Ontario · Proposal
Notice to Creditors of Proposal
Notice to creditors · 24 November 2015
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What we verified from this filing12 verified
- appointeeA. Farber & Partners Inc.
- provinceONTARIO
- appointee roleTrustee
- commencement date18 November 2015
- statutory basissubsection 62(1) of the Bankruptcy and Insolvency Act
- unsecured creditorsnote: Deemed trust claim; Management believes outstanding amount owing of approximately $87,540 (prose approximation), Trustee's Statement of Affairs/table states $87,538 (also referenced as $87,538 total liabilities breakdown); to be paid to Receiver General in priority to other unsecured creditors · page: 7 · as of: date of filing the Proposal · basis: Statement of Affairs / Estimated Claim Amount as reported by Trustee · amount: 87538 · debtor: Biosenta Inc. · creditor: Deemed Trust Creditors - Source Deductions (Canada Revenue Agency / Receiver General) · currency: CAD
- financial positionnote: Total liabilities of $5,110,181 include $87,538 deemed trust claim of Canada Revenue Agency; estimated realizable value of assets is $196,617; if business closed and liquidated, net realizable value may be diminished further · page: 9 · as at: date of filing the Proposal · basis: Statement of Affairs reflects Biosenta's assets and estimated liabilities at the date of filing the Proposal; valuation of assets assumes going concern; Trustee has not prepared an in-depth analysis or audit · scope: Biosenta Inc. (entity-level, going concern basis) · currency: CAD · total assets: 196617 · total liabilities: 5110181
- secured creditorsnote: Referred to as 'Secured Creditor' in Amended Proposal and Statement of Affairs; estimated claim amount per Trustee's report tables is $300,000 · page: 9 · as of: date of filing the Proposal · amount: 300000 · debtor: Biosenta Inc. · creditor: Promissory Noteholder(s) (secured grid note dated October 28, 2015) · currency: CAD · security: Secured grid note dated October 28, 2015 in aggregate principal amount of up to $300,000, together with additional secured promissory notes in aggregate amount of up to $500,000 (facility limits, not balances)
- unsecured creditorsnote: Aggregate figure; includes holders of unsecured convertible debentures (CD Holders/Noteholders); no individual creditors named in this report · page: 9 · as of: date of filing the Proposal · basis: Estimated Claim Amount as reported by Trustee · amount: 4806476 · debtor: Biosenta Inc. · creditor: Unsecured Creditors with proven claims over $5,000 (including CD Noteholders) · currency: CAD
- unsecured creditorsnote: Aggregate of small unsecured claims (≤$5,000 each) to be paid in full; no individual creditors named · page: 9 · as of: date of filing the Proposal · basis: Estimated Claim Amount as reported by Trustee · amount: 25000 · debtor: Biosenta Inc. · creditor: Convenience Creditors (Unsecured creditors with proven claims equal to or less than $5,000) · currency: CAD
- unsecured creditorsnote: Preferred claim under section 136 of the Act (includes landlord's preferred claim for up to three months' rent arrears); ranks ahead of ordinary unsecured creditors · page: 9 · as of: date of filing the Proposal · basis: Estimated Claim Amount as reported by Trustee · amount: 13000 · debtor: Biosenta Inc. · creditor: Preferred Creditors - s. 136 of the Act · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: It is probable that unsecured creditors would not receive any distribuion. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2015-11-24 · table missing: