Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 4 December 2019
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 filing15 verified
- secured creditorsnote: Guarantor of certain HSBC facilities; specific amounts not stated in this document · page: 10 · debtor: Barrymore Furniture Co. Ltd. · creditor: Export Development Canada (EDC) · currency: CAD · security: Guarantee of three HSBC credit facilities up to maximum principal amounts set out in Callahan Affidavit
- secured creditorsnote: Senior secured and operating lender; approximate amount stated as $3.744 million; NOI creditor list (as at Nov 29, 2019) states secured claims totalling $4,279,290.00 in aggregate across all secured creditors, not attributable solely to HSBC · page: 11 · as of: date of this Report (December 4, 2019) · amount: 3744000 · debtor: Barrymore Furniture Co. Ltd. · creditor: HSBC Bank Canada · currency: CAD · security: General security agreement dated October 24, 2018; demand operating revolving loan facility with maximum principal amount of $3,250,000 (HSBC Credit Facilities, several credit facilities)
- secured creditorsnote: Proposal Trustee understands Barrymore is current with its obligations under the lease agreement · page: 11 · debtor: Barrymore Furniture Co. Ltd. · creditor: Dell Financial Services Canada Limited · currency: CAD · security: PPSA registration in respect of certain computer equipment (lease agreement)
- secured creditorsnote: Proposal Trustee understands Barrymore is current with its obligations under the lease agreement · page: 11 · debtor: Barrymore Furniture Co. Ltd. · creditor: Ryder Truck Rental Canada Ltd. · currency: CAD · security: PPSA registration in respect of a truck (lease agreement)
- secured creditorsnote: Proposal Trustee understands Barrymore is current with its obligations under the lease agreement · page: 11 · debtor: Barrymore Furniture Co. Ltd. · creditor: CBSC Capital Inc. (Canon) · currency: CAD · security: PPSA registration in respect of a copier/cannon printer (lease agreement)
- secured creditorsnote: Amount stated is for principal and interest, plus costs; BDC postponed and subordinated its security interest to HSBC pursuant to Priority Agreement dated October 24, 2018 · page: 11 · as of: date of this Report (December 4, 2019) · amount: 548451.36 · debtor: Barrymore Furniture Co. Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreement dated November 1, 2017, over all of Barrymore's personal property (PPSA registration); BDC Credit Facilities with total principal amount of $541,060
- unsecured creditorsnote: Deemed trust class (collected but unremitted HST); Barrymore otherwise current with government remittances · page: 12 · as of: 2019-12-02 · basis: Reported by Proposal Trustee as approximate amount owed on account of collected but remitted HST · amount: 150000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Canada Revenue Agency (CRA) - HST · currency: CAD
- unsecured creditorsnote: Deemed trust class; Barrymore otherwise current with government remittances · page: 12 · as of: 2019-12-02 · basis: Reported by Proposal Trustee as approximate corporate income tax owed · amount: 40000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Canada Revenue Agency (CRA) - corporate income tax · currency: CAD
- unsecured creditorsnote: Related party - shareholder/family trust of Barrymore's controlling family (Callahan family) · page: 12 · as of: date of this Report (December 4, 2019) · basis: Reported by Proposal Trustee as approximate shareholder loans owed · amount: 1679000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Sandra and Tom Callahan Family Trust · currency: CAD
- unsecured creditorspage: 12 · as of: date of this Report (December 4, 2019) · basis: Reported by Proposal Trustee as approximate rent arrears · amount: 150000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Landlord · currency: CAD
- unsecured creditorsnote: Document does not name individual trade creditors in this summary; full itemized list of creditors with claims of $250+ is in NOI (Appendix A) · page: 12 · as of: date of this Report (December 4, 2019) · basis: Reported by Proposal Trustee as approximate amount owed on a consolidated basis · amount: 961000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Trade Creditors (unsecured, aggregate) · currency: CAD
- unsecured creditorsnote: Related party - Class A shareholder debentures · page: 12 · as of: date of this Report (December 4, 2019) · basis: Reported by Proposal Trustee as debentures payable · amount: 300000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Class A Shareholders of Barrymore (debentures) · currency: CAD
- unsecured creditorsnote: Company is current on payroll obligations as of date of Report; this figure is benefit arrears only · page: 12 · as of: date of this Report (December 4, 2019) · basis: Reported by Proposal Trustee as approximate employee benefit payment arrears · amount: 12000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Employees (benefit payment arrears) · currency: CAD
- unsecured creditorsnote: List of specific customers with funds on deposit not yet received by Trustee as of Report date · page: 12 · as of: date of this Report (December 4, 2019) · basis: Reported by Barrymore management to Proposal Trustee as approximate customer deposits received · amount: 300000 · debtor: Barrymore Furniture Co. Ltd. · creditor: Customers (deposits for undelivered goods) · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: The estimated realizable value of the inventory and equipment would not be enough to discharge the indebtedness due to HSBC and, as such, would result in nil recovery to unsecured creditors and other subordinate secured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors and other subordinate secured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-12-04 · table missing: