British Columbia · Bankruptcy
Second Report of the Proposal Trustee
Court officer report · 19 June 2025
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 filing7 verified
- cash on handnote: Actual ending unrestricted cash balance for the First Cash Flow Period (April 14 to June 15, 2025); restricted ending balance was $81,454. · as at: 2025-06-15 · amount: 160071 · currency: CAD · qualifier: unrestricted cash; restricted cash of $81,454 held separately
- disbursementsnote: Actual disbursements from unrestricted accounts for the First Cash Flow Period; forecast was $1,419,902. A further $2,908 was disbursed from restricted accounts (volunteer program). · since: April 14, 2025 (start of the First Cash Flow Period, to June 15, 2025) · amount: 1362911 · currency: CAD
- operational summaryThe Branch continues to operate its programs and services while winding down the business and restructuring (disclaiming redundant leases, issuing working notice termination to about 27 employees), pending an Anticipated Transaction to sell its owned properties and transfer programs and most employees to the BC Division. A stay extension to July 18, 2025 is sought.
- professional feesnote: No total of professional fees incurred is stated. $75,000 of restructuring professional fees (Trustee & legal counsel) is forecast for the Second Cash Flow Period, with the balance owing to the Administration Charge Beneficiaries to be paid on closing of the Anticipated Transaction. Fees were unpaid in the first period (forecast $95,000, actual nil) as they were accrued and owing. Operational professional fees (external accountant/bookkeeper) were actually $19,373 in the first period and $6,458 forecast. The Administration Charge is capped at $200,000. · party: Proposal Trustee (MNP Ltd.) and its legal counsel, and the Branch's counsel · period: June 16 to July 20, 2025 (Second Cash Flow Forecast) · currency: CAD
- receipts cumulativenote: Actual receipts for the First Cash Flow Period, including $182,484 of DIP financing; forecast was $1,335,585. · since: April 14, 2025 (start of the First Cash Flow Period, to June 15, 2025) · amount: 1306533 · currency: CAD
- report date19 June 2025
- report noSecond Report