Ontario · Proposal
Notice of Proposal to Creditors and Meeting of Creditors
Notice to creditors · 31 May 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: The asset total of $3,506,580.26 appears as the unlabeled bottom total of the assets column; the itemized asset lines shown sum to far less (inventory 150,000.00; receivables 320,290.00; deposits 100,717.42; machinery 20,000.00). Reported figures are as stated, not computed. Liabilities line: unsecured creditors 3,092,770.26 plus balance of secured claims 378,992.58 = total unsecured 3,471,762.84; secured 591,007.42; preferred 34,817.42; contingent/trust 0.00. Form states Surplus: NIL. Statement dated as of the filing of the proposal (May 20, 2022); NOI filed April 20, 2022. · as at: 2022-05-20 · basis: Statement of Affairs (Form 78) 'as stated and estimated by the officer', sworn by Roya Azarm; the Trustee's report separately lists the Company's realizable assets at only about $591K (book value $4,564K at March 31, 2022). · scope: TAZARMC Inc., single entity (debtor corporation) · currency: CAD · total assets: 3506580.26 · total liabilities: 4097587.68
- recovery outcomeentries: basis: plan · quote: b) BDC - 50% recovery on its indebtedness, which would be converted to a fixed term loan and repaid over a period of 60 months after the Effective Date; · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: proposal_trustee · class label: BDC · creditor name: BDC · interim final: unstated · conditional on: converted to a fixed term loan repaid over 60 months after the Effective Date · claims qualifier: unstated; basis: plan · quote: d) Unsecured Creditors - pro rata share of the lesser of $290,000 and 10% of the Proven Claims of Unsecured Creditors, which based on the amounts set forth in Section G above would result in a gross dividend yield of approximately 9.5% (excluding any deductions for the fees of the Proposal Trustee and the Levy). · pct of: proven_claims · outcome: distribution · pct low: 9.5 · pct high: 9.5 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: gross of Proposal Trustee fees and the Levy; distributed within 36 months after the Effective Date · claims qualifier: unstated; basis: plan · quote: The Proven Claims of Preferred Creditors are to be paid by the Trustee in full in priority to all claims of Ordinary Creditors in accordance with the scheme of distribution set forth in the Act. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: | Estimated Funds Available for Distribution | | | $Nil | $Nil | | · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors (bankruptcy scenario) · interim final: unstated · claims qualifier: unstated · stated on: 2022-05-31 · table missing: