British Columbia · Proposal
Notice to Creditors - True Leaf Investments
Notice to creditors · 9 October 2020
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 filing2 verified
- financial positionnote: As-at date is stated as the date of filing of the proposal/NOI, 'the 1st day of April 2020' (declaration states 'my affairs on the 2nd day of October 2020'). Total assets reported as 0.00 (shares in True Leaf Cannabis carried at original cost 1.00, estimated to produce 0.00). Total liabilities 6,985,203.00 = secured claim of Lind Asset Management XV, LLC valued at 1.00 plus balance of secured claim treated as unsecured 6,985,202.00. Preferred creditors 0.00; contingent liabilities 0.00; unsecured creditors per list A 0.00; stated deficiency 6,985,203.00. Report states TLI's primary asset is its ownership interest in TLC and that TLI's assets are significantly less than the guaranteed debt; TLI had no employees and no Priority Claims appear. · basis: Statement of Affairs (Form 78) as stated and estimated by the officer (Darcy Bomford), sworn October 2, 2020; Proposal Trustee has not audited or verified the information · scope: Single entity - True Leaf Investments Corp. only (not consolidated) · currency: CAD · total assets: 0 · total liabilities: 6985203
- recovery outcomeentries: basis: plan · quote: Creditors with Priority Claims in accordance with the applicable provisions of the BIA, will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Priority Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Accordingly, in a bankruptcy the expected distribution to the Unsecured Creditors would be NIL. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The liquidation and sale of the Company's assets upon bankruptcy will result in no 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; basis: plan · quote: In the event that the Unsecured Creditors vote to accept the Proposal and all of the conditions precedent in Article V of the Proposal are satisfied, the Funds for Distribution, in the amount of $10,000, will be paid to the Proposal Trustee. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 10000 · amount high: 10000 · class label: Unsecured Creditors · interim final: unstated · conditional on: Unsecured Creditors vote to accept the Proposal and all conditions precedent in Article V are satisfied · claims qualifier: unstated · stated on: 2020-10-09 · table missing: