Quebec · Bankruptcy
Trustee's Report to the Creditors on Preliminary Administration
Court officer report · 15 May 2017
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What we verified from this filing11 verified
- courtS U P E R I O R C O U R T
- court file no500-11-052453-178
- provinceQUEBEC
- appointeeDeloitte Restructuring Inc.
- appointee roletrustee
- commencement date24 April 2017
- cash on handnote: Additional $117K held in trust by Norton Rose, of which $100K is for the benefit of CHI. · as at: 2017-04-24 · amount: 909099 · currency: CAD
- financial positionnote: Surplus (deficit) before professional fees stated as $(15,838,519); of the $117K held in trust by Norton Rose, $100K is held for the benefit of Citadel Holdings Inc. and treated as a liability. · as at: 2017-04-24 · basis: Statement of Affairs (CAD) As of April 24, 2017 (unaudited) · scope: Churchill Estates Development Ltd. (single bankrupt entity) · currency: CAD · total assets: 1026342 · total liabilities: 16864861
- operational summaryChurchill's sole asset, a completed 40-unit condominium project in Calgary, was deemed a non-core property under HII's CCAA restructuring; Churchill has ceased operations and filed an assignment in bankruptcy, with Deloitte now administering the wind-down of its remaining cash assets.
- recovery outcomeentries: basis: estimated · quote: The Trustee estimates that the proceeds which will be realized from the liquidation of Churchill's assets (totaling $1.0M as per the Statement of Affairs) could result in a dividend ranging from approximately 5 to 6 cents on the dollar to the unsecured creditors after the remittance to CHI of the funds held in trust for their benefit. · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 6 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: after the remittance to CHI of the funds held in trust for their benefit; amount will depend on the total amount of claims proven and costs of administration · cents on dollar: 5 · claims qualifier: unstated · table missing:
- report date15 May 2017