Alberta · CCAA
2020 Annual Report for Walton South Simcoe Residential Development Corporation
Court officer report · 9 June 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 filing8 verified
- cash on handnote: Ending cash balance at Dec. 31, 2020 is shown as 'Redacted' because the Sealing Order keeps the Far Sight Transaction deposit and sale proceeds held by the Monitor confidential. Opening cash at January 1, 2020 was $1,427. · as at: 2020-12-31 · currency: CAD · qualifier: redacted
- disbursementsnote: Total disbursements for the Reporting Period per Exhibit 1.0: management fees (417,319), CCAA professional fees (250,755), construction costs/G&A/other (8,383), property taxes (4,832). Net cash receipts/(disbursements) for the period: (167,671). · since: January 1, 2020 (Reporting Period only) · amount: 681288 · currency: CAD
- operational summaryThe Monitor manages South Simcoe under the Enhancement Order; all construction obligations at the Lands are complete, and the estate is awaiting closing of the Block 142 Lands sale to finish the Far Sight Transaction. A first distribution of about $2.93 million to unsecured creditors is forecast for June 2021, with a second and final distribution expected before December 31, 2021.
- professional feesnote: Exhibit 1.0 shows CCAA professional fees disbursed of $250,755; includes accrued fees that could not be paid earlier due to insufficient funds. Separately, management fees of approximately $417,300 were paid to WGIL under the Management Agreement. · party: Monitor, Monitor's legal counsel and South Simcoe's legal counsel (CCAA professional fees) · amount: 250800 · period: January 1, 2020 to December 31, 2020 · currency: CAD
- receipts cumulativenote: Total receipts for the 12-month Reporting Period as shown in Exhibit 1.0 (a period figure, not cumulative since the CCAA filing); excludes the redacted Far Sight Transaction proceeds line. · since: January 1, 2020 (Reporting Period only) · amount: 513618 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Monitor has forecasted an aggregate distribution to South Simcoe's creditors of approximately $2.93 million, to be processed in June 2021 (the ' First Distribution '). · pct of: unstated · outcome: distribution · currency: CAD · class key: unsecured · stated by: monitor · amount low: 2930000 · cumulative: false · amount high: 2930000 · class label: unsecured creditors with proven claims · interim final: interim · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated · stated on: 2021-05-31 · table missing:
- report date31 May 2021
- report no2020 Annual Report