Ontario · Bankruptcy
Trustee Preliminary Report - July 30, 2019.pdf
Court officer report · 30 July 2019
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What we verified from this filing7 verified
- proceeding typebia_bankruptcy
- cash on handnote: Reflects balance in Trustee's trust account as at the date of the report, after collection of remaining bank funds and a GST/HST refund. · amount: 172000 · currency: CAD · qualifier: approximately
- financial positionnote: Per SOA: Secured Creditors $11,262,617; Preferred Creditors N/A; Unsecured Creditors $7,019,257 (components not summed). As of the date of this report, proofs of claim received show Secured Creditors $192,420 and Unsecured Creditors $16,493,961. · basis: Statement of Affairs (company's sworn statement of assets and liabilities) · scope: MF Live Inc. (single entity, bankrupt estate) · currency: CAD · total assets: 154075
- operational summaryMF Live's sole purpose (organizing the Roxodus Music Fest) ended when the festival was cancelled on July 3, 2019 due to poor ticket sales and site issues; the Company has ceased operations and made an assignment in bankruptcy, and the Trustee is investigating causes, realizing minimal assets, and does not anticipate a material distribution to unsecured creditors.
- recovery outcomeentries: basis: estimated · quote: Notwithstanding the aforementioned, the recovery from the assets remains uncertain and the Trustee is unable to determine at this time if there will be surplus funds, net of costs, available for distribution to creditors. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-07-30 · table missing:
- report date30 July 2019
- report noTrustee's Report on its Preliminary Administration