British Columbia · Receivership (court-appointed)
Trustee’s Report on Proposal to Creditors
Court officer report · 27 January 2015
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 filing8 verified
- court file no11-1879440
- appointeeThe Bowra Group Inc.
- appointee roleReceiver-Manager
- commencement date16 November 2011
- secured creditorsnote: Prose estimate elsewhere states 'estimated at $11 million at the date of Receivership' (page 4); table figure (page 5, in $000's) used as amount. Independent legal opinion confirms mortgage valid and enforceable. Not entitled to receive distributions under Proposal. Restructuring Agreement contemplates assignment of HSBC's secured claim to Purchaser for $5.08 million upon successful Proposal. · page: 5 · as of: date of Receivership · amount: 11500000 · debtor: Newgen Harrison Development Inc. · creditor: HSBC Bank Canada · currency: CAD · security: First mortgage on property
- secured creditorsnote: Table figure in $000's (page 5). · page: 5 · amount: 1500000 · debtor: Newgen Harrison Development Inc. · creditor: East Gordon Developments Ltd. · currency: CAD · security: Second mortgage on property
- unsecured creditorsnote: Document names no individual creditors in this table. Additionally, 25 other creditors may file proofs of claim totaling $6,089,000 based on the Statement of Affairs (page 5) - this is a separate, larger estimate not yet filed as proofs. Proposal dividend estimate ($58,000, page 3) is based on Statement of Affairs, not on Proofs of Claim received. · page: 5 · as of: proofs of claim filed in bankruptcy · basis: Proofs of Claims filed in the bankruptcy, per table (page 5), 2 creditors, figures in $000's · amount: 186000 · debtor: Newgen Harrison Development Inc. · creditor: Unsecured creditors (aggregate as reported - proofs of claim filed) · currency: CAD
- recovery outcomeentries: basis: plan · quote: The first secured mortgagee, HSBC, shall not be entitled to receive any distributions in this Proposal; and, · pct of: unstated · outcome: nil · class key: secured · stated by: proposal_trustee · class label: HSBC (first secured mortgagee) · creditor name: HSBC Bank Canada · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All Affected Creditors with Proven Claims in the aggregate amount of which is equal to or less than $2,000 shall be deemed to have elected to receive a cash distribution equal to 99% of the aggregate of their Proven Claims and to have cast their Voting Claims in favour of approval of the Proposal; or · pct of: proven_claims · outcome: distribution · pct low: 99 · pct high: 99 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors with Proven Claims of $2,000 or less · interim final: unstated · claims qualifier: unstated; basis: plan · quote: may at its option elect to reduce the amount of its Proven Claims to the sum of $2,000, and in such case such Affected Creditor shall be deemed to have elected to receive a cash distribution equal to $1,996 (being approximately 99% of $2,000) and to have cast its Voting Claim in favour of approval of the Proposal; or · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 1996 · amount high: 1996 · class label: Affected Creditors with Proven Claims over $2,000 electing to reduce claim to $2,000 · interim final: unstated · conditional on: Election to reduce Proven Claim to $2,000, receiving $1,996 (approximately 99% of $2,000) · claims qualifier: unstated; basis: plan · quote: If such Affected Creditor does not make the election referenced above, then such Affected Creditor shall in respect of its Proven Claims receive a cash distribution in an amount equal to 0.5% of its Proven Claim. · pct of: proven_claims · outcome: distribution · pct low: 0.5 · pct high: 0.5 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors with Proven Claims over $2,000 not electing to reduce claim · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The estimated dividends to the Affected Creditors is $58,000. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 58000 · amount high: 58000 · class label: Affected Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2015-01-27 · table missing: