Saskatchewan · NOI
Report of Trustee on Amended Proposal
Court officer report · 19 April 2023
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 filing12 verified
- applicantMNP LTD. IN ITS CAPACITY AS THE PROPOSAL TRUSTEE IN THE DIVISION I PROPOSAL OF TUNDRA ELECTRIC INC.
- courtCOURT OF KINGS'S BENCH FOR SASKATCHEWAN
- court file noBKY-RG-00083-2023
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date22 February 2023
- statutory basisSection 59(1) and paragraph 58(d) of the Act
- financial positionnote: Assets: Cash on Hand at March 23, 2023 $6,000, Accounts Receivable $415,000 (est. realization $208,000), Inventory $7,000 (est. $4,000), Equipment $47,000 (est. $24,000); total per Statement of Affairs $475,000, estimated realization $242,000, subject to post-filing obligations, realization costs and professional fees. Liabilities: Secured $475,405 (SOA) / $560,872 (filed), Unsecured $1,290,813 (SOA) / $1,237,459 (filed), Total $1,766,218 (SOA) / $1,798,331 (filed). · page: 3 · as at: 2023-03-23 · basis: Estimated Realization value per Trustee's opinion (assets); liabilities per Statement of Affairs and as filed April 11, 2023 · scope: Tundra Electric Inc. (single entity) · currency: CAD · total assets: 242000 · total liabilities: 1798331
- unsecured creditorsnote: Total CRA claim was $625,329.42, of which $560,872.90 related to a deemed-trust property claim under s.60(1.1) BIA (classified separately as secured/deemed trust); only the unsecured portion of $64,456.52 was considered for voting. · page: 3 · as of: meeting of creditors, April 11, 2023 · basis: CRA claim submitted on behalf of His Majesty the King, unsecured portion considered for voting purposes · amount: 64456.52 · debtor: Tundra Electric Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Per Statement of Affairs the amount was $475,405; as filed at April 11, 2023 the amount was $560,872. This figure also corresponds to CRA's claim for pre-filing source deduction obligations (deemed trust, subsection 60(1.1) BIA); document names no individual secured creditors. · page: 4 · as of: April 11, 2023 · amount: 560872 · debtor: Tundra Electric Inc. · creditor: Secured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors in the excerpted pages; two unsecured creditors with total claims of $1,158,312 voted in favor of the Amended Proposal at the April 11, 2023 meeting. · page: 4 · as of: April 11, 2023 · basis: Per Statement of Affairs $1,290,813; filed as at April 11, 2023 $1,237,459 · amount: 1237459 · debtor: Tundra Electric Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: in the event of a bankruptcy, it is our view that the liquidation of the Company's assets would provide the unsecured creditors a recovery of $nil. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors (in a bankruptcy) · interim final: unstated · conditional on: All realizations would be subject to CRA's priority property claim for unpaid source deductions. · claims qualifier: unstated; basis: plan · quote: In accordance with the Proposa!, we estimate there to be approximately $603,000 available from the Proposal Fund for distribution to the unsecured creditors. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 603000 · amount high: 603000 · class label: unsecured creditors (under the Proposal) · claims amount: 1290000 · interim final: unstated · claims qualifier: unstated · table missing: