British Columbia · Proposal
Notice of Proposal to Creditors
Notice to creditors · 1 April 2024
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: No total assets or total liabilities stated; components only. SOA values: Production Facility $2,000,000; inventory $200,000 (management liquidation estimate); no cash, no accounts receivable, no equipment value; no secured creditors shown on SOA; unsecured creditors of approximately $4,846,500. Trustee's bankruptcy-scenario estimates differ: A/R $25,000, equipment ~$20,000 net, inventory/biological assets net disposal cost ~$40,000, Production Facility net realizable value $1,564,630. Preferred employee claims assumed $24,000 in bankruptcy scenario. SOA as-at date not stated in this document. · basis: Management's Statement of Affairs (SOA); the Trustee relied on unaudited, draft and/or internal financial information and did not audit or verify it. Trustee takes a different view on several asset values (e.g., inventory would be a liability, not a realizable asset, in bankruptcy). · scope: Lotus Ventures Inc. (single entity) · currency: CAD
- recovery outcomeentries: basis: plan · quote: Canada Revenue Agency (' CRA ') will be paid in full by the Proposal Funds within 6 months of Court Approval of the Proposal, for unremitted payroll source deductions. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: trustee · class label: Canada Revenue Agency · creditor name: Canada Revenue Agency · interim final: unstated · conditional on: paid within 6 months of Court Approval of the Proposal · claims qualifier: unstated; basis: plan · quote: The General Creditors are expected to receive approximately 48% of their claims under the Proposal. · pct of: unstated · outcome: distribution · pct low: 48 · pct high: 48 · class key: unsecured · stated by: trustee · class label: General Creditors · claims amount: 4846500 · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: The creditors are expected to receive approximately 27% of their claims under a bankruptcy scenario. · pct of: unstated · outcome: distribution · pct low: 27 · pct high: 27 · class key: unsecured · stated by: trustee · class label: creditors (bankruptcy scenario) · claims amount: 4894500 · interim final: unstated · claims qualifier: estimated · stated on: 2024-04-08 · table missing: