Alberta · Proposal
Proposal Trustee’s First Report
Court officer report · 14 November 2023
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 filing12 verified
- courtCOURT OF KING'S BENCH OF ALBERTA
- court file noB301-004437
- appointeeAlvarez & Marsal Canada Inc.
- appointee roleProposal Trustee
- commencement date30 October 2023
- statutory basissection 50 of the Bankruptcy and Insolvency Act
- financial positionnote: Components stated: Total unsecured creditors 863,985.13; Balance of secured claims 5,278,410.02; Accounts receivable estimated to produce 357,615.00; Cash 32,366.00; Deficiency stated as 6,142,395.15. · as at: 2023-10-30 · basis: Statement of Affairs (as stated and estimated by the officer), sworn by the debtor's representative · scope: Ivrnet Inc. (entity-level, debtor's sworn Statement of Affairs) · currency: CAD · total assets: 389981 · total liabilities: 6532376.15
- operational summaryIvrnet continues to operate its software/communications business as a going concern while pursuing a proposal to creditors contingent on its sale to N. Harris Computer Corporation; the Trustee noted no material adverse changes to the company's cash flow since filing.
- professional feesnote: Excludes GST. Anticipated additional fees to complete administration estimated not to exceed $35,000 (excluding GST). Proposal Trustee's Counsel (Burnet, Duckworth & Palmer LLP) fees separately stated at $15,313 (excluding GST) through November 9, 2023, with anticipated further fees not to exceed $10,000 (excluding GST). · party: Proposal Trustee (Alvarez & Marsal Canada Inc.) · amount: 51194 · period: October 19, 2023 to November 9, 2023 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Proposal Trustee estimates that the pro rata distribution could result in recoveries of approximately 8% to 13%, subject to the number of Convenience Claims and the value of the Proven Claims. · pct of: proven_claims · outcome: distribution · pct low: 8 · pct high: 13 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: subject to the number of Convenience Claims and the value of the Proven Claims · claims qualifier: unstated; basis: liquidation_alternative · quote: As demonstrated under both scenarios, it is demonstrated that unsecured creditors would receive no recovery in a liquidation scenario. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-11-14 · table missing:
- report date14 November 2023
- report noFirst Report