Ontario · NOI
Motion Record of the Proposal Trustee Returnable August 11, 2020
Application / notice of application · 10 August 2020
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 filing4 verified
- courtSUPERIOR COURT OF JUSTICE
- court file no32-2634165
- provinceONTARIO
- recovery outcomeentries: basis: liquidation_alternative · quote: the Unsecured Creditors in a liquidation/Bankruptcy scenario is NIL versus approximately 14% under the Proposal scenario; and i. · 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: the Unsecured Creditors in a liquidation/Bankruptcy scenario is NIL versus approximately 14% under the Proposal scenario; and i. · pct of: unstated · outcome: distribution · pct low: 14 · pct high: 14 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: BNS is estimated to incur a $2.0 million shortfall on the realization of its security and a 66% recovery on its loans. · pct of: unstated · outcome: shortfall · pct low: 66 · pct high: 66 · class key: secured · stated by: proposal_trustee · class label: BNS · creditor name: BNS · interim final: unstated · conditional on: assuming BNS is not refinanced and there is a bankruptcy · claims qualifier: unstated · shortfall amount: 2000000; basis: plan · quote: BNS in a liquidation/Bankruptcy scenario is 66% versus an expected 100% under the Proposal Scenario as BNS is an unaffected creditor in a Proposal Scenario and is expected to be repaid in full by way of a refinancing outside of the Proposal proceeding. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: proposal_trustee · class label: BNS · creditor name: BNS · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In a bankruptcy/liquidation it is estimated that there will be no recovery to any other secured creditors. · pct of: unstated · outcome: nil · class key: secured · stated by: proposal_trustee · class label: other secured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: In both scenarios CRA will receive 100% of its deemed trust entitlement. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · class label: CRA (deemed trust) · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Employee Preferred Claims are also expected to be paid in full under either a Bankruptcy Scenario or a Proposal. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Employee Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: preferred claims will be paid in full, without interest, in priority to general unsecured claims; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Pursuant to the Proposal, proven Crown Priority Claims will be paid in full, with only payment of Administrative Fees and Expenses and the Bankruptcy Reserve being paid in priority to such amounts. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Priority Claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated · stated on: 2020-08-10 · table missing: