British Columbia · Proposal
Report of Trustee on Proposal (dated March 10, 2025)
Court officer report · 10 March 2025
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What we verified from this filing12 verified
- appointeeCrowe MacKay & Company Ltd.
- appointee roleProposal Trustee
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA IN BANKRUPTCY AND INSOLVENCY
- provinceBritish Columbia
- commencement date31 January 2025
- statutory basissubsection 50.(1) of the Bankruptcy and Insolvency Act R.S.C. 1985, c. B-3
- financial positionnote: Separate estimated realizable-value asset summary as at January 31, 2025 (book cost $1,266,138; estimated realizable value $60,620-$70,363) is a forecast/liquidation estimate, not the financial position; not used here. · page: 6 · as at: 2024-10-31 · basis: unaudited balance sheet prepared by Management · scope: entity - Canadian Sun & Mountains Travel Corporation · currency: CAD · total assets: 1827681 · total liabilities: 1491835
- secured creditorsnote: Conservative estimate included by Proposal Trustee for employee wage claims under WEPPA; ranks ahead of BDC's AllPAAP security but behind CRA deemed trust claim. · page: 9 · as of: Filing Date (January 31, 2025) · amount: 10000 · debtor: Canadian Sun & Mountains Travel Corporation · creditor: Service Canada (WEPPA subrogated claim) · currency: CAD · security: Subrogated secured claim under section 81.3 of the BIA against current assets, up to $2,000 per employee (~5 employees)
- secured creditorsnote: Prose approximation of $683,734 also stated ('as of the date of this Report'); Estimated Realization Schedule (as at January 31, 2025) breaks this into BDC Loan 1 $146,426 and BDC Loan 2 $619,862 (components, not summed here). Guarantees by Directors/Officers and 1286036 B.C. Ltd. to BDC are to be released under the Proposal. · page: 10 · as of: as of the date of this Report (February 10, 2025) · amount: 766288 · debtor: Canadian Sun & Mountains Travel Corporation · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: First-in-time registered PPR security against all present and after-acquired property (AllPAAP)
- unsecured creditorsnote: Document names no individual creditors. A different aggregate figure of $416,347 ('Total Unsecured Claims') appears in the Estimated Realization Schedule, also stated as based on the Statement of Affairs; the $498,900 figure is the Report's stated total per the Statement of Affairs narrative, while $416,347 is the figure used in the recovery analysis schedule. · page: 10 · as of: 2025-01-31 · basis: Statement of Affairs dated January 31, 2025, as reported (13 unsecured creditors) · amount: 498900 · debtor: Canadian Sun & Mountains Travel Corporation · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Distinct figure from the $498,900 unsecured total stated in the narrative Report; both purport to derive from the Statement of Affairs. Includes estimated unsecured shortfall portion of BDC's claim. · page: 46 · as of: 2025-01-31 · basis: Based on the statement of affairs prepared by the Company, as used in the Analysis of Estimated Recoveries · amount: 416347 · debtor: Canadian Sun & Mountains Travel Corporation · creditor: Total Unsecured Claims (per Estimated Realization Schedule) · currency: CAD
- recovery outcomeentries: basis: plan · quote: the Proposal offers to pay 5% of the proven claims of Unsecured Creditors. · pct of: proven_claims · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: the Proposal offers to pay 23.5% of the proven claims of the Secured Creditors. · pct of: proven_claims · outcome: distribution · pct low: 23.5 · pct high: 23.5 · class key: secured · stated by: proposal_trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-02-10 · table missing: