Ontario · CCAA
Proposal of Mike Wang dated March 27, 2020
Proposal document · 27 March 2020
Also filed as: Proposal of Mike Wang dated March 27, 2020
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: Whatever amount is ultimately payable to those companies, in excess of the amounts owing to the creditors of those companies, the Debtor will, conditional upon this Proposal is accepted by the Creditors and approved by the Court, irrevocably direct those companies to pay to the Proposal Trustee for distribution to the Creditors hereunder with Proven Claims, up to the amount of any Proven Claims in the Bankruptcy in order to effect 100% payment of the Proven Claims. · pct of: proven_claims · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: debtor · class label: Unsecured Creditors with Proven Claims · interim final: unstated · conditional on: Payment in full contingent on proceeds from CCAA proceeding, tax review, and Jessica Wang's pledge of up to $150,000 · claims qualifier: unstated; basis: plan · quote: Crown Priority Claims: all Crown Claims that were outstanding as at the Filing Date, if any, shall be paid in full to Her Majesty in right of Canada or a Canadian province or territory, as applicable, within six months after the issuance of the Proposal Approval Order or such other time and in such other amount as may be agreed to by Her Majesty hereafter. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: debtor · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Employee Priority Claims: Employee Priority Claims, if any, will be paidin full in amounts determined by the Proposal Trustee pursuant to section 135 of the Act. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: debtor · class label: Employee Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Claims: the remaining Preferred Claims (after the payments provided in Article 3.3 of this Proposal have been made, or reserves taken therefor), if any, shall be paid without interest in priority to the Proven Claims addressed by Article 3.4 of this Proposal. · pct of: unstated · outcome: distribution · class key: preferred · stated by: debtor · class label: Preferred Claims · interim final: unstated · conditional on: Paid without interest in priority to the Proven Claims, after payments under Article 3.3 have been made or reserves taken · claims qualifier: unstated · stated on: 2020-03-27 · table missing: