Nova Scotia · Receivership (court-appointed)
Trustee’s Report on Proposal
Court officer report · 9 December 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: By comparison, in the event the Proposal is accepted by the Required Majority and approved by the Court, the Unsecured Creditors will receive a distribution on their Claims of between 25% and 100% of the value of their claims (subject to the Proposal Fund maximum and any consequent adjustment of the amount paid on the Excess Proven Claims). · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: subject to the Proposal Fund maximum and any consequent adjustment of the amount paid on the Excess Proven Claims · claims qualifier: unstated; basis: unstated · quote: As noted above, the net realizations in the Receivership Proceedings and the Bankruptcy Proceedings are not sufficient to fully repay the Secured Claims of the Bank or Western, and as a result both parties will suffer a shortfall on their security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: The Bank of Nova Scotia · creditor name: The Bank of Nova Scotia · interim final: unstated · related party: false · claims qualifier: unstated; basis: unstated · quote: As noted above, the net realizations in the Receivership Proceedings and the Bankruptcy Proceedings are not sufficient to fully repay the Secured Claims of the Bank or Western, and as a result both parties will suffer a shortfall on their security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: Western Petroleum Newfoundland Limited · creditor name: Western Petroleum Newfoundland Limited · interim final: unstated · claims qualifier: unstated · stated on: 2024-12-09 · table missing: