Saskatchewan · Proposal
Report of the Trustee on the Amended Proposal - Form 40
Court officer report · 18 October 2024
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 filing6 verified
- cash on handnote: Book value as at August 22, 2024 per the asset table (000's); the trustee's report to creditors describes it as the Company's bank account balance as of the date of filing. The Statement of Affairs separately shows deposits in financial institutions of $8,422.80. · as at: 2024-08-22 · amount: 8000 · currency: CAD · qualifier: stated in thousands (8 = $8,000); realization estimate also 8
- financial positionnote: Assets table (in 000's) gives book value 1,806 and estimated realization 1,423; components (cash 8, A/R 167/80, inventory 186/90, prepaid 25/25, equipment and vehicles 680/320, land and building 430/900, investment in 10203800 Saskatchewan Corp. 25/0, due from shareholders/related parties 285/0), so no single total_assets figure is stated in dollars. Liabilities: secured creditors 1,192,087 + unsecured creditors 2,932,033 = 4,124,120 (stated total). Realization amounts are subject to post-filing obligations, realization costs and professional fees. The Form 78 condensed statement (OCR'd, partly illegible) shows total assets 1,584,797 and deficiency 2,539,321.83, a different figure from the trustee's 1,806 book value, and is dated by the sworn declaration September 20, 2024. · as at: 2024-08-22 · basis: Trustee's estimate per the Statement of Affairs ('Per Statement of Affairs'): assets shown at book value as at August 22, 2024 and at estimated realization value; liabilities per Statement of Affairs · scope: Single entity: Riveriene Farm Ltd. · currency: CAD · total liabilities: 4124120
- operational summaryThe Company continues to operate its business (manufacture and distribution of frozen and freeze-dried raw pet food) as a going concern under the Amended Proposal; the trustee found it acting in good faith and recommends acceptance.
- professional feesnote: This Form 40 report states no fee figure. The attached Trustee's Report to Creditors (Exhibit C3, September 26, 2024) holds a $40,000 retainer and estimates total fees and disbursements, including counsel, at approximately $50,000 - $60,000. · party: MNP Ltd. (Trustee) and its legal counsel · currency: CAD
- recovery outcomeentries: basis: plan · quote: All secured creditors of the Company are unaffected by the Amended Proposal. Accordingly, no payments will be made to the secured creditors of the Company from the Proposal Fund. · pct of: unstated · outcome: nil · class key: secured · stated by: trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The recovery to proven unsecured creditors under the Proposal is estimated to be between $.02 and $1.00 per every $1.00 dollar of unsecured claim, depending on the value and classification of the claim. · pct of: unstated · outcome: distribution · pct low: 2 · pct high: 100 · class key: unsecured · stated by: trustee · class label: proven unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date18 October 2024