Nova Scotia · Bankruptcy
Trustee’s Preliminary Report to Creditors
Court officer report · 18 January 2013
What we verified from this filing14 verified
- courtN O VA S C O T I A B A N K R U P T C Y C O U R T
- court file no36958
- statutory basisThe Bankruptcy and Insolvency Act, a federal act in Canada
- appointeeDeloitte & Touche Inc.
- appointee roleTrustee
- commencement date31 December 2012
- proceeding typebia_bankruptcy
- cash on handnote: Cash figure from Statement of Affairs as of December 27, 2012, based on December 17, 2012 bank account balances. · as at: 2012-12-17 · amount: 349925 · currency: CAD
- financial positionnote: A later Statement of Affairs as of December 27, 2012 (unaudited) reported book value assets of $7,467,946 (estimated net realization $7,160,235) and total liabilities (estimate of net realization) of $17,678,304, resulting in an estimated deficit of $10,518,069 before professional fees. · as at: 2012-09-30 · basis: unaudited internal financial statements prepared by HII's management · scope: entity-level - Homco Realty Fund (71) Limited Partnership (H71) only, not consolidated · currency: CAD · total assets: 7222647 · total liabilities: 17586429
- operational summaryH71's sole asset, a leased commercial property in the Netherlands, is subject to a Dutch court-approved private sale to a third-party purchaser to repay secured lender ABN, and the property is expected to be surrendered to ABN given the lack of equity for unsecured creditors.
- professional feesnote: Stated net of sales taxes. · party: Deloitte & Touche Inc. (Trustee) · amount: 20600 · period: December 31, 2012 to January 12, 2013 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Trustee estimates that the proceeds that will be realized from the liquidation of all of H71's assets which are not secured in favor of ABN (totaling $0.8M as per the Statement of Affairs) could result in a dividend ranging from 0 to 7 cents on the dollar to the unsecured creditors (who have claims totaling $11.3M as per the Statement of Affairs). · pct of: unstated · outcome: distribution · pct low: 0 · pct high: 7 · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 11300000 · interim final: unstated · conditional on: The amount of the final dividend to the unsecured creditors will depend on the value that will be realized from H71's assets, the total amount of claims that will be proven by creditors before dividend distribution, and on the administration costs of the estate. · claims qualifier: listed · table missing:
- report date18 January 2013
- report noTrustee's Preliminary Report to Creditors