Alberta · Bankruptcy
Second Report of the Proposal Trustee
Court officer report · 7 November 2019
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 filing9 verified · 4 withheld
- appointeeAlvarez & Marsal Canada Inc.
- commencement date7 November 2019
- statutory basissubsection 50.4(1) of the Bankruptcy and Insolvency Act
- cash on handnote: Closing cash per the actual-to-forecast table is $371,729, versus a forecast balance of approximately $209,500. · as at: 2019-12-06 · amount: 371700 · currency: CAD
- operational summaryThe Company continued operating in the normal course while pursuing a sale. It signed an LOI with a confidential bidder for all assets of Trak SaaS and Trak IoT and is seeking a stay extension to January 24, 2020 to complete the sale.
- professional feesnote: No total fees figure is stated. Professional fees came in $104,000 lower than forecast because the Proposal Trustee and its counsel had not yet invoiced for November. Appendix A shows A&M actual nil vs $70,000 forecast; Oslers/Socium actual $81,000 vs $90,000; Torys nil vs $25,000. A $250,000 Administration Charge (reduced from $400,000) and a $200,000 Financial Advisor Charge (Canaccord) are also sought. Tax treatment is not stated. · party: Alvarez & Marsal Canada Inc. (Proposal Trustee), its counsel, and Company counsel (Oslers/Socium, Torys) · period: November 7, 2019 to December 6, 2019 · currency: CAD
- receipts cumulativenote: This is the actual cash receipts total for the 4-week Reporting Period, against a forecast of $400,222. · since: November 9, 2019 (Reporting Period of November 7/9 to December 6, 2019) · amount: 403700 · currency: CAD
- report date13 December 2019
- report noSecond Report of the Proposal Trustee
4 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.