Alberta · Proposal
Trustee's Report to Creditors
Court officer report · 10 June 2024
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What we verified from this filing11 verified
- appointeeMNP Ltd.
- appointee roleLicensed Insolvency Trustee
- commencement date7 May 2024
- courtIN THE COURT OF KING'S BENCH OF ALBERTA
- court file noK.B. No.
- proceeding typebia_proposal
- secured creditorsnote: Estimated claim per Table 2, stated in $000's (95,412); unaffected by the Proposal and to be paid per existing agreement · page: 4 · as of: NOI filing date · amount: 95412000 · debtor: Top Draw Inc. · creditor: ATB Financial · currency: CAD · security: General Security Agreement - all present and after-acquired property
- unsecured creditorsnote: Deemed trust / Crown priority claim (GST arrears); part of Certain Crown Claims subject to the Proposal · page: 4 · as of: prefiling · basis: Certain Crown Claims as reported by Trustee · amount: 119115 · debtor: Top Draw Inc. · creditor: Canada Revenue Agency (CRA) - GST · currency: CAD
- unsecured creditorsnote: Deemed trust / Crown priority claim (payroll source deductions); part of Certain Crown Claims subject to the Proposal · page: 4 · as of: prefiling · basis: Certain Crown Claims as reported by Trustee · amount: 795086 · debtor: Top Draw Inc. · creditor: Canada Revenue Agency (CRA) - source deductions · currency: CAD
- financial positionnote: Company is not aware of any unsecured creditors besides amounts due to shareholders (related party); not aware of any indebtedness to preferred creditors; Table 4 also shows Bankruptcy scenario assets of 185 and Proposal scenario funds available of 929 (includes Proposal Fund of 914), with CRA Crown Claims of 914 and a bankruptcy shortfall to CRA of (779); total liabilities not stated as a single figure · page: 5 · basis: Per Statement of Affairs, stated in $000's · scope: entity - Top Draw Inc. · currency: CAD · total assets: 189000
- recovery outcomeentries: basis: unstated · quote: ATB Financial will be paid in accordance with the existing agreement. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: ATB Financial · creditor name: ATB Financial · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: There would be no recovery to other secured or unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: other secured or unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Company's assets would result in a shortfall to CRA of approximately $779,000. · pct of: unstated · outcome: shortfall · class key: deemed_trust · stated by: trustee · class label: CRA Crown Claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated · shortfall amount: 779000 · stated on: 2024-06-10 · table missing: