Ontario · Proposal
Motion Record of the Proposal Trustee (returnable December 21, 2018)
Application / notice of application · 21 December 2018
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What we verified from this filing7 verified
- appointeeAlbert Gelman Inc.
- appointee roleTrustee
- commencement date12 December 2018
- courtSUPERIOR COURT OF JUSTICE IN BANKRUPTCY AND INSOLVENCY
- court file no31-2447514
- provinceONTARIO
- recovery outcomeentries: basis: plan · quote: All proven Preferred Claims, if any, without interest :from the Filing Date, will be paid in full in cash and in priority to all Unsecured Claims. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: debtor · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All proven Employee Claims, if any, shall be paid in full immediately following the Effective Date, in accordance with the Act · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · stated by: debtor · class label: Employee Claims · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In the Trustee's opinion, in the event of a bankruptcy of the Yappn it is unlikely that there will be any distribution to unsecured creditors due to quantum of secured claims listed on the SOA as ranking in priority. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In a liquidation, the realizable value of the assets of Yappn is believed to be significantly less than its secured obligations such that there would be no realization for unsecured creditors of Yappn and Yappn's secured creditors would suffer a significant shortfall; · pct of: unstated · outcome: shortfall · class key: secured · stated by: debtor · class label: secured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2018-11-23 · table missing: