Ontario · Proposal
Creditor Package – Second Meeting of Creditors
Meeting materials · 20 December 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing2 verified
- financial positionnote: Statement of Affairs (Form 78) lists liability components only: 'Unsecured creditors as per list "A" . 128,525.73', 'Balance of secured claims as per list "B" . . 0.00', 'Tolal unsecured creditors . . 128,525.73'; the secured creditors list and any asset section are not shown in the available text, so no overall total liabilities or total assets figure is reported. · as at: 2021-11-19 · basis: Statement of Affairs (as stated and estimated by the officer) · scope: entity - Tecna Construction Ltd. · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: | Net amount available for Unsecured Creditors | NIL | Net amount available for Unsecured Creditors | 41 | · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 128000 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: As can be seen below, the net estimated recovery to Unsecured Creditors in a bankruptcy scenario is NIL versus approximately 32% under the Proposal scenario. · pct of: unstated · outcome: distribution · pct low: 32 · pct high: 32 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 128000 · interim final: unstated · claims qualifier: estimated; basis: plan · quote: In the Proposai Scenario, CRA will receive 100% of its deemed trust entitlement, as it will be paid from funds derived from the Company's operations following Court Approval of this Proposal and paid by the Company to the Proposal Trustee. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Priority Claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: | Estimated Recovery to CRA for Crown Priority Claims | NIL | Estimated Recovery to CRA for Crown Priority Claims from the Funded Proposal Payments | Na | · pct of: unstated · outcome: nil · class key: deemed_trust · stated by: proposal_trustee · class label: Crown Priority Claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: plan · quote: According to the Proposal, Crown Priority Claims will be paid in full and shall be paid by funds derived from additional funds from the Company's operations ("Additional Funds") to the Proposal Trustee within six (6) months of the Court Approval Date and then remitted by the Proposal Trustee to CRA. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Crown Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Preferred Claims, shall be paid in full, without interest, in priority to Unsecured Claims out of additional operating funds to be delivered by the Company to the Proposal Trustee and shall be remitted by the Proposal Trustee to the entitled claimants, if any. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated · stated on: 2021-11-25 · table missing: