Ontario · Receivership (court-appointed)
Report of Trustee on Application for Court Approval of Proposal
Court officer report · 19 May 2021
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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: Ordinary Creditors (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: actual · quote: Ultimately on January 28, 2021, the indebtedness formerly owed to BMO was paid in full from funds available in the Company as well from the sole shareholders, Richard Vanderlubbe and Paul Foster (collectively the ' Shareholders '). · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Bank of Montreal (senior/sole general secured creditor) · creditor name: Bank of Montreal · interim final: unstated · claims qualifier: unstated · table missing: