British Columbia · Bankruptcy
Trustees Preliminary Report to Creditors
Court officer report · 5 March 2015
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What we verified from this filing8 verified
- proceeding typebia_bankruptcy
- financial positionnote: Statement of Affairs shows secured $NIL, preferred $NIL, unsecured $62,698, and contingent creditors $11,855,476, totaling $11,918,174 in claims against assets of $329,904 as reported. Trustee's admitted claims to date total only $1.00 pending review of proofs of claim. · page: 7 · basis: Statement of Affairs filed in the bankruptcy · scope: Ogopogo Beach Resort Ltd. (entity level, includes nominal $1 book values for shareholdings and claims held) · currency: CAD · total assets: 329904 · total liabilities: 11918174
- unsecured creditorsnote: Statement of Affairs reports total claims of unsecured creditors of approximately $62,700; document names no individual creditors. Trustee's admitted amount to date is NIL pending proofs of claim. · page: 7 · as of: Statement of Affairs (bankruptcy date) · basis: Statement of Affairs as reported · amount: 62698 · debtor: Ogopogo Beach Resort Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Contingent claim based on CRA Notice of Reassessment dated November 23, 2012 for corporate income tax; OBR filed formal Notice of Objection in February 2013, debt listed as contingent given the appeal. Not a deemed trust claim (relates to corporate income tax, not payroll withholdings). · page: 8 · as of: 2012-11-23 · basis: Statement of Affairs - listed as contingent creditor · amount: 1099476.52 · debtor: Ogopogo Beach Resort Ltd. · creditor: Canada Revenue Agency (CRA) - contingent · currency: CAD
- unsecured creditorsnote: Each of the three parties/groups listed as contingent creditor in the amount of $2,500,000 (third party claims arising from Strata's claim against HVR/OBR alleging defects); amount appears per claimant per Statement of Affairs, not aggregated by Trustee. · page: 9 · as of: Statement of Affairs (bankruptcy date) · basis: Statement of Affairs - listed as contingent creditors, each in the stated amount · amount: 2500000 · debtor: Ogopogo Beach Resort Ltd. · creditor: Bluegreen Architecture Inc., Rockingham Pool Consulting Inc., Royal & Sun Alliance Insurance Company of Canada et al (collectively 'the Plaintiffs') · currency: CAD
- unsecured creditorsnote: Contingent claim; Trak's underlying legal proceedings claimed debt of approximately $862,000. OBR/HVR filed counterclaim (in the range of $900,000) against Trak and Jeffrey H. Maxwell. · page: 9 · as of: Statement of Affairs (bankruptcy date) · basis: Statement of Affairs - listed as contingent creditor · amount: 756000 · debtor: Ogopogo Beach Resort Ltd. · creditor: Trak Energy Corporation · currency: CAD
- recovery outcomeentries: basis: unstated · quote: At the present time, the Trustee is unable to provide any meaningful estimates for a % dividend that the unsecured creditors may receive given the uncertainty as to the outcome of the various legal proceedings against OBR, the uncertainty of the tax appeal filed by OBR, and the current uncertainty as to what funds may be forthcoming from OBR's interest in the Barona Beach Joint Venture. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2015-03-05 · table missing:
- secured creditors