Quebec · Proposal
Report of the trustee on the financial situation of the debtor and on the proposal
Court officer report · 24 September 2019
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 filing11 verified
- financial positionnote: Comparative balance sheet also shows March 31, 2018 figures (Total Assets $2,216,800; Total Liabilities $928,374) not used here as the as-at date is the later, pre-filing period. Separately, per the Statement of Affairs as at September 16, 2019 (page 4), total assets at estimated net realizable value were $1,163K (per '000s table) versus SOA book value of $1,974K; total liabilities per SOA as at September 16, 2019 were $3,513K (page 8). · page: 3 · as at: 2019-03-31 · basis: Book value; internal financial statements not subject to external review · scope: Métaux M.P.I. Inc. (entity-level, unconsolidated) · currency: CAD · total assets: 2043301 · total liabilities: 2084709
- secured creditorsnote: Estimated realization equal to or less than outstanding loan amount. · page: 8 · as of: 2019-09-16 · amount: 303000 · debtor: Métaux M.P.I. Inc. · creditor: Wells Fargo Equipment Finance Company · currency: CAD · security: Security interest in Flow Mach Waterjet equipment (financed February 2019)
- secured creditorsnote: Also owed $39K in VISA credit card debt (per page 8, para 51); hypothec not validated by independent legal opinion. Building used by MPI is owned by related party 9132-8914 Québec Inc. and separately mortgaged to LBC. · page: 8 · as of: 2019-09-16 · amount: 328000 · debtor: Métaux M.P.I. Inc. · creditor: Laurentian Bank of Canada (LBC) · currency: CAD · security: Conventional hypothec over all assets, securing line of credit facility
- unsecured creditorsnote: Deemed trust / DAS arrears; benefits from super priority over Debtor's assets. Updated statement of account received September 24, 2019 shows $228K owing (see separate note). · page: 8 · as of: 2019-09-16 · basis: Statement of Affairs as reported · amount: 171000 · debtor: Métaux M.P.I. Inc. · creditor: Revenu Québec · currency: CAD
- unsecured creditorsnote: Related party (owns building used by MPI, common ownership); largest unsecured creditor. Confirmed will not file claim in Proposal for pre-NOI amount and same postponed - no dividend to be paid on this claim if Proposal accepted; expected to file claim in a bankruptcy scenario. · page: 8 · as of: 2019-09-16 · basis: Statement of Affairs / Trustee's report as reported · amount: 1669000 · debtor: Métaux M.P.I. Inc. · creditor: 9132-8914 Québec Inc. · currency: CAD
- unsecured creditorsnote: Preferred claim - estimated by Company; other employees may have claims under s.81.3 BIA in a deemed bankruptcy scenario, estimated at $70K in that scenario (not a current liability). · page: 8 · as of: NOI filing date to Proposal filing date · basis: Company's estimate as reported by Trustee · amount: 1000 · debtor: Métaux M.P.I. Inc. · creditor: Employee (estimated preferred claim) · currency: CAD
- unsecured creditorsnote: Deemed trust / DAS arrears (super priority); supersedes SOA figure of $171K as of 2019-09-16. · page: 8 · as of: 2019-09-24 · basis: Statement of account received from Revenu Québec · amount: 228000 · debtor: Métaux M.P.I. Inc. · creditor: Revenu Québec - DAS statement of account · currency: CAD
- unsecured creditorsnote: Deemed trust / DAS arrears; benefits from super priority over Debtor's assets. Updated statement of account received September 24, 2019 shows $31K owing to Canada (see separate note). · page: 8 · as of: 2019-09-16 · basis: Statement of Affairs as reported · amount: 38000 · debtor: Métaux M.P.I. Inc. · creditor: Canada Revenue Agency (Revenue Canada) · currency: CAD
- unsecured creditorsnote: Deemed trust / DAS arrears (super priority); supersedes SOA figure of $38K as of 2019-09-16. · page: 8 · as of: 2019-09-24 · basis: Statement of account received from Revenue Canada · amount: 31000 · debtor: Métaux M.P.I. Inc. · creditor: Canada Revenue Agency (Revenue Canada) - DAS statement of account · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors other than 9132-8914 Québec Inc. Total unsecured per SOA table (page 8) is $2,673K, which includes the $1,669K owed to 9132; this entry represents the residual $1,004K per the dividend estimate table. Excludes unliquidated claims from former employees (CNESST) and a $303,000 counterclaim by a client, not included in these figures. · page: 13 · as of: 2019-09-16 · basis: Unsecured claims as reported in the Statement of Affairs (excludes related party 9132 claim which is separately identified) · amount: 1004000 · debtor: Métaux M.P.I. Inc. · creditor: Unsecured creditors (aggregate as reported, excluding 9132-8914 Québec Inc.) · currency: CAD
- recovery outcomeentries: basis: plan · quote: The Proposal provides and, PwC has obtained a confirmation from the representatives of 9132 and other related persons that said related persons would not file a claim in the Proposal for pre-NOI amounts and that same would be postponed such that no dividend would be paid on these claims in the event that the Proposal is accepted by the creditors and ratified by the Court. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: 9132 (related party unsecured creditor) · claims amount: 1669000 · creditor name: 9132 · interim final: unstated · related party: true · conditional on: the Proposal is accepted by the creditors and ratified by the Court · claims qualifier: estimated; basis: plan · quote: The Proposal, if executed, will allow for a greater realization (10%) for the unsecured creditors than in a deemed bankruptcy scenario (1%). · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: trustee · amount low: 100000 · amount high: 100000 · class label: unsecured creditors · claims amount: 1004000 · interim final: unstated · claims qualifier: listed; basis: liquidation_alternative · quote: The Proposal, if executed, will allow for a greater realization (10%) for the unsecured creditors than in a deemed bankruptcy scenario (1%). · pct of: unstated · outcome: distribution · pct low: 1 · pct high: 1 · class key: unsecured · stated by: trustee · amount low: 14000 · amount high: 14000 · class label: unsecured creditors · claims amount: 2673000 · interim final: unstated · claims qualifier: listed · table missing: