Alberta · Proposal
Fourth Report of the Proposal Trustee
Court officer report · 22 April 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 filing5 verified
- financial positionnote: Total liabilities are not stated as a single figure in the extracted text; only components appear (e.g. accounts payable and accrued liabilities $5,329,384; promissory note $600,000; term loan $3,000,000; lease liabilities $97,127; loan payable $284,999; decommissioning liability $2,790,224; convertible debentures $4,035,969; flow-through provision $3,750,900). The statements report total shareholders' equity of $6,808,605 and a working capital deficit of $9,305,938 at December 31, 2023. The Trustee's liquidation estimate puts realizable asset value at $212,500 to $735,000, well below book value. · as at: 2023-12-31 · basis: Audited restated financial statements for the year ended December 31, 2023 (restated, audit report dated March 14, 2025), prepared on a going concern basis with a stated material uncertainty; the Proposal Trustee notes the financial information is out of date and incomplete due to Reporting Issues · scope: Avila Energy Corporation (single entity) · currency: CAD · total assets: 27189532
- operational summaryAvila has struggled with liquidity constraints and reporting problems; revenue missed forecasts due to lower production and insurance proceeds that did not materialize, and the Company has been unable to keep post-filing expenses (including professional fees) current. Implementation of the Proposal depends on lifting the Cease Trade Order and raising equity capital.
- recovery outcomeentries: basis: liquidation_alternative · quote: Therefore, in a bankruptcy liquidation sale there would be no recovery for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditor Class · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proven Claims of the Unsecured Creditors of the Debtors will be satisfied or paid as provided by Article 5.2. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: debtor · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proven Claim of Girouard Investments will be paid in full by the Debtor in the following manner: · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: debtor · class label: Girouard Investments · creditor name: Marc Girouard Investments Inc. · interim final: unstated · conditional on: on or before June 1, 2025 the Debtor shall pay $30,000; beginning July 1, 2025 and each month thereafter 70% of net income to a maximum of $30,000; balloon payment on or before December 31, 2025; final payment July 1, 2026 · claims qualifier: unstated; basis: plan · quote: Within six (6) months after Proposal Implementation, the Debtor will pay in full to Her Majesty in Right of Canada or any province any amount of a kind that could be subject to a demand under the statutory provision referred to in Section 54(2.1) of the BIA that was outstanding on the Filing Date which has not been paid by Proposal Implementation. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Crown Claims · creditor name: His Majesty in Right of Canada · interim final: unstated · conditional on: within six (6) months after Proposal Implementation · claims qualifier: unstated; basis: plan · quote: Post-Filing Claims, if any, will be paid in full by the Debtor in the ordinary course of business and on regular trade terms, or as may otherwise be arranged with the holders of such Post-Filing Claims. · pct of: unstated · outcome: paid_in_full · stated by: debtor · class label: Post-Filing Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The unpaid Administrative Fees and Expenses up to and including the making of the Approval Order will be paid in full by the Debtor on or before the Business Date that is ten (10) Business Days after the Approval Order is made. · pct of: unstated · outcome: paid_in_full · stated by: debtor · class label: Administrative Fees and Expenses · interim final: unstated · conditional on: on or before the Business Date that is ten (10) Business Days after the Approval Order is made · claims qualifier: unstated · stated on: 2025-04-22 · table missing:
- report date22 April 2025
- report noFourth Report of the Proposal Trustee