Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 4 December 2019
What we verified from this filing14 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