Alberta · NOI
Report of Trustee on Proposal
Court officer report · 26 October 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 filing13 verified
- applicantTHE BOWRA GROUP INC. IN ITS CAPACITY AS THE PROPOSAL TRUSTEE IN THE DIVISION I PROPOSAL OF SUMO SUMO LTD.
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file noB203 418608
- appointeeThe Bowra Group Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date6 September 2018
- statutory basisSection 59(1) and paragraph 58(d) of the Act
- secured creditorsnote: Described as the largest senior secured creditor; abstained from voting as a secured creditor; no balance stated · page: 3 · debtor: Sumo Sumo Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD
- unsecured creditorsnote: Amount of underlying claim not separately stated; only garnished funds amount given · page: 3 · basis: Unsecured creditor who obtained garnishee summons resulting in $54,301.49 Garnished Funds paid into Court · debtor: Sumo Sumo Ltd. · creditor: A.J. Interiors Inc. · currency: CAD
- financial positionnote: Asset figures ($175,301 both per Statement of Affairs and Estimated Value) are subject to post-filing costs, realization costs and professional fees per the Report; liabilities table shows two columns - Per Statement of Affairs ($3,070,941) and Filed as at October 19, 2018 ($2,867,880) - the latter used as the as-at figure · page: 4 · as at: 2018-10-19 · basis: Per Statement of Affairs / Estimated Fair Realization Value (assets); liabilities per Statement of Affairs ($3,070,941) versus filed as at October 19, 2018 ($2,867,880) · scope: Sumo Sumo Ltd. (entity level) · currency: CAD · total assets: 175301 · total liabilities: 2867880
- unsecured creditorsnote: Corresponds to same Unsecured Creditors line as the Statement of Affairs figure of $3,070,941; document names no individual creditors in this aggregate · page: 4 · as of: 2018-10-19 · basis: Filed as at October 19, 2018 (per Trustee's Report table) · amount: 2867880 · debtor: Sumo Sumo Ltd. · creditor: Unsecured creditors (aggregate, filed as at October 19, 2018) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors in this aggregate; a separate 'Filed as at October 19, 2018' figure of $2,867,880 is also reported for the same liability class · page: 4 · as of: Statement of Affairs · basis: Per Statement of Affairs · amount: 3070941 · debtor: Sumo Sumo Ltd. · creditor: Unsecured creditors (aggregate as reported, Per Statement of Affairs) · currency: CAD
- unsecured creditorsnote: Related party (director/insider per 'Related Unsecured Creditor' definition); excluded from distribution under the Proposal; amount described as 'approximately' $600,000.00 · page: 12 · basis: Estimated indebtedness of the Company to the Related Unsecured Creditor, as stated in the Proposal · amount: 600000 · debtor: Sumo Sumo Ltd. · creditor: Joe Chan (Related Unsecured Creditor) · currency: CAD