New Brunswick · Proposal
Trustee's First Report to Creditors
Court officer report · 27 May 2025
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 filing13 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date24 April 2025
- courtIN THE COURT OF KING'S BENCH OF NEW BRUNSWICK
- court file no26629
- proceeding typebia_proposal
- statutory basisBankruptcy and Insolvency Act
- secured creditorsnote: Listed as secured creditor on SOA. Estimated shortfall of $65,000 under bankruptcy liquidation scenario based on Equipment Appraisal values; this figure is a shortfall estimate, not the outstanding balance, which is not stated. · page: 4 · as of: Equipment Appraisal dated May 24, 2025 · debtor: LG Projects Ltd. · creditor: Journey Capital · currency: CAD · security: Vehicles/equipment (serial numbered goods) per Statement of Affairs
- secured creditorsnote: Listed as secured creditor on SOA. Estimated shortfall of $61,000 under bankruptcy liquidation scenario based on Equipment Appraisal values; this figure is a shortfall estimate, not the outstanding balance, which is not stated. · page: 4 · as of: Equipment Appraisal dated May 24, 2025 · debtor: LG Projects Ltd. · creditor: The Bank of Nova Scotia · currency: CAD · security: Vehicles/equipment (serial numbered goods) per Statement of Affairs
- secured creditorsnote: Listed as secured creditor on SOA. Estimated shortfall of $33,000 under bankruptcy liquidation scenario based on Equipment Appraisal values; this figure is a shortfall estimate, not the outstanding balance, which is not stated. · page: 4 · as of: Equipment Appraisal dated May 24, 2025 · debtor: LG Projects Ltd. · creditor: Ford Credit Canada · currency: CAD · security: Vehicles/equipment (serial numbered goods) per Statement of Affairs
- secured creditorsnote: Listed as secured creditor on SOA. Estimated shortfall of $8,000 under bankruptcy liquidation scenario based on Equipment Appraisal values; this figure is a shortfall estimate, not the outstanding balance, which is not stated. · page: 4 · as of: Equipment Appraisal dated May 24, 2025 · debtor: LG Projects Ltd. · creditor: Yamaha Motors Canada Ltd. · currency: CAD · security: Vehicles/equipment (serial numbered goods) per Statement of Affairs
- secured creditorsnote: Deemed trust (quasi-governmental) claim for unpaid payroll source deductions, per CRA's proof of claim. To be paid in full from Proposal Proceeds within six months of Court approval of the Proposal. CRA's separate HST claim is treated as unsecured. · page: 5 · as of: CRA proof of claim · amount: 357993.48 · debtor: LG Projects Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust - unremitted payroll source deductions
- recovery outcomeentries: basis: liquidation_alternative · quote: The Trustee does not expect any recovery for the capital contribution in a bankruptcy scenario. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: 717253 NB Ltd. (capital contribution) · creditor name: 717253 NB Ltd. · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: | Ford Credit Canada | $33,000 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Ford Credit Canada · creditor name: Ford Credit Canada · interim final: unstated · claims qualifier: unstated · shortfall amount: 33000; basis: liquidation_alternative · quote: | Yamaha Motors Canada Ltd. | $8,000 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Yamaha Motors Canada Ltd. · creditor name: Yamaha Motors Canada Ltd. · interim final: unstated · claims qualifier: unstated · shortfall amount: 8000; basis: liquidation_alternative · quote: | The Bank of Nova Scotia | $61,000 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: The Bank of Nova Scotia · creditor name: The Bank of Nova Scotia · interim final: unstated · claims qualifier: unstated · shortfall amount: 61000; basis: liquidation_alternative · quote: | Journey Capital | $65,000 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Journey Capital · creditor name: Journey Capital · interim final: unstated · claims qualifier: unstated · shortfall amount: 65000; basis: plan · quote: The Source Deduction claim will be paid in full from the Proposal Proceeds within six months of the date that the Proposal is approved by the Court. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: trustee · class label: Canada Revenue Agency (Source Deduction claim) · claims amount: 357993.48 · creditor name: Canada Revenue Agency · interim final: unstated · conditional on: within six months of the date that the Proposal is approved by the Court · claims qualifier: asserted; basis: plan · quote: The Unsecured Creditors are expected to receive approximately 29% of their claims under the Proposal. · pct of: unstated · outcome: distribution · pct low: 29 · pct high: 29 · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · claims amount: 595666 · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: There is no reasonable expectation for any recovery for Unsecured Creditors under a bankruptcy scenario as the net asset realizations are not expected to fully repay the secured creditors with specific serial numbered goods as security or CRA's deemed trust claim for unpaid payroll source deductions. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: | Estimated % Net Dividend | 29% | 0% | · pct of: unstated · outcome: distribution · pct low: 29 · pct high: 29 · class key: unsecured · stated by: trustee · class label: Estimated % Net Dividend (Proposal) · interim final: unstated · claims qualifier: unstated · table missing: