Ontario · Proposal
Creditors package re Proposal.Samuel
Meeting materials · 9 May 2013
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What we verified from this filing12 verified
- financial positionnote: Table also shows Trustee's estimated realizable value in the event of bankruptcy of $6,000 total; after deducting estimated employee priority claims ($60,000) and estimated RBC secured claim ($214,129), Trustee estimates nil distribution available to unsecured and preferred creditors. Total liabilities are not aggregated in this table; combined preferred and unsecured claims are separately stated elsewhere as $1,888,569 (page 9), and the RBC secured claim is separately stated as $94,129.32 per SOA (page 8), with an anticipated increase to approximately $215,000 (page 9). · page: 5 · as at: 2013-05-02 · basis: Trustee's analysis of net book value per Company's records (unaudited) · scope: Samuel Property Management Ltd. (entity only) · currency: CAD · total assets: 295068
- secured creditorsnote: SOA-stated balance as at May 2, 2013 comprising: RBC LOC (capped at $175,000) drawn to $55,000; two VISA accounts $15,106.39 and $1,529.71; legal fees $22,493.22. Trustee anticipates the claim will grow to approximately $215,000 assuming full drawdown of the $175,000 LOC plus additional accrued interest/legal fees (forecast). Trustee's separate bankruptcy liquidation analysis (page 5) estimates the RBC secured claim at $214,129. Proposal provides for payment of the RBC Claim in full. · page: 8 · as of: 2013-05-02 · amount: 94129.32 · debtor: Samuel Property Management Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (GSA) - first ranking charge against all of Samuel's assets; validity and enforceability confirmed by independent legal opinion; RBC Operating Line of Credit capped at $175,000
- unsecured creditorsnote: Preferred claim ranking ahead of secured and unsecured creditors over current assets; figure is a forecast/estimate for the bankruptcy scenario, distinct from treatment of employee claims under Proposal paragraph 4(b) (s.136(1)(d) BIA amounts) · page: 8 · as of: Trustee's estimate in the event of bankruptcy · basis: Trustee's estimate of priority claim under s.81.3(1) BIA, capped at $2,000 per employee, in the event of a bankruptcy · amount: 60000 · debtor: Samuel Property Management Ltd. · creditor: Claims of employees for unpaid wages and vacation pay · currency: CAD
- unsecured creditorsnote: Related party - Mr. Sisera's sister; agreed under the Proposal not to file a claim and will not participate in distributions to unsecured creditors · page: 9 · as of: NOI filing date (November 15, 2012) · basis: Statement of Affairs sworn May 2, 2013, reflecting claims outstanding as at the NOI filing date, as reported by the Trustee · amount: 137479 · debtor: Samuel Property Management Ltd. · creditor: Dolly Catena · currency: CAD
- unsecured creditorsnote: Document names no individual creditors within this remaining aggregate; combined preferred and unsecured total per SOA is $1,888,569 · page: 9 · as of: NOI filing date (November 15, 2012) · basis: SOA indicates combined preferred and unsecured creditors owed $1,888,569; after excluding Deborah Sisera ($888,690) and Dolly Catena ($137,479), who agreed not to file claims, the Proposal is made to preferred and unsecured creditors with claims totalling approximately $862,400, as stated by the Trustee · amount: 862400 · debtor: Samuel Property Management Ltd. · creditor: Preferred and unsecured creditors (remaining, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Related party - Mr. Sisera's wife; agreed under the Proposal not to file a claim and will not participate in distributions to unsecured creditors · page: 9 · as of: NOI filing date (November 15, 2012) · basis: Statement of Affairs sworn May 2, 2013, reflecting claims outstanding as at the NOI filing date, as reported by the Trustee · amount: 888690 · debtor: Samuel Property Management Ltd. · creditor: Deborah Sisera · currency: CAD
- secured creditorsnote: Proposal is not made to these secured creditors; payment to be made in the usual manner or as agreed between the Debtor and these creditors; balances owing not disclosed in this document · page: 14 · debtor: Samuel Property Management Ltd. · creditor: PPSA equipment financiers (PMSI class) - Nissan Canada Finance (a Division of Nissan Canada Inc.) and Honda Canada Finance Inc. · currency: CAD · security: Named as Secured Creditors under the Proposal (vehicle/equipment financing); nature of registered security not further detailed
- secured creditorsnote: Proposal is not made to this secured creditor; payment to be made in the usual manner or as agreed between the Debtor and the creditor · page: 14 · debtor: Samuel Property Management Ltd. · creditor: Financialinx Corporation · currency: CAD · security: Named as a Secured Creditor under the Proposal; nature of security and amount not disclosed in this document
- unsecured creditorsnote: Individual claim amounts not stated in the document · page: 14 · basis: Named former employees whose employment agreements were disclaimed or resiliated by the Debtor, treated as Unsecured Employees under the Proposal · debtor: Samuel Property Management Ltd. · creditor: Unsecured Employees (disclaimed/resiliated employment agreements) - Mary Majidi, Georgina Chan, Silus Stanciu · currency: CAD
- unsecured creditorsnote: Amount not quantified in the document; landlord will likely offset prepaid last month's rent deposit ($16,832) against its damages claim · page: 15 · basis: Claim to be calculated per formula under s.65.2(4)(b) BIA: lesser of (i) first year's rent post-disclaimer plus 15% of remaining term rent, and (ii) three years' rent; lease disclaimed/resiliated April 30, 2013 · debtor: Samuel Property Management Ltd. · creditor: Century Standard Developments Corporation (Unsecured Landlord) · currency: CAD
- unsecured creditorsnote: Deemed-trust class claim; specific dollar amount not stated in this document · page: 15 · basis: Company fell behind on HST remittances to CRA; Proposal requires payment in full of proven Crown claims subject to demand under s.224(1.2) Income Tax Act (or similar provincial provision) outstanding at the NOI Date, within six months of Court Approval · debtor: Samuel Property Management Ltd. · creditor: Canada Revenue Agency / Her Majesty in Right of Canada or a province · currency: CAD
- recovery outcomeentries: basis: plan · quote: In accordance with the terms of the Proposal, the RBC Claim will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: trustee · class label: RBC (secured claim) · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In the event of Samuel's bankruptcy and a forced shut down of the Company's operations, it is unlikely that there will be a distribution to RBC, in respect of its claim. · pct of: unstated · outcome: nil · class key: secured · stated by: trustee · class label: RBC (secured claim) · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Pursuant to the Proposal, Mr. Sisera has guaranteed that a minimum of $150,000 will be available for distribution amongst the unsecured creditor, following payment the claim of the RBC. · pct of: unstated · outcome: distribution · class key: preferred · stated by: trustee · amount low: 150000 · amount high: 150000 · class label: preferred and unsecured creditors · claims amount: 862400 · interim final: unstated · conditional on: following payment of the claim of RBC · claims qualifier: listed; basis: liquidation_alternative · quote: In the event of Samuel's bankruptcy and a forced shut down of the Company's operations, it is unlikely that there will be a 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: liquidation_alternative · quote: As set out earlier in this report, in the event of a bankruptcy of Samuel, the Trustee anticipates that no monies will be available for secured, preferred and unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: secured, preferred and unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2013-05-09 · table missing: