Quebec · Receivership (court-appointed)
Report of the Trustee on the financial situation of the Debtor and on the Proposal – dated April 11, 2012
Court officer report · 11 April 2012
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 filing1 verified
- recovery outcomeentries: basis: estimated · quote: Based on the net proceeds of the sale of inventory and accounts receivable to be received from the Transaction (as defined in section IV), the Bank expects to suffer a shortfall in the realization of its security of approximately $225,000 (after costs and accrued interest). · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured Creditors · creditor name: CIBC · interim final: unstated · claims qualifier: unstated · shortfall amount: 225000; basis: plan · quote: Based upon the terms and conditions of the Proposal, all employees' claims that qualify under section 60(1.3) (a) of the BIA and all preferred claims will be paid in full in priority of all unsecured claims. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Approximately 45% ofthe unsecured creditors, being creditors with claims of$3,000 orless, will receive all or substantial portion oftheir claim. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: Unsecured Creditors (claims of $3,000 or less) · interim final: unstated · conditional on: creditors with claims of $3,000 or less will receive all or a substantial portion of their claim · claims qualifier: unstated · stated on: 2012-04-11 · table missing: