British Columbia · NOI
Report of the Trustee on Proposal dated May 16, 2025
Court officer report · 16 May 2025
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 filing6 verified
- cash on handnote: Trustee states the cash balance of $787,463.70 on the sworn Statement of Affairs is incorrect; the Company's actual cash balance is stated as $27,259 per discussions with management (liquidation analysis assumption; as-at date not given, Statement of Affairs date was January 20, 2025). · amount: 27259 · currency: CAD · qualifier: per management
- financial positionnote: Liabilities per Statement of Affairs: secured creditors $13,748.82, preferred $0.00, unsecured $3,427,270.35 (total $3,441,019.17). Asset components per Trustee: cash & cash equivalents 787,464; construction equipment 146,168; accounts receivable 127,295; land and building 111,332; inventory 66,983; automotive 17,752; prepaid expenses 12,298; computer equipment 5,362. Trustee notes Stride Capital ($771,942.19) and Daimler Truck Financial ($1.00) were listed as unsecured but are in fact secured creditors; other secured creditors not on the Statement of Affairs were also identified; the Trustee also notes a mortgage of approx. $700,000 on the land and building. · as at: 2025-01-20 · basis: Debtor's sworn Statement of Affairs (Form 78) as at January 20, 2025, at net book value; the Trustee states the cash figure of $787,463.70 is incorrect (actual approx. $27,259 per management) and that book values are not an accurate assessment of net realizable value · scope: Single entity: J H W Construction Ltd. · currency: CAD · total assets: 1274655 · total liabilities: 3441019.17
- operational summaryThe Company ceased operations after a creditor's garnishing order froze its operating account; since February 1, 2025 management has not provided weekly cash flow reporting, so the Trustee has no knowledge of current operations or post-filing liabilities, and no evidence of funding for the Amended Proposal has been provided.
- professional feesnote: Owed to the Proposal Trustee and its legal counsel as of the date of the report, the majority related to invoices issued prior to March 2025; no payments received against outstanding fees despite repeated requests. Tax treatment not stated. · party: Proposal Trustee (Grant Thornton Limited) and its legal counsel (combined) · amount: 121192 · currency: CAD
- recovery outcomeentries: basis: plan · quote: Based on the Liquidation Analysis, Unsecured Creditors will receive 3.0 to 7.1 cents on the dollar in a bankruptcy, as compared to 8.8 cents on the dollar per the Proposal. · pct of: unstated · outcome: distribution · pct low: 8.8 · pct high: 8.8 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · claims amount: 3427270 · interim final: unstated · conditional on: if the Proposal is accepted · cents on dollar: 8.8 · claims qualifier: estimated; basis: liquidation_alternative · quote: Based on the Liquidation Analysis, Unsecured Creditors will receive 3.0 to 7.1 cents on the dollar in a bankruptcy, as compared to 8.8 cents on the dollar per the Proposal. · pct of: unstated · outcome: distribution · pct low: 3 · pct high: 7.1 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: in the event of a bankruptcy · claims qualifier: unstated; basis: plan · quote: All Crown Claims, to the extent not already paid by the Company in the ordinary course of its business, shall be paid in full within six (6) months after the granting of the Sanction Order. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Crown Claims · interim final: unstated · conditional on: within six (6) months after the granting of the Sanction Order · claims qualifier: unstated · stated on: 2025-05-16 · table missing:
- report date16 May 2025