British Columbia · Proposal
Report of Trustee on the Joint Proposal
Court officer report · 7 August 2024
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 filing5 verified
- cash on handnote: Trustee's estimate of the Companies' cash on hand as at the Filing Date, part of estimated realizable value in a bankruptcy scenario · as at: 2024-02-08 · amount: 33975 · currency: CAD · qualifier: approximately
- financial positionnote: Estimated realizable value of assets by category (Low/High): Cash $33,975/NIL; Trade Fixtures & Leasehold Improvements $1/NIL; Equipment $1/NIL; Inventory $21,000/NIL; Other (cash held in trust) $60,000/$60,000; Total estimated realizable value range NIL to $93,975 (Statement of Affairs value $114,979). Liabilities: Declared total $1,172,790 (Secured $9,874, Preferred $343,222, Unsecured $819,694); Admitted for voting total $1,144,261 (Secured $NIL, Preferred $343,222, Unsecured $801,039). · as at: 2024-02-08 · basis: Statement of Affairs management estimate / Trustee's estimated realizable value in bankruptcy · scope: entity - combined for Park Drive Venue GP Inc., Park Drive Venue Limited Partnership, 0990260 B.C. Ltd., 0943069 B.C. Ltd., and 1208736 B.C. Ltd. · currency: CAD · total liabilities: 1172790
- operational summaryThe Operating Entities (Smitty's Main Street and Park Drive) continue to operate under Mr. Thompson, with revenues having returned to near pre-COVID levels, while 069 and 736 ceased operations prior to the NOI proceedings; the Companies have become and remained current on tax filing and remittance obligations since filing.
- recovery outcomeentries: basis: plan · quote: The Proposal Trustee shall pay from the Cash Distribution Fund to each Affected Creditor with a Proven Claim a Cash Distribution equal to 2% of its Proven Claim. · pct of: proven_claims · outcome: distribution · pct low: 2 · pct high: 2 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Crown Claims that are Proven Claims (if any) shall be paid in their entirety, inclusive of interest, within six months after the granting of the Approval Order in accordance with the scheme of distribution set forth in the BIA. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Claims that are Proven Claims (if any) shall be paid in full on or after the date that is immediately upon the Approval Order, in accordance with the scheme of distribution set forth in the BIA. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proposal Trustee shall pay from the Cash Distribution Fund to each Unsecured Creditor with a Proven Claim a Cash Distribution equal to 2% of its Proven Claim. · pct of: proven_claims · outcome: distribution · pct low: 2 · pct high: 2 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Crown Source Claims that are Proven Claims (if any) shall be paid in their entirety, inclusive of interest, within six months after the granting of the Approval Order in accordance with the scheme of distribution set forth in the BIA. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Crown Source Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Crown GST Creditors will be paid $100,000 over four years (the 'GST Payments'), with the first payment of $25,000 to be made December 31, 2024, and further payments of $25,000 to be made on each of December 31, 2025, December 31, 2026, and December 31, 2027, which dates may be extended by up to 30 days with the written consent of the Proposal Trustee and/or the inspectors (if any), however, the Companies may, at their sole discretion, accelerate the GST Payments in the event the Companies are able to pay the GST Payments sooner than anticipated. · pct of: unstated · outcome: distribution · class key: preferred · stated by: proposal_trustee · amount low: 100000 · amount high: 100000 · class label: Crown GST Creditors · interim final: unstated · conditional on: $100,000 paid over four years in $25,000 instalments on December 31 of 2024, 2025, 2026 and 2027 · claims qualifier: unstated · table missing:
- report date2 August 2024