Quebec · Proposal
Report of the Trustee on the financial situation of the Debtor and on the proposal
Court officer report · 14 February 2025
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 filing4 verified
- financial positionnote: Assets: balance sheet carrying value $4 in total ($1 each for accounts receivable, prepaid expenses, office equipment and furniture, patents); estimated realization value nil for receivables, prepaids and equipment, patents 'Undetermined', total 'Undetermined'. Asset table is dated January 9, 2025 (first meeting of creditors) although the section heading says as at February 13, 2025. Liabilities: no total stated. Secured: Investissement Québec proved a secured claim of $1,879,567. Preferred: none per available information. Unsecured: table totals $2,958,525, but the dividend table uses estimated unsecured creditors of $2,709,642; proofs of claim received to date total $1,399,990. Debtor had no employees since May 2024; no accounting performed for FY2024. · as at: 2025-01-09 · basis: Statement of Affairs; unaudited preliminary realization values; internal financial statements (FY Oct 31, 2023 are the latest available). Assets not audited or verified by the Trustee. · scope: Angiochem Inc. (single entity) · currency: CAD
- operational summaryThe debtor is inoperative, with no employees since May 2024 and no revenues after exhausting its financial resources. No operations are planned for the next 60 days, and patent protection costs and professional fees are to be paid directly by Biovie.
- recovery outcomeentries: basis: plan · quote: | Distribution percentage | Unknown | 10% | Undetermined | · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: Unsecured creditors (Proposal Option 1) · claims amount: 2709642 · interim final: unstated · conditional on: Depends on Biovie's negotiations with the new investor(s) as to the value accorded to the preferred shares · claims qualifier: estimated; basis: plan · quote: | Distribution percentage | Unknown | 10% | Undetermined | · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: trustee · amount low: 270964 · amount high: 270964 · class label: Unsecured creditors (Proposal Option 2) · claims amount: 2709642 · interim final: unstated · conditional on: No later than 180 days after raising more than $1.0 million, with the assumption that all secured creditors would have proved their claims and chose the second option, representing a total of 10% of their claims · claims qualifier: estimated · table missing:
- report date14 February 2025