New Brunswick · Proposal
Amended Trustee Report - Final
Court officer report · 14 January 2014
What we verified from this filing7 verified
- cash on handnote: Company maintains five bank accounts: three CAD and two USD accounts; Trustee estimates 100% realizable value in liquidation. · as at: 2013-11-30 · amount: 109757 · currency: CAD
- financial positionnote: Total unsecured claims: $1,767,734 (74 unsecured creditors, 0 preferred creditors). Total assets shown as book value ($1,937,115); estimated realizable value range in liquidation was $496,962 (low) to $686,190 (high). Components: Cash $109,757; Accounts receivable $233,717; HST receivable $124,446; Note receivable $254,197; Inventory $331,245; Income Tax Recovery (contingent, not on book value) $175,000-$200,000; Prepaid expenses $21,374; Other current assets $11,164; Capital assets (net) $851,216. · as at: 2013-11-30 · basis: Company's Statement of Affairs (unaudited financial statements); book value with Proposal Trustee's estimated liquidation realizable values · scope: entity - Jeanie Marshal Foods Canada Inc. · currency: CAD · total assets: 1937115
- operational summaryThe Company continues to operate as a going concern, manufacturing RTE frozen foods primarily for Air Canada, which has remained supportive and continued placing orders; TD Bank has also continued providing access to an operating line during the NOI period.
- professional feesnote: Under bankruptcy liquidation scenario, professional fees estimated between $50,000 (low) and $75,000 (high); under the Proposal scenario estimated at $35,000. · party: Proposal Trustee (and legal counsel of the Trustee and the Company, priority payment under Amended Proposal) · amount: 35000 · currency: CAD
- recovery outcomeentries: basis: plan · quote: That all Preferred Creditors will be paid in full, without interest, under the statutory requirements as contained within the Bankruptcy and Insolvency Act ('BIA'), before any payments are made to the Unsecured Creditors. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: A Convenience Class will be created and all Proven Claims up to $3,500 will be paid in full, without interest, on or before the 1 st day of June 2014; · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: proposal_trustee · amount low: 3500 · amount high: 3500 · class label: Convenience Class (Proven Claims up to $3,500) · interim final: unstated · conditional on: 100% of the first $3,500 of Proven Claims; balance paid pro rata at approximately 67% · claims qualifier: unstated; basis: plan · quote: For Proven Claims in excess of $3,500, pro rata payments approximating 67% of the amount outstanding will be paid, in addition to the $3,500 Convenience Class payment contemplated in paragraph (i); and · pct of: unstated · outcome: distribution · pct low: 67 · pct high: 67 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (Proven Claims in excess of $3,500) · interim final: unstated · conditional on: in addition to the $3,500 Convenience Class payment · claims qualifier: unstated; basis: plan · quote: If the Amended Proposal is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that the Unsecured Creditors would receive a return in the range of 22 to 30%, as opposed to the approximately 68% return contemplated by the terms of the Amended Proposal. · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: dependent upon anticipated tax recovery · claims qualifier: unstated · stated on: 2014-01-13 · table missing:
- report date13 January 2014
- report noFirst Report of the Proposal Trustee on the Amended Proposal