British Columbia · Proposal
Trustee's Fourth Report dated March 8, 2023.pdf
Court officer report · 8 March 2023
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 filing7 verified
- cash on handnote: Actual ending cash balance for the 12-week period December 5, 2022 to February 26, 2023; the company's cash was negative (opening cash of (264,873)) and the balance was funded by interim financing advances of 1,006,789. · as at: 2023-02-26 · amount: 49478 · currency: CAD
- disbursementsnote: No single total disbursements figure is stated. Operating disbursements were 911,358 and non-operating disbursements were 459,964 for the 12-week period (combined 1,371,322, not computed by the document). · since: December 5, 2022 (to February 26, 2023) · currency: CAD
- operational summaryPaySlate continues to operate as it pursues court approval of a reverse-vesting transaction with its DIP lender Ayrshire, which would preserve the business as a going concern (with some staff reductions) and move excluded assets and liabilities into a creditor trust.
- professional feesnote: Approximately $217,000 outstanding, of which $140,000 was paid the week of February 27, 2023 and the rest forecast for the week of March 13, 2023. Actual trustee and counsel fees paid Dec 5, 2022 to Feb 26, 2023 were $234,372, plus legal fees re restructuring of $163,962. A further $160,000 of professional fees is forecast for the Second Cash Flow Period. Tax treatment not stated. · party: Proposal Trustee (Grant Thornton Limited), BLG and Fasken (combined) · amount: 217000 · period: outstanding as at February 26, 2023 · currency: CAD
- receipts cumulativenote: Total cash receipts for the 12-week period; includes 318,517 of 'Other' receipts. · since: December 5, 2022 (to February 26, 2023) · amount: 678885 · currency: CAD
- report date8 March 2023
- report noFourth Report