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 filing7 verified · 1 withheld
- closing confirmedscope: the sale of the assets to MCW · outcome: completed · effective: 2015-01-01 · purchaser: MCW Hemisphere Ltd. · date basis: stated · approval order date: 2015-02-17
- financial positionnote: Statement of Affairs states position on the date of filing of the proposal/NOI ("on the 3rd day of February 2015"), sworn the 16th day of April 2015. Total assets $1,646,598.26 is accounts receivable (good $1,922,459.26) estimated to produce that amount, all other asset categories $0.00. Liabilities: unsecured $647,691.78, secured $1,528,365.14, preferred $0.00, contingent $0.00. Stated deficiency $529,448.66. Trustee's Report separately notes remaining A/R of $1.9 million at April 8, 2015 with estimated realizable value of $1.6 million per SOA. · basis: Debtor's Statement of Affairs (Form 78), amounts "as stated and estimated by the officer"; the Proposal Trustee's opinion is that assets and liabilities are as reflected on the Statement of Affairs · scope: 1749049 Alberta Ltd. (formerly Hemisphere Engineering Inc.), single entity · currency: CAD · total assets: 1646598.26 · total liabilities: 2176046.92
- operational summaryThe Company's assets were sold to MCW Hemisphere Ltd. (closed in escrow, effective January 1, 2015), with most employees offered continued employment by MCW. The Company is now collecting its remaining accounts receivable to fund distributions to unsecured creditors under the accepted Proposal.
- recovery outcomeentries: basis: actual · quote: On April 29, 2015, CRA's deemed trust claim for source deductions was paid in full. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: CRA's deemed trust claim for source deductions · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Accordingly, there will be no recovery for unsecured creditors in a bankruptcy. · 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: Claims in respect of goods supplied, services rendered and other consideration given to the Company, after December 31, 2014, the effective date of the sale, have been paid in full by MCW, in the ordinary course of business and on terms agreed to between the Company and its respective creditors. · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: claims in respect of goods supplied, services rendered and other consideration given to the Company after December 31, 2014 · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Certain Unsecured Creditors of 1749049 whose claims arose prior to the Proposal Valuation Date have been paid in order to assure the continued supply of goods and services deemed critical to the continued operation of the business of 1749049. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: debtor · class label: unsecured creditors as defined in Article 7.8 (claims arising prior to the Proposal Valuation Date, critical suppliers) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The claims as defined in Article 7.4 hereof of all amounts outstanding at the time of the filing of the Notice of Intention or of filing the Proposal, together with all amounts accrued due for services rendered after that date and before Court approval of the Proposal, shall be paid in full immediately following Court approval of the Proposal from proceeds realized in relation to business operations and in priority to the claims of all other Creditors, however, payment to wage claimants shall be subordinate to payment of the Professional Fees. · pct of: unstated · outcome: paid_in_full · stated by: debtor · class label: employee claims (as defined in Article 7.4) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The balance of the funds are to be distributed, on a pro rata basis, to the remaining unsecured creditors (other than the holders of Equity Claims) of the Company. · pct of: unstated · outcome: distribution · class key: equity · stated by: proposal_trustee · class label: Unsecured Creditors (other than the holders of Equity Claims) · interim final: unstated · conditional on: The balance of the funds are to be distributed, on a pro rata basis, to the remaining unsecured creditors (other than the holders of Equity Claims) of the Company; payment made as funds available until claims paid in full or accounts receivable exhausted. · claims qualifier: unstated; basis: plan · quote: Upon the Secured Creditor's claim being paid in full, the Secured Creditor shall discharge its security and any remaining funds coming into the hands of the Insolvent Person or its Trustee shall be distributed to the holder of Equity Claims. · pct of: unstated · outcome: distribution · class key: equity · stated by: debtor · class label: Equity Claims holders · interim final: unstated · conditional on: Only after the Secured Creditor's claim is paid in full; any remaining funds distributed to holders of Equity Claims. · claims qualifier: unstated · stated on: 2015-05-11 · table missing:
- report date11 May 2015
- report noThird Report
- sale outcometext: the Company has finalized the sale of the assets and assumption of its contracts through the sale to MCW which was approved by the Court on February 17, 2015 and the transaction closed with an effective date of January 1, 2015 · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.