Ontario · Bankruptcy
Third Report of Proposal Trustee dated January 12, 2010
Court officer report · 12 January 2010
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
- financial positionnote: Components only, not summed: Capital Assets (including land and buildings) $1,100,000 (cost value $2,200,000 per financial statements; market value of land and building may differ, current appraisals not yet commissioned); Inventory $1,700,000; Investment in GROWMARK Inc. $375,000; Receivables $360,000; Investment in Tru*Serv Canada Corporative Inc. $2,000; Interest in Madoc/UPI Energy LP Fuel Joint Venture $200,000. Major secured creditor debts also listed separately (not summed here per scope rules): GROWMARK $4,000, GE $50,000, Desjardins $2,200,000, Yamaha $200,000, Tru*Serv $100,000. Debentures outstanding $233,000; patronage loans outstanding $326,000. · as at: 2009-08-31 · basis: draft unaudited financial statements; approximate book value · scope: entity - Madoc Co-operative Association · currency: CAD
- operational summaryMadoc, under Farber's interim receivership, is conducting a liquidation sale of inventory at its three co-op stores and V&S Department Store while collecting receivables in the ordinary course, aiming to sell its assets and business as a going concern via a liquidating proposal.
- professional feesnote: Figures are projected/forecast professional fees within the Revised Cash Flow Statement, not actual incurred fees stated by the report: Dec $60,000, Jan $75,000, Feb $70,000. · party: Proposal Trustee, Interim Receiver and legal counsel · period: December 2, 2009 to February 28, 2010 (projected) · currency: CAD
- report date12 January 2010
- report noThird Report