Ontario · Proposal
Notice of Proposal dated April 11 2017
Notice to creditors · 11 April 2017
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 filing6 verified
- financial positionnote: Statement discloses a deficiency of $3,546,991.29 (total liabilities of $3,971,855.29 less total assets of $424,864.00); Surplus line shows 'NIL'. · page: 20 · as at: 2017-04-05 · basis: Statement of Affairs (Business Proposal), as stated and estimated by the officer (Steven Pigeon, President), sworn April 5, 2017 · scope: Masterfile Corporation, entity-level (individual debtor company, not consolidated) · currency: CAD · total assets: 424864 · total liabilities: 3971855.29
- secured creditorsnote: Statement of Affairs reports secured creditors per list "B" totalling $35,001.00; balance of secured claims per list "B" shown separately as $0.00 (fully secured, no shortfall to unsecured pool). Individual creditor names not stated on these pages. · page: 20 · as of: 2017-04-05 · amount: 35001 · debtor: Masterfile Corporation · creditor: Secured creditors as per list "B" (unnamed) · currency: CAD
- unsecured creditorsnote: Total unsecured creditors per list "A" plus balance of secured claims per list "B" ($0.00) = $3,883,504.31 total unsecured, as reported in the Statement of Affairs. Document names no individual creditors on these pages. · page: 20 · as of: 2017-04-05 · basis: Statement of Affairs as stated and estimated by the officer · amount: 3883504.31 · debtor: Masterfile Corporation · creditor: Unsecured creditors (aggregate as reported, per list "A") · currency: CAD
- unsecured creditorsnote: Preferred claims per list "C"; ranks ahead of ordinary unsecured per BIA and Proposal Article 2.4/6.3(b). Individual creditor names not stated on these pages. · page: 20 · as of: 2017-04-05 · basis: Statement of Affairs as stated and estimated by the officer · amount: 53349.98 · debtor: Masterfile Corporation · creditor: Preferred creditors as per list "C" (unnamed) · currency: CAD
- unsecured creditorsnote: Estimated to be reclaimable for $0.00 per Statement of Affairs. · page: 20 · as of: 2017-04-05 · basis: Statement of Affairs as stated and estimated by the officer · amount: 0 · debtor: Masterfile Corporation · creditor: Contingent, trust claims or other liabilities as per list "D" · currency: CAD
- recovery outcomeentries: basis: unstated · quote: | Estimated distribution to Unsecured Creditors (%) | 21.6% | · pct of: unstated · outcome: distribution · pct low: 21.6 · pct high: 21.6 · class key: unsecured · stated by: proposal_trustee · amount low: 750000 · amount high: 750000 · class label: Unsecured Creditors · claims amount: 3466482 · interim final: unstated · conditional on: if Proposal is accepted by the creditors and approved by the Court · claims qualifier: estimated; basis: plan · quote: The Related Creditors claims shall receive no dividend under this Proposal. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Related Creditors · interim final: unstated · claims qualifier: unstated · table missing: