Quebec · Bankruptcy
Trustee's Report on Preliminary Administration
Court officer report · 15 December 2023
What we verified from this filing6 verified
- financial positionnote: Liabilities total includes secured creditors ($57,883,144) and unsecured creditors ($1,476,947) per Statement of Affairs; proofs of claim received to date show a different total ($55,502,557: $35,980,383 secured + $19,522,174 unsecured). Anticipated realization is stated as insufficient to pay secured creditors in full, so no dividend anticipated for unsecured creditors. · page: 2 · as at: Statement of Affairs (bankruptcy assignment, November 15, 2023) · basis: As per the Statement of Affairs (trustee's preliminary/estimated figures); assets stated as estimated value with no realization to date · scope: Consolidated basis for both Debtors: 10542113 Canada Inc. and Flora I Limited Partnership · currency: CAD · total assets: 20172001 · total liabilities: 59360091
- secured creditorsnote: Romspen has subrogated various parties holding these legal hypothecs for $14,435,417; the $4,769,646 figure represents the remaining unsubrogated legal hypothecs. Proofs of claim received to date total $737,380, differing from the Statement of Affairs figure. · page: 2 · as of: Statement of Affairs · amount: 4769646 · debtor: 10542113 Canada Inc. & Flora I Limited Partnership (consolidated) · creditor: Parties holding legal hypothecs of construction against the Flora Property · currency: CAD · security: Legal hypothecs (construction liens) ranking above conventional hypothecs against the Flora Property
- secured creditorsnote: Includes $14,435,417 of subrogated legal-hypothec claims (from parties holding construction liens) plus court-approved interim (DIP) financing; amount received to date on DIP is $1,300,000. Trustee also acts as agent for Romspen (related-party/agency capacity noted). Proofs of claim received to date total $25,000,000, differing from the Statement of Affairs figure. · page: 2 · as of: Statement of Affairs · amount: 39654262 · debtor: 10542113 Canada Inc. & Flora I Limited Partnership (consolidated) · creditor: Romspen Investment Corp. · currency: CAD · security: Senior ranking conventional hypothec (the "Romspen Hypothec")
- secured creditorsnote: Represents amounts paid by Aviva to unit depositors (promettant acheteur) in the Project. Proofs of claim received to date total $6,503,825, differing from the Statement of Affairs figure. · page: 2 · as of: Statement of Affairs · amount: 6459236 · debtor: 10542113 Canada Inc. & Flora I Limited Partnership (consolidated) · creditor: Aviva Insurance Company of Canada · currency: CAD · security: Conventional hypothec ranking junior to the Romspen Hypothec (the "Aviva Hypothec")
- secured creditorsnote: Proofs of claim received to date total $3,739,178, differing from the Statement of Affairs figure. · page: 2 · as of: Statement of Affairs · amount: 7000000 · debtor: 10542113 Canada Inc. & Flora I Limited Partnership (consolidated) · creditor: HRM Projet Villanova Inc. · currency: CAD · security: Conventional hypothec ranking junior to the Romspen Hypothec and the Aviva Hypothec
- recovery outcomeentries: basis: estimated · quote: The anticipated realization is insufficient to pay all of the secured creditors in full, therefore there is no anticipated dividend to the unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The anticipated realization is insufficient to pay all of the secured creditors in full, therefore there is no anticipated dividend to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-12-15 · table missing: