Ontario · Receivership (court-appointed)
Report of Trustee on Application for Court Approval of Proposal
Court officer report · 19 May 2021
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 filing2 verified
- financial positionnote: Asset components per SOA (Net Book Value): Cash in financial institutions $288,024; Trust accounts $411,069 (not property of Company per Extension Order); Prepaid and deposits $16,000; Furniture & Equipment $47,883; Computer & Telephone $200,277 (encumbered by CWB National Leasing); Intellectual Property $1,202,925 (est. realization nil). Estimated realization total was $309,024 versus NBV total $2,166,178. Liability components per SOA: Secured $247,210; Trust claims $4,247 (PIER assessment re 2019); Preferred $0 (Company advises no amounts owing to employees under s.136(1)); Unsecured $2,015,873 (excludes Gift Card/Promotional Gift Card claims of approx. $280,000). · as at: 2021-04-28 · basis: Sworn Statement of Affairs (SOA), net book value for assets; unaudited/draft information relied upon by the Proposal Trustee · scope: entity - Travel Superstore Inc. (single company, non-consolidated) · currency: CAD · total assets: 2166178 · total liabilities: 2267330
- recovery outcomeentries: basis: plan · quote: | Estimated distribution to Unsecured Creditors (%) | 14.88% | · pct of: unstated · outcome: distribution · pct low: 14.88 · pct high: 14.88 · class key: unsecured · stated by: proposal_trustee · amount low: 300000 · amount high: 300000 · class label: Unsecured Creditors · claims amount: 2015873 · interim final: unstated · conditional on: if the Proposal is accepted by the Unsecured Creditors and approved by the Court · claims qualifier: estimated; basis: liquidation_alternative · quote: | Estimated distribution to Unsecured Creditors (%) | | | 4.61% | · pct of: unstated · outcome: distribution · pct low: 4.61 · pct high: 4.61 · class key: unsecured · stated by: proposal_trustee · amount low: 184024 · amount high: 184024 · class label: Unsecured Creditors · claims amount: 3995873 · interim final: unstated · conditional on: if the Proposal is rejected and the Company is deemed bankrupt · claims qualifier: estimated · table missing: