Saskatchewan · Proposal
Trustee's Report to Creditors
Court officer report · 26 September 2024
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What we verified from this filing19 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- courtIN THE COURT OF KING'S BENCH OF SASKATCHEWAN
- proceeding typebia_proposal
- statutory basisBankruptcy and Insolvency Act (the "BIA")
- secured creditorsnote: Deemed trust claim for prefiling employee source deduction obligations; must be paid in full within six months of Court approval per s.60(1.1) BIA · page: 5 · as of: NOI filing date · amount: 10000 · debtor: Riveriene Farm Ltd. · creditor: Receiver General - Canada Revenue Agency (Source deductions) · currency: CAD · security: Property Claim - Deemed Trust
- secured creditorsnote: Estimated claim per Company/PPR listing; BMO also appears with a separate unsecured claim of $185,000 (GST-related unsecured portion) per Table 3 · page: 5 · as of: NOI filing date · amount: 750000 · debtor: Riveriene Farm Ltd. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement - all present and after-acquired property
- secured creditorsnote: Estimated claim listed as NIL · page: 5 · as of: NOI filing date · amount: 0 · debtor: Riveriene Farm Ltd. · creditor: Reiser (Canada) Co. · currency: CAD · security: Specific Serial Numbered Assets (equipment/vehicles)
- secured creditorsnote: Aggregates: Bodkin, a division of Bennington Financial Corp. ($16,000), CWB National Leasing Inc. ($73,000), Meridian Onecap Credit Corp. ($58,000), De Lage Landen Financial Services Canada Inc. ($10,000) - individual figures stated per Table 2, not summed by document · page: 5 · as of: NOI filing date · debtor: Riveriene Farm Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Specific Serial Numbered Assets/Vehicles
- secured creditorsnote: Estimated claim per Company/PPR listing · page: 5 · as of: NOI filing date · amount: 285000 · debtor: Riveriene Farm Ltd. · creditor: Business Development Bank of Canada · currency: CAD · security: General Security Agreement - all present and after-acquired property; also mortgage over Company's real property
- unsecured creditorsnote: Listed as one of the major unsecured creditors per Table 3 · page: 6 · as of: NOI filing date · basis: Company's records as reported by the Company · amount: 140000 · debtor: Riveriene Farm Ltd. · creditor: 102085497 Saskatchewan Ltd. · currency: CAD
- unsecured creditorsnote: Listed as one of the major unsecured creditors per Table 3 · page: 6 · as of: NOI filing date · basis: Company's records as reported by the Company · amount: 1251000 · debtor: Riveriene Farm Ltd. · creditor: Larson's Abattoir Co. · currency: CAD
- unsecured creditorsnote: Listed as one of the major unsecured creditors per Table 3 · page: 6 · as of: NOI filing date · basis: Company's records as reported by the Company · amount: 676000 · debtor: Riveriene Farm Ltd. · creditor: R&F Livestock Inc. · currency: CAD
- unsecured creditorsnote: Relates to pre-filing GST · page: 6 · as of: NOI filing date · basis: Company's records as reported by the Company · amount: 184000 · debtor: Riveriene Farm Ltd. · creditor: Receiver General - CRA (GST) · currency: CAD
- unsecured creditorsnote: Bank of Montreal also holds a separate secured claim of $750,000 (General Security Agreement) per Table 2; this is a distinct unsecured amount · page: 6 · as of: NOI filing date · basis: Company's records as reported by the Company · amount: 185000 · debtor: Riveriene Farm Ltd. · creditor: Bank of Montreal · currency: CAD
- unsecured creditorsnote: Listed as one of the major unsecured creditors per Table 3 · page: 6 · as of: NOI filing date · basis: Company's records as reported by the Company · amount: 128000 · debtor: Riveriene Farm Ltd. · creditor: Aero Delivery Ltd. · currency: CAD
- unsecured creditorsnote: Company identified 32 unsecured creditors in total; Table 3 lists only the major ones (6 named creditors), remaining creditors not individually named · page: 6 · as of: NOI filing date · basis: Balance identified to date of unsecured creditors participating in the Proposal, based on the Company's records · amount: 2932000 · debtor: Riveriene Farm Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- financial positionnote: Table 4 shows book value of $1,806,000 and estimated gross realizable value of $1,423,000 as at the date of filing of the Proposal (August 22, 2024); the Company is not aware of any indebtedness to preferred creditors; secured claims total (from Table 2 individual line items, not summed by document) plus unsecured creditors of $2,932,000 constitute liabilities but no single stated total liabilities figure appears in the document · page: 7 · as at: 2024-08-22 · basis: book value · scope: entity - Riveriene Farm Ltd. · currency: CAD · total assets: 1806000
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on our review of the Company's current assets and liabilities and our discussions with the Company's management, in the event of a bankruptcy, it is our view that the liquidation of the Company's assets would provide the unsecured creditors a recovery of NIL. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 2932000 · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: | Estimated recovery to unsecured creditors | | .02 - 1.00 | · pct of: unstated · outcome: distribution · pct low: 2 · pct high: 2 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-09-26 · table missing: