Quebec · NOI
Trustee’s Report to the First Meeting of Creditors – dated January 4, 2022
Court officer report · 4 January 2022
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 filing10 verified
- cash on handnote: Cash held in trust by the Trustee from the TELUS sale proceeds, to be distributed after resolution of the Appeal by the Agencies; per the unvalidated Statement of Affairs ($2,210K). · as at: 2021-12-15 · amount: 2210000 · currency: CAD
- closing confirmedscope: the majority of the assets of the Debtors · outcome: completed · effective: 2021-11-29 · purchaser: TELUS Health Solutions Inc. · date basis: stated · approval order date: 2021-11-25
- financial positionnote: Figures are in $000's (assets 2,210; liabilities 10,853; deficiency (8,643)). Assets consist solely of cash held in trust ($2,210K). Liabilities per the statement: unsecured creditors 5,454; secured creditors 2,210; balance of secured claims 3,189; preferred creditors nil. The statement's as-at date is December 15, 2021, while the bankruptcy date is December 8, 2021; the report says the Statement of Affairs shows assets and liabilities 'as at the date of bankruptcy' but the table is headed December 15, 2021. Trustee states there will be no money left for distribution to unsecured creditors. · as at: 2021-12-15 · basis: Statement of Affairs prepared from information provided by the Companies; not attested to by a senior officer and 'not been validated by the Trustee' · scope: Combined basis for ChronoMétriq Inc. and Health Myself Innovations Inc. (consolidated administratively); CMetric Inc. (US subsidiary) not included · currency: CAD · total assets: 2210000 · total liabilities: 10853000
- operational summarySubstantially all assets were sold to TELUS on November 29, 2021, most employees were hired by TELUS or terminated, and the Debtors vacated their leased premises. They now have no employees and no ongoing operations.
- process resultsbids: 3 · ndas: 25 · note: Approximately 260 interested parties contacted; three parties submitted a bid by the bid deadline. · solicited: 260
- professional feesnote: This is a deposit received for professional fees in the event of bankruptcy proceedings, not fees incurred. Tax treatment not stated. · party: Richter Advisory Group Inc. (Trustee) · amount: 57000 · period: During the NOI proceedings · currency: CAD
- purchaserTELUS Health Solutions Inc.
- recovery outcomeentries: basis: estimated · quote: the Trustee does not anticipate that there will be any dividends available to the preferred and ordinary creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: ordinary unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: the Trustee does not anticipate that there will be any dividends available to the preferred and ordinary creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: preferred creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: In any event, there will be no money left for 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: estimated · quote: As noted below, the realization of the Debtors' assets will not permit the payment of this secured claim and consequently, the Trustee will not perform a review of the CIBC's security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Canadian Imperial Bank of Commerce (CIBC) · claims amount: 2919667 · creditor name: Canadian Imperial Bank of Commerce · interim final: unstated · claims qualifier: estimated · stated on: 2022-01-04 · table missing:
- report date4 January 2022
- sale outcometext: Transaction with TELUS approved November 25, 2021 and implemented November 29, 2021; majority of assets sold; proceeds held in trust pending the Appeal · scope: whole_business · status: closed