Manitoba · Interim receivership
Supplement to Report of Trustee on Proposal (Form 40)
Court officer report · 26 January 2018
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What we verified from this filing2 verified
- financial positionnote: Components per Statement of Affairs: Accounts Receivable - Trade $1,703,977; Cash $196,528 (funds on hand at December 8, 2017); Machinery, Plant, and Equipment $9,687,533; Real Property $200,000; Other Property - Statement of Claim $1,000,000 (contingent recovery estimate). Liabilities: declared unsecured creditors $1,092,202 (excludes unsecured portion of secured claims and shareholder claims >$1.0 million, not included); Secured Creditors total claims $16,515,668, secured against estimated asset values of $12,788,039, leaving estimated secured creditor shortfall (unsecured) of $3,727,629. No consolidated total assets or total liabilities figure is stated in the document. · as at: 2017-12-08 · basis: Statement of Affairs - management estimate of values · scope: entity - R. Litz & Sons Company Limited · currency: CAD
- recovery outcomeentries: basis: plan · quote: As noted, the Proposal is projected to produce an average distribution to overall unsecured creditor claims of approximately 7.6 percent, although creditors with claims of $1,500 or less, or those creditors that choose to reduce their claim to $1,500 would recover a higher percentage distribution. · pct of: unstated · outcome: distribution · pct low: 7.6 · pct high: 7.6 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (under the Proposal) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: As a result, in a bankruptcy scenario, no recovery to unsecured creditors is anticipated. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · table missing: STATEMENT OF ESTIMATED REALIZATIONS