Quebec · Bankruptcy
Trustee's Preliminary Report to Creditors
Court officer report · 29 August 2016
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What we verified from this filing12 verified
- appointeeDeloitte Restructuring Inc.
- appointee roleTrustee
- courtS U P E R I O R C O U R T
- court file no505-11-014180-165
- provinceQUEBEC
- commencement date8 August 2016
- cash on handnote: Cash figure from Statement of Affairs; based on cash balance received by the Trustee at the time of bankruptcy. · as at: 2016-08-08 · amount: 60000 · currency: CAD
- financial positionnote: Statement of Affairs totals include Secured creditor - buildings $3,808,300 (plus $116,700 unsecured portion), Secured creditor - other assets $688,000 (plus $1,312,000 unsecured portion), and Unsecured creditors $1,171,844 (subject to proof of claim); resulting estimated deficit before professional fees of $2,600,544. A separate BMW balance sheet as of July 31, 2016 (per books and records, unaudited) shows total assets of $4,748,259 and total liabilities of $13,341,591. · as at: 2016-08-08 · basis: unaudited; estimated realization value of assets as determined by management, per the Statement of Affairs · scope: Blue Mountain Wallcoverings Group Inc. (single entity, bankrupt estate) · currency: CAD · total assets: 4496300 · total liabilities: 7096844
- operational summaryBMW ceased operating after making a voluntary assignment in bankruptcy on August 8, 2016; the Trustee has secured all three of BMW's locations, frozen its bank accounts, and is arranging liquidation of inventory, equipment, and buildings.
- recovery outcomeentries: basis: estimated · quote: Therefore, based on the information currently on hand, it is estimated that no funds will be available for the distribution of a dividend to the unsecured creditors of BMW following the realization of all of the Bankrupt's assets. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: Should the net liquidation value of the buildings obtained by the real estate broker that could be retained by the Trustee be higher than the total amount due to HBH, a dividend could become available for distribution to the unsecured creditors of BMW. · claims qualifier: unstated · stated on: 2016-08-29 · table missing:
- report date29 August 2016
- report noTrustee's Preliminary Report to Creditors