Newfoundland and Labrador · NOI
Trustee’s Report on Proposal
Court officer report · 21 November 2016
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
- appointeeMNP Ltd.
- appointee roleTrustee
- commencement date18 May 2016
- court file no20522
- provinceNEWFOUNDLAND AND LABRADOR
- statutory basisSections 50(10) b) and 50(5) of the Bankruptcy and Insolvency Act
- financial positionnote: Total assets are a stated sum (Accounts Receivables $1,570,121; Intercompany Receivable $448,716; Equipment $12,871). Liabilities are given only by category, not as an overall total: Secured creditors - BMO $162,409, Aviva $1,614,412, Moskowitz Capital $1,776,821 (as of this report); Ordinary Creditors (non-related parties) $1,381,823; Priority debts (DAS, potential employee claims) amounts not quantified/unknown to management. · as at: 2016-11-07 · basis: Unaudited - based on books and records and Statement of Affairs · scope: entity (Baraco-Atlantic Corp.) · currency: CAD · total assets: 2031708
- recovery outcomeentries: basis: plan · quote: As presented above, the dividend to ordinary creditors may range between 4% and 24% in a proposal scenario · pct of: unstated · outcome: distribution · pct low: 4 · pct high: 24 · class key: unsecured · stated by: proposal_trustee · class label: ordinary creditors · interim final: unstated · conditional on: depends largely on the settlement of the bond claims filed by the sub-trades and the collectability of the intercompany receivable · claims qualifier: unstated; basis: liquidation_alternative · quote: The bankruptcy of the Debtor would likely impact the collectability of the accounts receivable and likely result in no dividend 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: 2016-11-21 · table missing: