Nova Scotia · Proposal
The Cochran Group Creditors Package June 1 2022
Meeting materials · 1 June 2022
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 filing2 verified
- financial positionnote: Statement of Affairs total liabilities is $4,569,127.00 for each entity (unsecured $4,569,127.00; secured $0.00; preferred $0.00; contingent $0.00). Total assets differ by entity: Cochran LP total assets $0.00 (deficiency $4,569,127.00); Cochran GP total assets $356,600.00 (real property, deficiency $4,212,527.00 per that SOA text, though the summary table for GP as shown lists NIL surplus and same liabilities); CL Development total assets $356,600.00 (land, deficiency $4,212,527.00). Separately, the Trustee's Report Section D estimates Entities' combined book value assets at $4,489,411 (Miscellaneous Receivables $167,843; Inventory $2,400,000; Land $1,921,568) as at December 31, 2021, with estimated net realizable value in liquidation ranging $268,000 to $459,000 after deducting real estate commission and secured property tax claims. Section F states Creditor Summary as at December 31, 2021: Secured Creditors 2/$156,989; Unsecured Creditors 28/$4,525,494; Total 30/$4,682,482. · as at: 2022-02-25 · basis: Statement of Affairs, as stated and estimated by the officer · scope: entity - each of Cochran Landing Limited Partnership, Cochran Landing GP Inc., and CL Development Ltd. individually (liabilities identical across all three entities) · currency: CAD · total liabilities: 4569127
- recovery outcomeentries: basis: plan · quote: No payments will be made by the Entities to the Unsecured Creditor Class during the term of the Proposal other than payments referred to in section vi. below; · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditor Class · interim final: unstated · conditional on: No payments other than payments referred to in section vi. · claims qualifier: unstated; basis: liquidation_alternative · quote: | Available for Distribution to Unsecured | Creditors | 230,850 | 421,800 | · pct of: unstated · outcome: distribution · pct low: 5.1 · pct high: 9.3 · class key: unsecured · stated by: proposal_trustee · amount low: 230850 · amount high: 421800 · class label: Unsecured Creditors · claims amount: 4525494 · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: If the Proposal is rejected and the Entities are deemed bankrupt, the Proposal Trustee has estimated that the Unsecured Creditors would receive a distribution of less than 10% of their proven claims. · pct of: proven_claims · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-06-01 · table missing: