Alberta · Proposal
Trustee's Report to Creditors
Court officer report · 30 September 2024
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What we verified from this filing8 verified
- secured creditorsnote: Paid in full from net proceeds of en-bloc asset sale prior to Proposal filing. · page: 1 · as of: September 27, 2024 · amount: 75839.64 · debtor: Grizzly Bear Welding Ltd. · creditor: ATB Financial · currency: CAD · security: First position secured creditor
- unsecured creditorsnote: Deemed trust / priority claim paid in full from sale proceeds. · page: 1 · as of: September 27, 2024 · basis: Payroll source deductions paid from net sale proceeds ahead of ordinary unsecured creditors · amount: 9988.5 · debtor: Grizzly Bear Welding Ltd. · creditor: Canada Revenue Agency (CRA) - payroll source deductions · currency: CAD
- unsecured creditorsnote: Deemed trust / priority claim paid in full from sale proceeds. · page: 1 · as of: September 27, 2024 · basis: GST liability paid from net sale proceeds ahead of ordinary unsecured creditors · amount: 2000 · debtor: Grizzly Bear Welding Ltd. · creditor: Canada Revenue Agency (CRA) - GST · currency: CAD
- unsecured creditorsnote: Preferred claim (BIA wage preference); paid in full from net sale proceeds. · page: 1 · as of: September 27, 2024 · basis: Accrued and outstanding wages · amount: 6473.55 · debtor: Grizzly Bear Welding Ltd. · creditor: Phyllis Longson · currency: CAD
- secured creditorsnote: Received $100,000 partial payment from net sale proceeds; document states BDC 'continues to be owed approximately $2.8 million' and 'holds a secured interest in excess of $2.8 million' (floor figure). BDC agreed not to assert full value of its security against sale proceeds; not expected to file a claim in the Proposal. · page: 2 · as of: September 27, 2024 · amount: 2800000 · debtor: Grizzly Bear Welding Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Second position secured creditor
- unsecured creditorsnote: Related party (shareholders/directors). Longson's advise they will submit a claim in the Proposal limited to $50,000 to align distribution with amounts loaned for completing the sale transaction. · page: 2 · as of: September 27, 2024 · basis: Shareholder loans made to the Company · amount: 134748.88 · debtor: Grizzly Bear Welding Ltd. · creditor: Al and Phyllis Longson · currency: CAD
- unsecured creditorsnote: Forecast/estimated figure, not an audited total; includes amounts owed to BDC (secured deficiency) and assumes a $50,000 claim from the Longson's. Under the Proposal scenario, the comparable estimated total unsecured claims figure used is $245,049.38 (also including a $50,000 Longson's claim). Document does not itemize the balance of unsecured creditors beyond BDC and the Longson's. · page: 4 · as of: September 27, 2024 · basis: Trustee's estimated total unsecured claims (forecast) as set out in Schedule A comparative analysis · amount: 3138721 · debtor: Grizzly Bear Welding Ltd. · creditor: Unsecured creditors (aggregate estimated total per Bankruptcy scenario) · currency: CAD
- recovery outcomeentries: basis: actual · quote: a) ATB Financial (' ATB ') in the sum of $75,839.64 as the first position secured creditor. This payment paid the ATB debt in full; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · amount low: 75839.64 · amount high: 75839.64 · class label: secured creditor (ATB Financial) · creditor name: ATB Financial · interim final: unstated · claims qualifier: unstated; basis: plan · quote: If accepted by the creditors the Proposal would provide for a distribution of 22% of the accepted unsecured claims which are estimated to total $245,049.38 including a claim of $50,000 submitted by the Longson's. · pct of: unstated · outcome: distribution · pct low: 22 · pct high: 22 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · claims amount: 245049.38 · interim final: unstated · claims qualifier: estimated · stated on: 2024-09-30 · table missing: