Ontario · Proposal
Notice of Motion and Draft Order Approving BIA Proposal
Application / notice of application · 30 August 2022
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What we verified from this filing8 verified
- applicantTazarmc Inc.
- commencement date30 August 2022
- courtSUPERIOR COURT OF JUSTICE IN BANKRUPTCY
- court file no33-2823071
- provinceONTARIO
- appointeeKPMG LLP
- appointee roleTrustee
- recovery outcomeentries: basis: plan · quote: The Debtor will pay to the Trustee an amount equal to the lesser of $290,000.00, and 10% of the Proven Claims of Ordinary Unsecured Creditors, to be distributed by the Trustee to Ordinary Unsecured Creditors, no later than thirty-six (36) months after the Effective Date. · pct of: proven_claims · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: debtor · amount low: 290000 · amount high: 290000 · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Unsecured Creditors - pro rata share of the lesser of $290,000 and 10% of the Proven Claims of Unsecured Creditors, which based on the amounts set forth in Section G above would result in a gross dividend yield of approximately 9.5% (excluding any deductions for the fees of the Proposal Trustee and the Levy). · pct of: unstated · outcome: distribution · pct low: 9.5 · pct high: 9.5 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Proposal Trustee is of the view that in the event of a bankruptcy of Company, it is unlikely the recoveries from the Company's assets would be sufficient to repay the outstanding advances of National Bank and BDC, after payment of the Priority Claims and therefore the realizations available for Equipment Lessors and Unsecured Creditors would be $Nil. · pct of: unstated · outcome: nil · class key: pmsi_lessor · stated by: proposal_trustee · class label: Equipment Lessors and Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Debtor will pay to the Trustee an amount equal to the lesser of $1,015,000 and 35 % of the Proven Claims of Ordinary Unsecured Creditors(the ' Maximum Amount '), to be distributed by the Trustee to Ordinary Unsecured Creditors, no later than thirty-six (36) months after the Effective Date. · pct of: proven_claims · outcome: distribution · pct low: 35 · pct high: 35 · class key: unsecured · stated by: debtor · amount low: 1015000 · amount high: 1015000 · class label: Unsecured Creditors · interim final: unstated · conditional on: at least 50% of any cash in excess of $500,000 on hand at year end, up to the Maximum Amount · claims qualifier: unstated · stated on: 2022-08-30 · table missing: