Alberta · Proposal
Report of Trustee on the Proposal - March 15, 2017
Court officer report · 15 March 2017
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 filing13 verified
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no24-2208537
- proceeding typebia_proposal
- appointeeGrant Thornton Limited
- appointee roleTrustee
- commencement date18 January 2017
- statutory basisBankruptcy and Insolvency Act
- statutory basisPart III of the Bankruptcy and Insolvency Act
- financial positionnote: Figures are the book-value column of Table 1 (Financial Position, Unaudited): cash 76,000; accounts receivable 777,000; inventory 679,000; prepaid 9,000; capital assets 2,085,000; liabilities = unaffected secured creditors 4,091,000 + accounts payable 485,000; stated deficiency (950,000). As-at date is the balance sheet at February 13, 2017 per the Report to Creditors; the separately sworn Statement of Affairs (Form 78) shows total assets 3,308,134 and total liabilities 4,571,234.77 as of the filing date January 18, 2017 and is a different statement. · basis: Unaudited; based on financial information and representations of Management, book values per the Company's balance sheet at February 13, 2017 (Trustee did not audit or verify). Trustee's table shows book value, estimated going-concern, and estimated liquidation columns. · scope: Q-Tek Tankers Ltd. (single entity, not consolidated) · currency: CAD · total assets: 3626000 · total liabilities: 4576000
- operational summaryThe Company continues to operate as an oil and gas hauling business under its Proposal, with 14 employees remaining employed; revenue has fallen from about $8 million to about $3.5 million.
- professional feesnote: Estimated costs to administer in the liquidation scenario column of Table 1, totalling 65,000 (not incurred fees); trustee fees are taxed by the Court and no actual fees incurred are stated. · party: Trustee (Grant Thornton Limited) - Trustee fees; also WEPPA 20,000 and Legal Fees 15,000 · amount: 30000 · currency: CAD
- report date15 March 2017
- report noReport of Trustee on the Proposal