Quebec · Proposal
Report of the Trustee on the Financial Situation of the Debtor and on the Proposal – dated May 18, 2011
Court officer report · 18 May 2011
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 filing13 verified
- appointeeRSM Richter Inc.
- appointee roleTrustee
- commencement date17 May 2011
- courtSUPERIOR COURT (Commercial Division)
- court file no500-11-040786-119
- provinceQUEBEC
- statutory basisSections 50(10)(b) and 50(5) of the Bankruptcy and Insolvency Act
- financial positionnote: Assets: cash $95K, accounts receivable $278K, fixed assets at net book value $2,837K (vehicles $35K, machinery and equipment $1,590K, land/building $1,212K). Liabilities: secured creditors nil ('-'), preferred creditors NIL, unsecured creditors $2,983K. Trustee notes potential environmental problems could nullify any value from asset sales in a bankruptcy scenario; liquidation analysis shows 6%-9% distribution to unsecured in Proposal scenario and 0% in bankruptcy (forecast estimates, not financial position). · page: 5 · as at: 2011-05-17 · basis: Company's Statement of Affairs, unaudited (figures in $000's); Trustee makes no representation as to accuracy and has not audited the books and records · scope: True North Hardwood Plywood Inc. (single entity) · currency: CAD · total assets: 3210000 · total liabilities: 2983000
- unsecured creditorsnote: Stated as $1,573K for unpaid termination pay. Amounts qualifying under BIA s.60(1.3)(a) are to be paid in full ahead of unsecured claims under the Proposal. Trustee cannot comment on accuracy of the quantum. · page: 6 · as of: 2011-05-17 · basis: Records of the Company as reported in the Statement of Affairs; not audited, claims to be validated on filing of proofs of claim · amount: 1573000 · debtor: True North Hardwood Plywood Inc. · creditor: Employees (unpaid termination pay) · currency: CAD
- unsecured creditorsnote: Stated as balance of $1,410K due to various trade suppliers; document names no individual creditors. Total unsecured stated as approximately $2,983K. · page: 6 · as of: 2011-05-17 · basis: Records of the Company as reported in the Statement of Affairs; Debtor has not completed updating its records · amount: 1410000 · debtor: True North Hardwood Plywood Inc. · creditor: Various trade suppliers (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred portion; landlord must waive right to file a claim under the LOI, representing potential savings of approximately $145,000. Trustee states there are no known preferred creditors at this time and preferred creditors are shown as NIL. · page: 6 · basis: Described in connection with CCT's LOI; part of its claim would have been preferred · debtor: True North Hardwood Plywood Inc. · creditor: Landlord of veneer warehouse (related to the City of Cochran) · currency: CAD
- recovery outcomeentries: basis: plan · quote: | Estimated percentage of distribution to ordinary creditors (A/B) | Estimated percentage of distribution to ordinary creditors (A/B) | | 6% | 9% | | 0% | 0% | | | · pct of: unstated · outcome: distribution · pct low: 6 · pct high: 9 · class key: unsecured · stated by: proposal_trustee · amount low: 187000 · amount high: 278000 · class label: ordinary creditors (Proposal scenario) · claims amount: 2983000 · interim final: unstated · conditional on: highly dependent on the collection of the remaining accounts receivable and the related realization costs · claims qualifier: estimated · stated on: 2011-05-17 · table missing:
- secured creditors