Ontario · Proposal
Trustee Report to Creditor on Proposal
Court officer report · 14 September 2020
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 filing11 verified
- courtONTARIO SUPERIOR COURT OF JUSTICE IN BANKRUPTCY AND INSOLVENCY
- court file no35-2655472
- proceeding typebia_proposal
- provinceONTARIO
- statutory basisSections 50(10)(b) and 50(5) of the Bankruptcy and Insolvency Act
- statutory basisSections 50(10)(b) and 50(5) of the Bankruptcy and Insolvency Act
- appointeeMNP Ltd.
- appointee roleTrustee
- commencement date30 June 2020
- financial positionnote: Assets figure is estimated gross realizations at net book value (NOI Date): Accounts Receivable $373,000, Insurance Claim Proceeds $500,000, Inventory $4,417,000, Furniture and equipment $272,000, Intangible assets $nil. Liabilities total of $11,646,910 comprises Secured Creditors $5,175,391, Estimated Ordinary Creditor Claims $2,993,033, and Estimated Landlord Claims $3,478,486, all 'as at date of NOI' (June 30, 2020). · basis: unaudited financial information provided by the Company; Trustee's estimated liquidation values · scope: entity - Educator Supplies Limited (Scholar's Choice) · currency: CAD · total assets: 5562000 · total liabilities: 11646910
- recovery outcomeentries: basis: plan · quote: Based on the estimated Ordinary Creditor Claims of $2,993,033 this would generate an average distribution of 21.7% to creditors with Proven Ordinary Creditor Claims. · pct of: proven_claims · outcome: distribution · pct low: 21.7 · pct high: 21.7 · class key: unsecured · stated by: proposal_trustee · amount low: 650000 · amount high: 650000 · class label: Ordinary Creditors with Proven Ordinary Creditor Claims (average distribution) · claims amount: 2993033 · interim final: unstated · conditional on: if the Proposal is accepted · claims qualifier: estimated; basis: plan · quote: It is estimated that the largest Ordinary Creditors will receive approximately 15.5% · pct of: unstated · outcome: distribution · pct low: 15.5 · pct high: 15.5 · class key: unsecured · stated by: proposal_trustee · class label: largest Ordinary Creditors · interim final: unstated · conditional on: if the Proposal is accepted · claims qualifier: unstated; basis: plan · quote: based on the terms above Ordinary Creditors with claims less than $750.00 will receive the full value of their claims. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: proposal_trustee · class label: Ordinary Creditors with claims less than $750.00 · interim final: unstated · conditional on: if the Proposal is accepted · claims qualifier: unstated; basis: plan · quote: Based on the estimated total Landlord Claims of $3,478,486 this would generate a distribution of approximately $10.1% for landlords with Proven Landlord Claims. · pct of: proven_claims · outcome: distribution · pct low: 10.1 · pct high: 10.1 · class key: landlord · stated by: proposal_trustee · amount low: 350000 · amount high: 350000 · class label: Landlords with Proven Landlord Claims · claims amount: 3478486 · interim final: unstated · conditional on: if the Proposal is accepted · claims qualifier: estimated; basis: liquidation_alternative · quote: Therefore, all Unsecured Creditors will receive $nil on their proven claims in a bankruptcy. · pct of: proven_claims · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: if the Proposal is not accepted and the Company becomes bankrupt · claims qualifier: unstated; basis: liquidation_alternative · quote: All assets of the Company would remain subject to claims of the Secured Creditors, and it is estimated there would be a shortfall on these claims. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · claims amount: 5175391 · interim final: unstated · conditional on: if the Proposal is not accepted and the Company becomes bankrupt · claims qualifier: unstated · stated on: 2020-09-14 · table missing: