Ontario · Proposal
Trustee's report to creditors - Proposal
Court officer report · undated
A plain-language read of this filing opens with a subscription.
What we verified from this filing11 verified
- appointeeRosen Goldberg Inc.
- appointee roleProposal Trustee
- commencement date31 August 2020
- statutory basisPart III, Division I of the Bankruptcy and Insolvency Act
- financial positionnote: Document states liabilities exceed assets by a deficiency of $1,168,886 as at July 31, 2020; components not summed. Assets consist of inventory (est. realizable $3,840), accounts receivable (est. realizable $34,300, book value $52,757), and office furniture/equipment (est. realizable $3,500). Secured creditors reported as NIL. · page: 5 · as at: 2020-07-31 · basis: sworn Statement of Affairs, summarized in Condensed Statement · scope: Valiant Creative Agency Inc. (entity level) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors. Estimated distribution basis restates figure as $718,455 (excluding contingent claims) at page 7. CRA trust claim of $17,071 and contingent guarantee claim of $475,000 reported separately. · page: 6 · as of: 2020-07-31 · basis: Statement of Affairs as summarized in Condensed Statement · amount: 718526 · debtor: Valiant Creative Agency Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deemed trust claim relating to unpaid employee source deductions owing to CRA. · page: 6 · as of: 2020-07-31 · basis: Statement of Affairs as summarized in Condensed Statement · amount: 17071 · debtor: Valiant Creative Agency Inc. · creditor: Canada Revenue Agency (Trust Claim - unpaid source deductions) · currency: CAD
- unsecured creditorsnote: Contingent claim representing Valiant's guarantee of loans to Faduchi Group Inc. (its parent/holding company, a related party) relating to the December 2019 share acquisition. · page: 6 · as of: 2020-07-31 · basis: Statement of Affairs as summarized in Condensed Statement · amount: 475000 · debtor: Valiant Creative Agency Inc. · creditor: Contingent claimant(s) re: guarantee of Faduchi Group Inc. loans · currency: CAD
- unsecured creditorsnote: Preferred (NIL per Statement of Affairs); preferred creditors rank ahead of ordinary unsecured claims per Proposal terms. · page: 6 · as of: 2020-07-31 · basis: Statement of Affairs as summarized in Condensed Statement · amount: 0 · debtor: Valiant Creative Agency Inc. · creditor: Preferred creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: | Estimated dividend to preferred creditors (100%) | $ Nil | · pct of: unstated · outcome: nil · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: If the Proposal is accepted, the Proposal Trustee estimates that the distribution to Unsecured Creditors with proven claims will be approximately $0.27 per dollar of unsecured claim calculated as follows: · pct of: unstated · outcome: distribution · pct low: 27 · pct high: 27 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · cents on dollar: 27 · claims qualifier: unstated; basis: estimated · quote: | Estimated dividend to unsecured creditors (27.55%) | $197,929 | · pct of: unstated · outcome: distribution · pct low: 27.55 · pct high: 27.55 · class key: unsecured · stated by: proposal_trustee · amount low: 197929 · amount high: 197929 · class label: Unsecured creditors (excluding contingent claims) · claims amount: 718455 · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: In that event, after payment of the trust claim and professional fees, the Proposal Trustee estimates that there will be no funds available for distribution to Preferred of Unsecured Creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: proposal_trustee · class label: Preferred of Unsecured Creditors · interim final: unstated · conditional on: If the Proposal is not accepted by Unsecured Creditors or does not receive Court approval, resulting in a deemed Assignment in Bankruptcy · claims qualifier: unstated · table missing:
- secured creditors