Ontario · Winding-up (provincial)
Liquidator’s First Report to Court dated October 18, 2017 (for motion returnable October 30, 2017)
Court officer report · 18 October 2017
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 filing3 verified
- secured creditorsnote: Payout balance per payout statement dated October 16, 2017 is approximately $817,000, net of Holdback (~$75,000) and including early mortgage break penalty of $29,766. Registered charge amount of $900,000 is the original registered principal, not the outstanding balance. · page: 9 · as of: 2017-10-16 · amount: 817000 · debtor: 2497486 Ontario Ltd. · creditor: Equitable Bank · currency: CAD · security: Charge registered against title to Real Property dated December 30, 2015, Instrument No. AT4107054, registered principal amount $900,000; also Notice of Assignment of Rents - General, Instrument No. AT4107055; PPSA financing statement registered December 31, 2015 claiming security interest in inventory, equipment, accounts and other in the amount of $900,000 pursuant to General Assignment of Rents and General Security Agreement
- unsecured creditorsnote: Liquidator believes all unsecured creditors (excluding any direct or indirect claims of the shareholders) will be paid 100% of their claims from proceeds of the Transaction; document does not state an aggregate dollar amount or name individual creditors. Claims of non-arm's length creditors (Shareholders and companies controlled by them) to be determined and reported to Court at a later date. · page: 10 · basis: Liquidator's review of the Company's financial information · debtor: 2497486 Ontario Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the Liquidator's review of the Company's financial information, the Liquidator believes that all unsecured creditors (excluding any direct or indirect claims of the shareholders of the Company) will be paid 100% of their claims against the Company from the proceeds of the Transaction. · pct of: unstated · outcome: paid_in_full · pct low: 100 · currency: CAD · pct high: 100 · class key: equity · stated by: liquidator · class label: unsecured creditors (excluding any direct or indirect claims of the shareholders of the Company) · interim final: unstated · related party: false · currency quote: all monetary amounts referenced herein are expressed in Canadian dollars · claims qualifier: unstated · stated on: 2017-10-18 · table missing: