Saskatchewan · NOI
Notice to Creditors dated December 9, 2022
Notice to creditors · 9 December 2022
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 filing2 verified
- financial positionnote: Declaration states the affairs of the Corporation on December 1, 2022, though the form header refers to the filing date of December 2, 2022. Liabilities as stated: unsecured creditors $838,134.43 plus balance of secured claims $1,115,107.18 (total unsecured $1,953,241.61), secured creditors $212,854.12, preferred nil, contingent/trust nil. Stated deficiency $1,953,241.61. Companion Form 78 for T & C Reinforcing Ltd. (sworn Dec 2, 2022) lists total assets $31,189.00 and total liabilities $1,124,809.53. Trustee's report separately states that Steel's internal books overstate inventory, receivables and holdbacks. · as at: 2022-12-01 · basis: Form 78 Statement of Affairs (Business Proposal) for T & C Steel Ltd., sworn by Chad Joinson; assets and liabilities 'as stated and estimated by the officer'. The Proposal Trustee did not audit or verify the underlying company information. · scope: T & C Steel Ltd. only (not consolidated with T & C Reinforcing Ltd.) · currency: CAD · total assets: 212854.12 · total liabilities: 2166095.73
- recovery outcomeentries: basis: plan · quote: Based on current estimates of the claims of Affected Creditors, the Proposal Proceeds provide for an estimated dividend of 10% to Affected Creditors . · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · amount low: 110000 · amount high: 110000 · class label: Affected Creditors · interim final: unstated · conditional on: Proposal accepted by Affected Creditors and Court approval · claims qualifier: unstated; basis: plan · quote: the projected distribution to Pro Rata Creditors is estimated to be approximately 10% of their claim. · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: Pro Rata Creditors · interim final: unstated · conditional on: subject to the claim review process and any variation in Convenience Creditor elections · claims qualifier: estimated; basis: plan · quote: Convenience Creditors will receive the first $1,500 of their proven claim from the Proposal Proceeds in full settlement of their claim. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount high: 1500 · class label: Convenience Creditors · interim final: unstated · conditional on: 100% of the first $1,500 of each proven claim, in full settlement of the claim · claims qualifier: unstated; basis: liquidation_alternative · quote: if T&C was deemed to have made assignments in bankruptcy and the assets of the Companies immediately liquidated, it is estimated that no funds would be available for the Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Source Deduction Creditors, as defined in the Proposal, are to be paid in full from operational cash flows of the Companies on such date as agreed by CRA, provided it is no later than six (6) months following approval of the Proposal by the Court. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: Source Deduction Creditors · claims amount: 727834 · interim final: unstated · conditional on: paid from operational cash flows no later than six months after Court approval · claims qualifier: estimated · stated on: 2022-12-09 · table missing: