Alberta · NOI
Fourth Report of the Proposal Trustee
Court officer report · 14 January 2016
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What we verified from this filing8 verified · 1 withheld
- cash on handnote: Collected accounts receivable held in the Company's bank account · amount: 731231.33 · currency: CAD
- closing confirmedscope: the sale of the assets to MCW · outcome: completed · effective: 2015-01-01 · purchaser: MCW Hemisphere Ltd. · date basis: stated · approval order date: 2015-02-17
- operational summaryThe MCW asset sale has closed and the business continues as a going concern under MCW, but the Trustee reports that unresolved professional liability (Insurance Claimant) claims complicate the Proposal, and it now proposes annulling the Proposal, bankrupting the Company, and having the Trustee act as receiver to collect and distribute remaining accounts receivable to unsecured creditors.
- purchaserMCW Hemisphere Ltd.
- recovery outcomeentries: basis: actual · quote: On April 29, 2015, CRA's deemed trust claim for source deductions was paid in full. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: CRA's deemed trust claim for source deductions · creditor name: Canada Revenue Agency · interim final: unstated · related party: false · claims qualifier: unstated; basis: unstated · quote: if the Insurance Claimants voted against the Proposal, the only practical effect would be that the Ordinary Unsecured Creditors would not be entitled to recovery since the Insurance Claimants would continue to have their claims to the proceeds of insurance policies covering their claims. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Insurance Claimants · interim final: unstated · conditional on: if the Insurance Claimants voted against the Proposal · claims qualifier: unstated; basis: unstated · quote: Payment will be made as soon as sufficient funds are available until the claims are paid in full, or the accounts receivable are exhausted, whichever occursfirst. · pct of: unstated · outcome: paid_in_full · class key: equity · stated by: proposal_trustee · class label: unsecured creditors (other than holders of Equity Claims) · interim final: unstated · claims qualifier: unstated · table missing:
- report date14 January 2016
- report noFourth Report
- sale outcometext: The sale of the assets to MCW has closed · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.