Saskatchewan · NOI
Notice to Creditors dated December 9, 2022
Notice to creditors · 9 December 2022
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 filing2 verified
- financial positionnote: Statement of Affairs shows unsecured creditors per list A $6,996,290.09, balance of secured claims $606,687.84 (total unsecured $7,602,977.93), secured creditors $796,425.60, preferred creditors $0.00, contingent/trust claims $0.00. Assets: inventory 0.00, accounts receivable estimated to produce $317,425.60, machinery/equipment $419,000.00, vehicles $60,000.00, real property 0.00, cash 0.00. A separate trustee SER (as at October 31, 2022) shows book value of assets of $8.299 million; the trustee's report (unaudited) lists NOI-date liabilities of $7,513,776 to creditors with claims of $250 or more. The 8,399,403.53 total liabilities equals the sum of the stated components (7,602,977.93 + 796,425.60). · as at: 2022-12-02 · basis: Form 78 Statement of Affairs (Business Proposal), as stated and estimated by the officer (Chad Joinson), sworn December 2, 2022 · scope: Under the Sun Groweries Inc. (single entity) · currency: CAD · total assets: 796425.6 · total liabilities: 8399403.53
- recovery outcomeentries: basis: plan · quote: the Proposal Proceeds provide for an estimated dividend of 10% to Affected Creditors · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · amount low: 240000 · amount high: 240000 · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: the projected distribution to Pro Rata Creditors is expected to be approximately 10% of their claim. · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: Pro Rata Creditors · interim final: unstated · conditional on: subject to the claim review process and any variation between actual and projected Convenience Creditor elections · claims qualifier: estimated; basis: plan · quote: Convenience Creditors will receive the first $1,500 of their proven claim from the Proposal Proceeds in full settlement of their claim. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount high: 1500 · class label: Convenience Creditors · interim final: unstated · conditional on: 100% of the first $1,500 of the proven claim; election required · claims qualifier: unstated; basis: liquidation_alternative · quote: if UTSG was deemed to have made an assignment in bankruptcy and the assets of the Company immediately liquidated, it is estimated that no funds would be available for the Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-12-09 · table missing: