Ontario · Bankruptcy
Motion Record, returnable May 22, 2019
Application / notice of application · 22 May 2019
A plain-language read of this filing opens with a subscription.
What we verified from this filing15 verified
- appointeeA. Farber & Partners Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date17 May 2019
- courtSUPERIOR COURT OF JUSTICE
- court file no31-2467216
- proceeding typebia_bankruptcy
- provinceONTARIO
- financial positionnote: Figure represents book value of Inventory only, as declared in the Statement of Affairs, not total assets or liabilities of the estate; Trustee's own inventory count/price-list valuation totaled $6,733,000 original cost (page 21); no total liabilities figure stated in these pages. · page: 20 · basis: Sworn Statement of Affairs filed by the Company - book value of Inventory as declared by sole director · scope: entity - Sound City Music Entertainment Inc. · currency: CAD · total assets: 8618159
- unsecured creditorsnote: Revised claim after LSA claim reduction: $3,641,426 (59.3% of total) · page: 22 · as of: claim as filed · basis: First Report of the Trustee - claim amount as filed (LSA schedule) · amount: 5360048 · debtor: Sound City Music Entertainment Inc. · creditor: Universal Music Canada Inc. · currency: CAD
- unsecured creditorsnote: Revised claim after LSA claim reduction: $1,317,230 (21.4% of total) · page: 22 · as of: claim as filed · basis: First Report of the Trustee - claim amount as filed (LSA schedule) · amount: 2042798 · debtor: Sound City Music Entertainment Inc. · creditor: Sony Music Entertainment Canada Inc. · currency: CAD
- unsecured creditorsnote: Revised claim after LSA claim reduction: $405,209 (6.6% of total) · page: 22 · as of: claim as filed · basis: First Report of the Trustee - claim amount as filed (LSA schedule) · amount: 800373 · debtor: Sound City Music Entertainment Inc. · creditor: Warner Music Canada Co. · currency: CAD
- unsecured creditorsnote: Represents 8.7% of total original claim amount; unchanged by LSA (12.7% of revised total) · page: 22 · as of: First Report date (May 17, 2019) · basis: First Report of the Trustee - LSA impact schedule; document names no individual creditors in this category · amount: 777126 · debtor: Sound City Music Entertainment Inc. · creditor: Other unsecured creditors (aggregate as reported, excluding Labels) · currency: CAD
- unsecured creditorsnote: Aggregate of the three Label claims stated in LSA recitals; superseded by per-Label filed claim amounts shown in First Report schedule (page 22) and by post-reduction aggregate of $5,363,864 per Trustee's Certificate · page: 30 · basis: Litigation Settlement Agreement recitals - stated aggregate claim amount of the Labels · amount: 8203219 · debtor: Sound City Music Entertainment Inc. · creditor: Labels (Universal, Sony, Warner) - Total Label Claims (aggregate) · currency: CAD
- recovery outcomeentries: basis: unstated · quote: AND WHEREAS, the Labels were collectively both the largest suppliers to and largest creditors of Sound City with claims in an aggregate amount of $8,203,219 ('Total Label Claims') and the Labels will suffer a shortfall in recovery of their claims; · pct of: unstated · outcome: shortfall · class key: unsecured · stated by: trustee · class label: Labels · claims amount: 8203219 · creditor name: Sony, Universal, Warner (Labels) · interim final: unstated · claims qualifier: asserted · table missing:
- secured creditors