Alberta · NOI
First Report of the Proposal Trustee - May 11, 2018.pdf
Court officer report · 11 May 2018
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 filing12 verified
- courtCOURT OF QUEEN’S BENCH OF ALBERTA
- court file no25-2373305
- appointeeGrant Thornton Limited
- appointee roleProposal Trustee
- commencement date1 May 2018
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c.B-3
- cash on handnote: Cash was advanced by the Lender under the weekly funding mechanism; expected liquidation realization is nil. · as at: 2018-04-30 · amount: 267566 · currency: CAD · qualifier: converted to Canadian dollar equivalents
- financial positionnote: No total assets or total liabilities figure is stated; components only, not summed. Assets: cash $267,566 at April 30, 2018 (liquidation value nil); accounts receivable net book value $1,951,000 at May 7, 2018 (estimated liquidation collections $1.2M-$1.54M); WIP approx. $2,700 (liquidation value nil); inventory and equipment book value $1,042,000 (forced liquidation value $32,640). Liabilities (as at NOI date, subject to change): GF Direct Lending approx. $2.7M; Marshall Enterprises Ltd. approx. $264,000; BDC approx. $179,000; Receiver General approx. $152,000 source deductions and $15,000 GST; trade and other creditors approx. $1.5M (including a ~$275,000 unsecured promissory note); the leasing companies' amounts are not stated. The NOI creditor list totals $4,852,876.32. · basis: Unaudited; based on the Company's books and records and management representations, not verified by the Proposal Trustee; liquidation-scenario estimates (no formal claims process conducted) · scope: Global Flow Inc. (single entity) · currency: CAD
- operational summaryGFI continues to operate its automation business with about 15 employees while the Lender funds operations during the NOI proceedings. It has already sold its Controls division and proposes selling substantially all remaining assets to a related party, WTA, so the business continues as a going concern.
- recovery outcomeentries: basis: estimated · quote: This is because the Lender expects to suffer a significant shortfall on the realization of the Company's assets. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: Lender (GF Direct Lending) · creditor name: GF Direct Lending · interim final: unstated · claims qualifier: unstated · table missing:
- report date11 May 2018
- report noFirst Report