Ontario · Proposal
Report of trustee - Proposal
Court officer report · 29 July 2024
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What we verified from this filing5 verified
- appointeeRosen Goldberg Inc.
- appointee roleProposal Trustee
- statutory basisPart III, Division I of the Bankruptcy and Insolvency Act
- financial positionnote: Assets per Statement of Affairs: Cash in bank-Royal Bank of Canada $805,000; Cash in bank-Bank of Montreal $847,655; Funds to be received from the equipment auction $400,000; Accounts receivable $906,000. Liabilities per sworn Statements of Affairs dated July 15, 2024: Trust/secured claims $2,070,000; Preferred NIL; Unsecured $5,577,673. · as at: 2024-07-15 · basis: sworn Statement of Affairs, summarized in the Condensed Statement of Assets and Liabilities · scope: consolidated - Wavestar Networks Inc. and C&D Equipment Inc. (administratively consolidated Debtors) · currency: CAD
- recovery outcomeentries: basis: plan · quote: CRA Trust Claim - Payment of the Claims, if any, of His Majesty in Right of Canada and in Right of the Province of Ontario in existence as of the Filing Date shall be paid in full by the Debtors within six (6) months following the Court Approval Date. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: CRA Trust Claim · creditor name: His Majesty in Right of Canada and in Right of the Province of Ontario · interim final: unstated · claims qualifier: unstated; basis: plan · quote: WEPPA Trust Claim: The WEPPA Trust Claim shall be paid in full. · pct of: unstated · outcome: paid_in_full · class key: weppa · stated by: proposal_trustee · class label: WEPPA Trust Claim · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Construction Lien/Trust Creditors - All Construction Lien/Trust Claims which are deemed to be valid by the Proposal Trustee in the Construction Lien/Trust Claim Process and which are deemed to have priority over the claims of the Creditors will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: Construction Lien/Trust Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Creditors - The Claims of Preferred Creditors, if any, will be paid in full, without interest, in accordance with the terms described below, in priority to all Claims of Unsecured Creditors, in accordance with the scheme of distribution set out in the Act. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Related Parties - No Rclated Party will have a claim for all or part of its indebtedncss as either a Secured or Unsecured Creditor and will not participate in the distributions to be made to Unsecured Creditors under this Proposal. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Related Parties · interim final: unstated · related party: true · claims qualifier: unstated; basis: plan · quote: If the Proposal is successful, these claims will not share in any proceeds available for distribution. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured creditors (former principals' claims) · creditor name: former principals of the Debtors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: It is the opinion of the former principals of the Debtors, to which the Proposal Trustee concurs, that in the event of bankruptcy, it is unlikely that a significant amount of the outstanding accounts would not be collected, in which case there would be no funds available for distribution to Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · table missing: