Ontario · Receivership (court-appointed)
Seventh Report of the Liquidator and Fifth Report of the Receiver dated April 9, 2019 - 4/15/2019
Court officer report · 9 April 2019
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 filing1 verified
- recovery outcomeentries: basis: actual · quote: Following the granting of the Third Distribution Order, the Liquidator made distributions to unsecured Claimants in the amount of 85 cents on the dollar as against their Proven Claims, in the total amount of $2,142,923. · pct of: proven_claims · outcome: distribution · pct low: 85 · currency: CAD · pct high: 85 · class key: unsecured · stated by: liquidator · amount low: 2142923 · cumulative: false · amount high: 2142923 · class label: unsecured Claimants with valid unsecured Claims · interim final: interim · related party: false · currency quote: all monetary amounts contained herein are expressed in Canadian dollars · cents on dollar: 85 · claims qualifier: unstated; basis: unstated · quote: Having completed the Tarn Financial Claims Process, the Liquidator intends to make a final distribution to valid unsecured third-party Claimants, which will be the remaining 15% of the amount of their Proven Claims for all except the two non-Broker Disputed Claims that have since been settled, which will receive 100% of the settled Proven Claims. · pct of: proven_claims · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: liquidator · cumulative: false · class label: valid unsecured third-party Claimants (except two non-Broker Disputed Claims) · interim final: final · related party: false · claims qualifier: unstated; basis: unstated · quote: Having completed the Tarn Financial Claims Process, the Liquidator intends to make a final distribution to valid unsecured third-party Claimants, which will be the remaining 15% of the amount of their Proven Claims for all except the two non-Broker Disputed Claims that have since been settled, which will receive 100% of the settled Proven Claims. · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: liquidator · cumulative: false · class label: two non-Broker Disputed Claims (settled Proven Claims) · interim final: final · related party: false · claims qualifier: unstated; basis: actual · quote: In accordance with the Fourth Distribution Order, the Liquidator made an interim distribution to the Non Arms-Length Claimants in the total amount of $8,677,500, representing 75% of the Eligible Shareholder Loan Claims of the Non Arms-Length Claimants. · pct of: unstated · outcome: distribution · pct low: 75 · currency: CAD · pct high: 75 · class key: unsecured · stated by: liquidator · amount low: 8677500 · cumulative: false · amount high: 8677500 · class label: Non Arms-Length Claimants · interim final: interim · related party: true · currency quote: all monetary amounts contained herein are expressed in Canadian dollars · claims qualifier: unstated; basis: estimated · quote: $150,000 to Kaan, representing 5% of its Eligible Shareholder Loan Claim in the amount of $3,000,000; · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: liquidator · amount low: 150000 · cumulative: false · amount high: 150000 · class label: Kaan · claims amount: 3000000 · creditor name: Kaan · interim final: unstated · related party: true · claims qualifier: listed · stated on: 2020-03-09 · table missing: