Manitoba · Bankruptcy
Minutes of the First Meeting of Creditors
Notice to creditors · 19 December 2013
A plain-language read of this filing opens with a subscription.
What we verified from this filing10 verified
- financial positionnote: All assets pledged in favour of secured creditors; Trustee views distribution to unsecured creditors as extremely unlikely; secured creditor amounts in Statement of Affairs represent total TCIG group indebtedness, not PWL-specific · page: 5 · as at: 2013-11-28 · basis: Statement of Affairs, prepared without audit or verification, verified by affidavit of Chief Larry Barker, a director of PWL; assets shown at estimated net realizable value · scope: Precambrian Wholesale (2010) Limited (entity level, not consolidated TCIG group) · currency: CAD · total assets: 442000 · total liabilities: 18932910
- unsecured creditorsnote: Also described in report text as approximately $2,174,000; document names no individual creditors; unsecured claims filed with Trustee as of December 18, 2013 totaled approximately $675,000 (proofs of claim filed, distinct and lower figure) · page: 5 · as of: 2013-11-28 · basis: Statement of Affairs as reported · amount: 2174499 · debtor: Precambrian Wholesale (2010) Limited · creditor: Unsecured creditors - arm's length parties (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Related party unsecured claims; also described in report text as approximately $6,302,000; document names no individual creditors · page: 5 · as of: 2013-11-28 · basis: Statement of Affairs as reported · amount: 6302411 · debtor: Precambrian Wholesale (2010) Limited · creditor: Unsecured creditors - related parties (aggregate as reported) · currency: CAD
- secured creditorspage: 6 · as of: 2013-11-28 · debtor: Precambrian Wholesale (2010) Limited · creditor: Roynat · currency: CAD · security: Registered interest in material handling equipment
- secured creditorsnote: Amount listed in Statement of Affairs is total amount owed to RBC by the entire TCIG group as at date of bankruptcy, not PWL-specific; security review by proposed estate solicitor pending; combined secured creditors total per Statement of Affairs is $4,681,000, with contingent secured creditors of $5,775,000 (components not attributable per creditor) · page: 6 · as of: 2013-11-28 · debtor: Precambrian Wholesale (2010) Limited · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Principal secured creditor; registered interest in PPR in 2007; also secures guarantees given by PWL for debts owed to RBC by other TCIG group entities
- secured creditorsnote: Amount listed in Statement of Affairs is total amount owed to EIC by the entire TCIG group as at date of bankruptcy, not PWL-specific · page: 6 · as of: 2013-11-28 · debtor: Precambrian Wholesale (2010) Limited · creditor: Exchange Income Corporation (EIC) · currency: CAD · security: Principal secured creditor; registered interest in PPR earlier in 2013; also secures guarantees given by PWL for debts owed to EIC by other TCIG group entities
- secured creditorspage: 6 · as of: 2013-11-28 · debtor: Precambrian Wholesale (2010) Limited · creditor: Nissan Canada Finance · currency: CAD · security: Registered interest in specific vehicles
- unsecured creditorsnote: Preferred claim under s.136 BIA priority ranking; amount not stated · page: 7 · basis: Preferred creditor claim filed with Trustee · debtor: Precambrian Wholesale (2010) Limited · creditor: PWL landlord (preferred creditor claim for unpaid rent) · currency: CAD
- unsecured creditorsnote: Approximately $4,239,000; part of total unsecured claims of $12,716,000 noted on Statement of Affairs; bifurcated secured/unsecured based on collateral valuation shortfall (over $10 million of secured creditor claims are unsecured per report) · page: 7 · as of: 2013-11-28 · basis: Statement of Affairs as reported · amount: 4239000 · debtor: Precambrian Wholesale (2010) Limited · creditor: Unsecured portion of secured creditors' claims (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the estimated realizable value of the assets of PWL that are pledged to secured creditors, the anticipated availability of funds for distribution as dividends to unsecured creditors is estimated as nil. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2013-12-19 · table missing: