Ontario · Proposal
Report to the First Meeting of Creditors
Court officer report · 14 July 2015
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What we verified from this filing8 verified
- closing confirmedscope: the Company's business and assets · outcome: completed · effective: 2015-05-25 · purchaser: CID Bissett Fasteners Limited · date basis: stated · approval order date: 2015-05-11
- financial positionnote: SOA (as at June 26, 2015) lists: Secured $400,000.00; Preferred $45.00; Unsecured $3,367,344.08 (total $3,767,389.08). Compared to Proofs of Claim filed to date (as at 4:00 p.m. July 14, 2015): Secured $404,721.81; Preferred $6,575.36; Unsecured $2,743,408.81 (total $3,154,705.98). Only remaining asset is the $400,000 Promissory Note; SOA reflects a shortfall to secured creditor Team CID, so no distribution expected to preferred/unsecured creditors. · as at: 2015-06-26 · basis: Statement of Affairs (SOA) management estimate as at the Date of Bankruptcy · scope: Canadian Industrial Distributors Inc. (single entity, not consolidated) · currency: CAD · total assets: 400000 · total liabilities: 3767389.08
- operational summaryThe Company's business and assets were sold pursuant to a court-approved asset purchase agreement, and proceeds were distributed to the first secured creditor and certain priority creditors; the estate now holds no operating assets, only a promissory note receivable from the purchaser.
- professional feesnote: Described as a deposit received for fees and expenses (including legal fees), not a statement of fees incurred to date. · party: The Fuller Landau Group Inc. (Trustee) · amount: 14298.95 · currency: CAD
- purchaserCID Bissett Fasteners Limited
- recovery outcomeentries: basis: estimated · quote: The SOA reflects a shortfall to Team CID as secured creditor, and therefore, no funds will be available for a distribution to the Company's preferred or unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Team CID (secured creditor) · creditor name: Team CID · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The SOA reflects a shortfall to Team CID as secured creditor, and therefore, no funds will be available for a distribution to the Company's preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: preferred creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The SOA reflects a shortfall to Team CID as secured creditor, and therefore, no funds will be available for a distribution to the Company's preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2015-07-14 · table missing:
- report date14 July 2015
- sale outcometext: Company's assets were sold pursuant to the court approved APA · scope: whole_business · status: closed