Ontario · Proposal
Trustee's Report pursuant to S. 58(d) of the BIA dated February 21, 2023
Court officer report · 21 February 2023
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What we verified from this filing2 verified
- financial positionnote: Liabilities reported by category only, no total given: Secured $2,280,079.00 (SOA) / $404,000.00 (claims filed); Preferred - / -; Unsecured $12,744,753.98 (SOA) / $3,666,695.79 (claims filed); Contingent - / -. Assets not quantified; Trustee opined net realizations in a bankruptcy would not repay secured claims of approximately $10,500,000 in full and would leave no funds for unsecured creditors. · as at: 2022-12-29 · basis: Amount per Statement of Affairs (also compared to Claims Filed as of January 18, 2023) · scope: entity - Vaughn Mills Packaging Ltd. · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on the information set out in the Preliminary Report and the Additional Report, the Trustee is of the opinion that net realizations from the Debtor's assets in a bankruptcy, after consideration of the Trustee in Bankruptcy's fees and disbursements, would not result in secured claims of approximately $10,500,000 being repaid in full, and there would be no funds available for unsecured creditors; whereas the Proposal would, as set out in the Preliminary Report, provide an estimated dividend of between $0.174 to $0.184 per dollar of proven claim. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: whereas the Proposal would, as set out in the Preliminary Report, provide an estimated dividend of between $0.174 to $0.184 per dollar of proven claim. · pct of: proven_claims · outcome: distribution · class key: unsecured · stated by: trustee · class label: proven claims (Proposal dividend) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Immediately following the granting of the Approval Order, the Debtor shall pay the Employee Priority Claims, if any, in full. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Employee Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Within six months of the granting of the Approval Order, the Debtor shall pay the Source Deduction Claims, if any, in full. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: debtor · class label: Source Deduction Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Administrative Fees and Expenses shall be paid in full by the Debtor from the Proposal Fund in accordance with Section 6.3 of this Proposal to the extent not otherwise paid by the Debtor from retainers or otherwise. · pct of: unstated · outcome: paid_in_full · stated by: debtor · class label: Administrative Fees and Expenses · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Pension Priority Claims, if any, will be paid in full from the Proposal Fund in accordance with Section 6.3 of this Proposal. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Pension Priority Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proven Claims of the Preferred Creditors, if any, will be paid in full from the Proposal Fund in priority to the Proven Claims of the Unsecured Creditors in accordance with Section 6.3 of this Proposal. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: All Convenience Creditors, including any Unsecured Creditors that submit a Convenience Creditor Election in accordance with the terms herein, shall be paid an amount in cash equal to the lesser of (a) $5,000 and (b) the value of such Convenience Creditor's Proven Claim. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: debtor · amount low: 5000 · amount high: 5000 · class label: Convenience Creditors · interim final: unstated · conditional on: lesser of $5,000 and the value of such Convenience Creditor's Proven Claim · claims qualifier: unstated · stated on: 2023-02-21 · table missing: