British Columbia · CCAA
Twelfth Report of the Monitor (September 22, 2021)
Court officer report · 22 September 2021
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 filing5 verified
- cash on handnote: Closing cash position at August 31, 2021 per the actual-vs-forecast table (C$000s: $252); equals the opening cash position in the March 2022 forecast, described as the actual balance at the Monitor's RBC trust account as at September 1, 2021. Excluded from this are trust funds held separately by the Monitor: the 1120 Funds of US$1.43 million, $265,000 from the QC Purchaser, and $25,000 from Lifestyle. · as at: 2021-08-31 · amount: 252000 · currency: CAD
- operational summaryThe Companies' active employees were transferred to Lifestyle or the QC Purchaser after the Acquisition Agreement closed in November 2019, so the estate has no sales receipts and the Monitor controls its funds to settle pre-closing expenses. The Monitor is winding down the estate, and the SA Claim and the distribution of the 1120 Funds remain outstanding.
- professional feesnote: Actual professional fees of C$91,000 versus a budget of C$175,000 for the period, a favourable variance of C$84,000 due to lower activity levels. Forecast professional fees for September 1, 2021 to March 31, 2022 are C$150,000 (forecast, not actual). · party: Restructuring professionals (the Monitor and its legal counsel) · amount: 91000 · period: March 1, 2021 to August 31, 2021 · currency: CAD
- report date22 September 2021
- report noTwelfth Report of the Monitor