Ontario · Proposal
Second Report of Trustee (Final)
Court officer report · 5 February 2021
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 filing5 verified
- financial positionnote: Assets as declared: Accounts receivable $1,990,000, Equipment and tooling $930,000, Inventory $1,480,000, Prepaid $109,000, total $4,509,000; realizable value shown as Encumbered/Nil ($ Nil total). Liabilities as declared: Secured $4,400,250, Preferred Nil, Unsecured $11,280,134, Contingent $30,600,000, total $46,280,384; as filed (proven claims): Secured $Nil, Unsecured $2,609,481, total $2,609,481. · basis: As Declared (Statement of Affairs/management estimate); Proposal Trustee notes assets are 'Encumbered' or 'Nil' on a realizable basis and liabilities 'As Filed' total only $2,609,481 · scope: entity - Welland Forge Corp. only · currency: CAD · total assets: 4509000 · total liabilities: 46280384
- operational summaryWelland Forge Corp. ceased its custom metal forging operations in late October 2020 and, aside from limited delivery of remaining finished goods to wind down inventory, has no ongoing contracts or operations.
- recovery outcomeentries: basis: liquidation_alternative · quote: The Proposal Trustee is of the opinion that the Proposal is an advantageous one for the Company's creditors because the Proposal Trustee anticipates that the distribution to ordinary creditors would be 0% - 19% in a bankruptcy scenario. · pct of: unstated · outcome: distribution · pct low: 0 · pct high: 19 · class key: unsecured · stated by: proposal_trustee · class label: ordinary creditors · interim final: unstated · claims qualifier: unstated · stated on: 2021-02-05 · table missing:
- report date5 February 2021
- report noSecond Report