British Columbia · NOI

Creditor’s Package – Notice of Proposal to Creditors

Notice to creditors · 19 February 2016

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What we verified from this filing50 verified

unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 3291.38 · debtor: Zao Trading Corporation · creditor: High Output Sports · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 853.55 · debtor: Zao Trading Corporation · creditor: 1664BMX Distribution · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 14463.04 · debtor: Zao Trading Corporation · creditor: Adidas Canada Ltd · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 1770.28 · debtor: Zao Trading Corporation · creditor: BC Hydro · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 578 · debtor: Zao Trading Corporation · creditor: Borden Ladner Gervais LLP · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 57504 · debtor: Zao Trading Corporation · creditor: Bosa Properties - Dells Holding · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 21940.03 · debtor: Zao Trading Corporation · creditor: Burton Canada Company · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 356.16 · debtor: Zao Trading Corporation · creditor: Cathedra Solutions · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 20983.6 · debtor: Zao Trading Corporation · creditor: Centre Distribution · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 1208.23 · debtor: Zao Trading Corporation · creditor: Chance Skateboards Inc. · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 7930 · debtor: Zao Trading Corporation · creditor: Clutch Distribution · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 2690.47 · debtor: Zao Trading Corporation · creditor: Dakine · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 1159.63 · debtor: Zao Trading Corporation · creditor: Dwindle Distribution · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 15559.92 · debtor: Zao Trading Corporation · creditor: Dye Precision Inc · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 3421.88 · debtor: Zao Trading Corporation · creditor: Electric Visual LLC · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 925.49 · debtor: Zao Trading Corporation · creditor: Element Canada · currency: CAD
unsecured creditorsnote: Non-Participating Creditor per Proposal; has agreed to waive entitlement to any dividend; related party (significant unsecured creditor) · page: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 2737153.19 · debtor: Zao Trading Corporation · creditor: Glenwood Preserves Ltd - Investment · currency: CAD
unsecured creditorspage: 2 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 11603.78 · debtor: Zao Trading Corporation · creditor: Herschel Supply Company · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 8631.01 · debtor: Zao Trading Corporation · creditor: Origin Distribution · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 5019.27 · debtor: Zao Trading Corporation · creditor: K2 Corporation of Canada · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 875.7 · debtor: Zao Trading Corporation · creditor: Kitsch Skateboards · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 393.48 · debtor: Zao Trading Corporation · creditor: Kiwi Electrical Services · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 32132.9 · debtor: Zao Trading Corporation · creditor: K-Swiss Canada · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 4517.57 · debtor: Zao Trading Corporation · creditor: Land Yachtz Longboards (Versal Manufacturing) · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 8000.18 · debtor: Zao Trading Corporation · creditor: Mehrathon Trading Inc. · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 1742.46 · debtor: Zao Trading Corporation · creditor: MOMENTUM Distribution Inc. -Endorphin Group · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 17262.67 · debtor: Zao Trading Corporation · creditor: Mostad Printing & Media · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 11076.71 · debtor: Zao Trading Corporation · creditor: Nidecker USA (KMU Factoring AG) · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 19114.04 · debtor: Zao Trading Corporation · creditor: Nike Canada Ltd · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 12937.79 · debtor: Zao Trading Corporation · creditor: No Limits · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 10713.1 · debtor: Zao Trading Corporation · creditor: Oakley Canada · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 5841.2 · debtor: Zao Trading Corporation · creditor: Outdoor Gear Canada · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 10075.97 · debtor: Zao Trading Corporation · creditor: Smart & Biggar · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 4390.88 · debtor: Zao Trading Corporation · creditor: Spy Optic, Inc · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 26277.98 · debtor: Zao Trading Corporation · creditor: Supra Distribution Ltd. · currency: CAD
unsecured creditorspage: 3 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 15797.11 · debtor: Zao Trading Corporation · creditor: Take Five Trading Inc. · currency: CAD
unsecured creditorsnote: VW Credit Canada Inc. is also listed as the sole secured creditor (registered security interest in one leased vehicle); this $1,000.00 claim amount is listed among unsecured creditors, possibly a deficiency or separate account · page: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 1000 · debtor: Zao Trading Corporation · creditor: VW Credit Canada Inc. · currency: CAD
unsecured creditorsnote: Terrance Crowley is a director; related party and Non-Participating Creditor who has agreed to waive entitlement to any dividend · page: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 52374.81 · debtor: Zao Trading Corporation · creditor: Terry Crowley - Loan · currency: CAD
unsecured creditorspage: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 3780 · debtor: Zao Trading Corporation · creditor: The Zone @ 91-3(CJZN-FM) · currency: CAD
unsecured creditorspage: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 40284.74 · debtor: Zao Trading Corporation · creditor: Timebomb Trading Inc. · currency: CAD
unsecured creditorsnote: Thomas Gregory Reinhart is a director; related party · page: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 314.59 · debtor: Zao Trading Corporation · creditor: Tom Reinhart - Expenses · currency: CAD
unsecured creditorsnote: Thomas Gregory Reinhart is a director; related party and Non-Participating Creditor who has agreed to waive entitlement to any dividend · page: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 96085.31 · debtor: Zao Trading Corporation · creditor: Tom Reinhart - Loan · currency: CAD
unsecured creditorsnote: Significant unsecured creditor named in Trustee's report · page: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 100916 · debtor: Zao Trading Corporation · creditor: Torrent Real Estate Services Inc. / Torrent Investments · currency: CAD
unsecured creditorspage: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 17323.35 · debtor: Zao Trading Corporation · creditor: Ultimate Skateboard Distributors Inc. · currency: CAD
unsecured creditorspage: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 13348.52 · debtor: Zao Trading Corporation · creditor: Vans (VF outdoor Canada Inc.) · currency: CAD
unsecured creditorspage: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 506.96 · debtor: Zao Trading Corporation · creditor: Wells Fargo (NEFF) · currency: CAD
unsecured creditorspage: 4 · basis: List of Creditors with claims of $250 or more (Form 92) · amount: 16786.34 · debtor: Zao Trading Corporation · creditor: Volcom, LLC · currency: CAD
financial positionnote: Total assets figure is book value ($659,000: Inventory $483,000, Furniture & Fixtures $75,000, Cash on hand $101,000) as at February 15, 2016; estimated gross realizable value in bankruptcy was $297,000. Unsecured creditor balance identified to date is approximately $3.4 million based on Company records (page 9); Total from itemised Form 92 list of creditors with claims of $250 or more is $3,440,913.27 (page 4). Company reported net losses of $1.05 million and $789,000 for fiscal years ending August 31, 2014 and 2015 respectively (page 5). Company stated it does not owe any arrears with respect to payroll source deductions to CRA (deemed trust claim - none) and is not aware of any preferred creditors (page 9). · page: 8 · as at: 2016-02-15 · basis: Book value; estimated realizable value in bankruptcy as of the date of filing of the Proposal (also reported), prior to remaining payments for post-filing obligations, occupancy costs, realization costs and professional fees · scope: Zao Trading Corporation (entity level) · currency: CAD · total assets: 659000
secured creditorsnote: Unaffected by the Proposal; claim to be addressed per security agreement or as arranged with the secured creditor. Note: VW Credit Canada Inc. also appears in the list of creditors with claims of $250 or more with a claim amount of $1,000.00 (page 4), which may relate to a separate unsecured portion of dealings. · page: 8 · debtor: Zao Trading Corporation · creditor: VW Credit Canada Inc. · currency: CAD · security: Registered security interest in respect of one leased vehicle
recovery outcomeentries: basis: liquidation_alternative · quote: | Recovery per dollar of claim to unsecured participating creditors | $ 0.06 | 6A 0.05 | Note 1 | · pct of: unstated · outcome: distribution · pct low: 6 · pct high: 6 · class key: unsecured · stated by: proposal_trustee · class label: unsecured participating creditors (bankruptcy as at October 16, 2015) · interim final: unstated · cents on dollar: 6 · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on our review of the Company's current assets and liabilities, in the event of a bankruptcy, it is our view that the liquidation of the Company's assets as of the date of filing the Proposal would provide unsecured creditors a recovery of $.05 per dollar of unsecured claim. · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: proposal_trustee · class label: unsecured claims (in the event of a bankruptcy) · interim final: unstated · cents on dollar: 5 · claims qualifier: unstated; basis: plan · quote: Claims over $5,000 will recover $0.25 per dollar of proven unsecured claim. · pct of: proven_claims · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors with claims over $5,000 (Proposal) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Claims less than $1,250 would be paid 100%; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors with claims less than $1,250 (Proposal) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: We assume all unsecured creditors with claims less than $5,000 will compromise their claim to $1,250. These creditors will receive between $0.26 and $0.99 per dollar of their proven claim; and · pct of: proven_claims · outcome: distribution · pct low: 26 · pct high: 26 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors with claims less than $5,000 compromising to $1,250 (Proposal) · interim final: unstated · conditional on: We assume all unsecured creditors with claims less than $5,000 will compromise their claim to $1,250 · claims qualifier: unstated; basis: plan · quote: As noted earlier in this report, Glenwood Preserves Ltd., Thomas Gerald Reinhart and Terrance Crowly have agreed to waive any entitlement to a dividend. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Glenwood Preserves Ltd., Thomas Gerald Reinhart and Terrance Crowly · creditor name: Glenwood Preserves Ltd., Thomas Gerald Reinhart and Terrance Crowly · interim final: unstated · claims qualifier: unstated · table missing: