries: basis: plan · quote: all Crown Claims that were outstanding at the Filing Date, if any, shall be paid in full to Her Majesty in right of Canada or a province, within six months after the Court has granted the Approval Order; and · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: If the Proposal is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that the Unsecured Creditors would receive a distribution in the range of 39-67% of their proven claims, as compared to a range of 86-100% under the Proposal. · pct of: proven_claims · outcome: distribution · pct low: 86 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: If the Proposal is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that the Unsecured Creditors would receive a distribution in the range of 39-67% of their proven claims, as compared to a range of 86-100% under the Proposal. · pct of: proven_claims · outcome: distribution · pct low: 39 · pct high: 67 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Deferred Creditors will not receive a distribution under the Proposal unless all Unsecured Creditors' Proven Claims are paid in full. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Deferred Creditors · interim final: unstated · conditional on: Deferred Creditors will not receive a distribution under the Proposal unless all Unsecured Creditors' Proven Claims are paid in full. · claims qualifier: unstated · stated on: 2023-07-12 · table missing: