Alberta · NOI
Notice to Creditors dated September 12, 2024
Notice to creditors · 12 September 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 filing2 verified
- financial positionnote: Assets: Water Assets $1,487,940; Accounts Receivable $337,563; Cash $204,398; Other Misc. Property $35,001; Furniture $20,000; Total $2,084,902 (as at August 31, 2024). Liabilities as at August 16, 2024 (post Claims Procedure): Secured Creditors $573,818; CRA $424,464; Priority Creditors $99,045 (may increase by $54,762 to $153,807 if Priority Creditor's claim accepted); Unsecured Creditors $1,985,314; Total $3,082,641. Statement of Affairs (sworn Sept 11, 2024) shows Total Liabilities $2,765,854.75 and Total Assets $2,237,820.19 (later amended to correct omission of Water Assets and Cash). · as at: 2024-08-31 · basis: book value estimates; unaudited financial information relied upon by the Proposal Trustee · scope: entity - Taber Water Disposal Inc. · currency: CAD · total assets: 2084902 · total liabilities: 3082641
- recovery outcomeentries: basis: plan · quote: The Proven Claim of the Preferred Creditors of the Debtor will be paid in full by the Debtor from the Proposal Proceeds in priority to the Proven Claim of other Unsecured Creditors in accordance with the BIA and the Proposal. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Any Persons with Claims that are Secured Claims against the Debtor, including pursuant to the Interim Lender's Charge but excluding the Administration Charge, shall be paid the full amount of their Claim pursuant to the Asset Purchase Agreement, and shall not be entitled to vote on this Proposal at any Creditors' Meeting in respect of their Unaffected Claims. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Secured Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Post-Filing Claims, if any, will be paid in full by the Debtor in the ordinary course of business and on regular trade terms, or as may otherwise be arranged with the holders of such Post-Filing Claims. · pct of: unstated · outcome: paid_in_full · stated by: proposal_trustee · class label: Post-Filing Claims · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: In a Bankruptcy, the Affected Creditors (i.e. Unsecured Creditors) will likely receive no dividend due to the priority of the Administrative Charge, Interim Financing Charge, CRA's Deemed Trust Claims, Secured Creditors and Priority Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (Unsecured Creditors) in a Bankruptcy · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Convenience Creditors with claims under $3,500 will be paid in full; · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: proposal_trustee · class label: Convenience Creditors with claims under $3,500 · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Pro Rata Creditors will be able to receive a dividend currently estimated at approximately 24% of their total claim, subject to the number of creditors and amounts paid out to Convenience Creditors, and finalization of one disputed claim. · pct of: unstated · outcome: distribution · pct low: 24 · pct high: 24 · class key: unsecured · stated by: proposal_trustee · class label: Pro Rata Creditors · interim final: unstated · conditional on: subject to the number of creditors and amounts paid out to Convenience Creditors, and finalization of one disputed claim · claims qualifier: unstated; basis: plan · quote: No changes to agreements with Secured Creditors, who will be paid in full pursuant to current agreements in place; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment in full of CRA's claims in full, of which a portion (i.e. GST and non-deemed trust amounts) are estimated to go largely unsatisfied if TWD is deemed bankrupt; · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: proposal_trustee · class label: CRA's claims · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment in full to priority creditors; and, · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: priority creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-09-12 · table missing: