Newfoundland and Labrador · Proposal
Report of the Proposal Trustee Jan 19 2024
Court officer report · 19 January 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 filing4 verified
- operational summaryPathway's proposal to creditors, arising from cash-flow difficulties caused by a major customer's non-payment and industry downturns during COVID-19 and inflation, was accepted by creditors at the January 11, 2024 meeting after removal of a director's liability clause.
- recovery outcomeentries: basis: plan · quote: It is estimated that the net recovery to Unsecured Creditors if the Proposal is successful will be in the range of thirty (30) cents on the dollar net of payment of CRA's s.60(1)(1.1) BIA source deductions priority claim, administration costs of the estate, and the s.147 BIA levy. · pct of: unstated · outcome: distribution · pct low: 30 · pct high: 30 · class key: unsecured · stated by: proposal_trustee · amount low: 212800 · amount high: 212800 · class label: Unsecured Creditors · claims amount: 717965 · interim final: unstated · conditional on: net of CRA source deductions priority claim, administration costs and the s.147 BIA levy · cents on dollar: 30 · claims qualifier: unstated; basis: liquidation_alternative · quote: | Dividend yield | | 30% | 0% | 0% | · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 717965 · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Further, Deferred Creditors, namely any claim owed to Eastern Roof and Floor Truss Manufacturing (2008) Inc. ('Eastern') , a related company owned and operated by Mr. Chard, shall not receive any distribution in this Proposal. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Eastern Roof and Floor Truss Manufacturing (2008) Inc. (Deferred Creditors) · creditor name: Eastern Roof and Floor Truss Manufacturing (2008) Inc. · interim final: unstated · related party: true · claims qualifier: unstated · stated on: 2024-01-19 · table missing:
- report date21 January 2024
- report noSecond Report of the Proposal Trustee