Ontario · Winding-up (WURA)
Motion Record Returnable July 23, 2020
Application / notice of application · 23 July 2020
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What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: authorizing and directing the Liquidator to make a partial distribution in the amount of $25.7 million to the GIA (as defined below) of a portion of the estimated surplus of funds, which have been realized by the Liquidator from the liquidation and/or sale of the Assets and the Business of the Toronto Branch (the ' Fourth Interim Distribution '), on, or after August 1, 2020 (the ' Distribution Date '); · pct of: unstated · outcome: distribution · class key: unsecured · stated by: liquidator · amount low: 25700000 · cumulative: false · amount high: 25700000 · class label: GIA (creditors of the Toronto Branch) · creditor name: GIA · interim final: interim · conditional on: assuming that the Liquidator does not receive any additional claims by August 1, 2020 · claims qualifier: unstated; basis: actual · quote: In accordance with the Distribution Order, on December 9, 2016 the Liquidator paid proven claims in the total value of approximately $686.8 million. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: liquidator · amount low: 686800000 · cumulative: false · amount high: 686800000 · class label: creditors of the Toronto Branch with proven claims · interim final: unstated · claims qualifier: unstated; basis: actual · quote: In accordance with the Initial Interim Distribution Order, on March 14, 2017 the Liquidator duly issued a payment of approximately $658 million to the GIA. · pct of: unstated · outcome: distribution · stated by: liquidator · amount low: 658000000 · cumulative: false · amount high: 658000000 · class label: GIA · creditor name: GIA · interim final: interim · claims qualifier: unstated; basis: actual · quote: On September 26, 2017, the Liquidator was duly authorized by Court Order to make the Second Interim Distribution in the amount of approximately $91.4 million to the GIA. · pct of: unstated · outcome: distribution · stated by: liquidator · amount low: 91400000 · cumulative: false · amount high: 91400000 · class label: GIA · creditor name: GIA · interim final: interim · claims qualifier: unstated · stated on: 2020-07-17 · table missing: 124. The table below summarizes (i) the net assets available for distribution, (ii) the Estimated Reserve, and (iii) the Estimated Surplus available for the Fourth Interim Distribution of approximately $25.7 million as at May 31, 2020 (the ' Estimated Surplus '), all of which is proposed to be distributed to the GIA (assuming that the Liquidator does not receive any additional claims by August 1, 2020, being 10 days following the publication of the July 21, 2020 Notice of Distribution)..