Quebec · Proposal
Report of Trustee on Financial Situation of Debtor and on Proposal • November 27, 2007
Court officer report · 27 November 2007
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- cash on handnote: Subject to MIP's security interest. · as at: 2007-11-22 · amount: 241215 · currency: CAD
- disbursementsnote: Total cash disbursements for the period October 26 to November 22, 2007 per Exhibit 3. · since: October 26, 2007 · amount: 273625 · currency: CAD
- financial positionnote: Statement of Affairs shows book value total assets of $1,668,488 vs realization value of $1,252,441 as at Nov. 22, 2007; liabilities comprise secured $1,213,552, preferred NIL, unsecured $870,309.81, total liabilities $2,083,861.31; deficiency of $831,420.71 stated. · as at: 2007-11-22 · basis: Statement of Affairs management estimate · scope: entity - Priva Inc. · currency: CAD · total assets: 1252441 · total liabilities: 2083861
- operational summarySince filing the Notice of Intention, Priva ceased operations entirely, sold most of its assets to Fiberlinks Textiles Inc., and its remaining activity consists of collecting outstanding accounts receivable.
- professional feesnote: Actual professional fees disbursed during period per Exhibit 3; budget was $100,000. · party: Trustee/professionals (per receipts and disbursements statement) · amount: 10005 · period: October 26 to November 22, 2007 · currency: CAD
- receipts cumulativenote: Total cash receipts for the period October 26 to November 22, 2007 per Exhibit 3. · since: October 26, 2007 · amount: 1794854 · currency: CAD
- recovery outcomeentries: basis: actual · quote: As at November 23, 2007, the TD Bank indebtedness has been repaid in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: TD Bank (first ranking creditor) · claims amount: 1690000 · creditor name: TD Bank · interim final: unstated · related party: false · claims qualifier: estimated; basis: unstated · quote: | Preferred Creditors (accrual) | 300,000 | NIL | · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: Preferred Creditors · claims amount: 300000 · interim final: unstated · claims qualifier: estimated; basis: liquidation_alternative · quote: Thus, we believe that under a bankruptcy scenario the realization results would most likely diminish and as such no amount would be available for distribution to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: It is estimated, based on the current list of payables, that the Proposal will allow all unsecured creditors to receive the lesser of their proven claim or $1,000 and, on a pro-rata basis, a further dividend of approximately 9.3% of the balance of their claim, dependent on the final determination of all proven claims of the Ordinary Creditors and the Preferred Creditors. · pct of: proven_claims · outcome: distribution · pct low: 9.3 · pct high: 9.3 · class key: unsecured · stated by: trustee · amount low: 1000 · amount high: 1000 · class label: Ordinary Creditors (unsecured) · interim final: unstated · conditional on: the lesser of proven claim or $1,000, plus a further pro-rata dividend of approximately 9.3% of the balance of their claim, dependent on final determination of all proven claims · claims qualifier: unstated · stated on: 2007-11-27 · table missing:
- report date27 November 2007