British Columbia · Receivership (court-appointed)
The purpose of the First Report was to advise the Supreme Court of British Columbia with respect to, inter alia: a. the background of the Companies; b. the financial position of the Companies and causes of insolvency; c. the assets and liabilities of the Companies; d. the activities undertaken by the Proposal Trustee in accordance with the provisions of the BIA; 3 e. the Companies’ projected cash flows for the period of December 11, 2017 to February 25, 2018 (the “First Report Cash Flow Forecast”); f. the Companies’ request for an extension of the deadline to file a Proposal from February 7, 2018 to February 25, 2018; and g. the Proposal Trustee’s recommendations
Court officer report · 1 June 2018
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 filing1 verified
- recovery outcomeentries: basis: estimated · quote: the Receiver notes that the Funds Available for Distribution are sufficient to repay HSBC in its entirety. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: HSBC Bank Canada · claims amount: 757190.81 · creditor name: HSBC Bank Canada · interim final: unstated · claims qualifier: listed; basis: estimated · quote: Hanover will realize a material shortfall on its indebtedness in excess of $32 million. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Hanover Investments Corporation Ltd. · claims amount: 46591475.84 · creditor name: Hanover Investments Corporation Ltd. · interim final: unstated · claims qualifier: listed; basis: estimated · quote: Given the significant shortfall to the Secured Creditors, as described above, the Receiver does not expect that there will be any distribution from the Western Concord estates for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 2431348.23 · interim final: unstated · conditional on: unsecured creditors may, at their cost, challenge the validity of the Secured Creditors' security · claims qualifier: asserted · stated on: 2018-05-31 · table missing: