Ontario · Winding-up (WURA)
Report of the Liquidator
Court officer report · 23 November 2023
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What we verified from this filing5 verified
- cash on handnote: Described as 'cash or near cash'; no further realizations expected other than investment income. · as at: 2023-09-30 · amount: 40600000 · currency: CAD
- financial positionnote: Total liabilities not stated as a single figure; components noted: known claims at commencement 'in excess of $100 million'; 403 contingent claims filed by 190 policyholders with aggregate claimed value of approximately $9 billion; approximately $11.0 million of declared dividends remain unclaimed; after deducting unclaimed dividends, approximately $29.6 million remains available to pay remaining unsettled claims, future claims, administration costs, tax reassessments and other matters. · as at: 2023-09-30 · basis: cash or near cash · scope: entity - Northumberland General Insurance Company (in liquidation) · currency: CAD · total assets: 40600000
- operational summaryThe Liquidator continued administering the winding-up of Northumberland by handling claims, issuing dividend distributions and locating unclaimed-dividend recipients, monitoring tobacco-industry policyholder litigation and tax matters, and investigating the corporate ownership chain to determine who is entitled to a potential surplus.
- recovery outcomeentries: basis: actual · quote: Following the June 2019 Distribution, the Liquidator has distributed a total of $168.0 million, including 100% of allowed policy loss claims, unearned premium claims and ordinary claims plus 100% of all allowed post-liquidation interest claims. · pct of: allowed_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: liquidator · cumulative: true · class label: allowed policy loss claims, unearned premium claims and ordinary claims plus post-liquidation interest claims · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The Liquidator has vastly reduced the uncertainty related to the liquidation and has distributed 100% plus interest on all allowed policyholder and ordinary creditor claims. · pct of: allowed_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: liquidator · class label: policyholder and ordinary creditor claims · interim final: unstated · claims qualifier: unstated · stated on: 2023-11-17 · table missing:
- report date17 November 2023