Alberta · NOI
Trustee's Report on the Proposal
Court officer report · 3 December 2020
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 filing8 verified
- commencement date8 September 2020
- court file no25-2670585, 25-095164, 25-095165
- statutory basisPart III, Division I of the Bankruptcy & Insolvency Act
- appointeeMNP LTD.
- appointee roleTrustee
- provinceAlberta
- financial positionnote: Assets as stated: accounts receivable $343,000.00; deposits and prepaid expenses $934,000.00; property, plant & equipment $47,345,000.00; total $48,622,000.00. Less estimated reclamation and asset retirement costs $55,268,000.00, giving net asset value of -$6,646,000.00. Total liabilities not stated as a single figure; Statement of Affairs unsecured claims of $9,149,084.38 (Zargon O&G). No as-at date stated on the table. · basis: Statement of Affairs; the report notes the Schedule H original-cost amounts were stated in thousands and needed ,000 added to be correct · scope: Zargon O&G Consolidated Balance Sheet (Zargon Oil & Gas Ltd., consolidated with Zargon Oil & Gas Partnership) · currency: CAD · total assets: 48622000
- recovery outcomeentries: basis: plan · quote: Payment in full (subject to the OSB levy) will be made to proven Zargon preferred creditors (as defined in the BIA); · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: trustee · class label: proven Zargon preferred creditors · interim final: unstated · conditional on: subject to the OSB levy · claims qualifier: unstated; basis: plan · quote: Payment of dividends to proven Zargon ordinary unsecured creditors (subject to the OSB levy) will be made on a pro rata basis from the amount remaining in the Proposal Fund after the payment of preferred creditor claims; · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: proven Zargon ordinary unsecured creditors · interim final: unstated · conditional on: pro rata from remaining Proposal Fund after payment of preferred creditor claims · claims qualifier: unstated; basis: liquidation_alternative · quote: The Trustee is of the opinion that, in a bankruptcy, the unsecured creditors would not receive a dividend as the properties are not saleable and would become the responsibility of the Orphan Well Association. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2020-12-03 · table missing: