New Brunswick · Proposal
Trustee’s Report with Distribution Attached
Court officer report · 10 December 2013
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What we verified from this filing6 verified
- commencement date26 September 2013
- courtCOURT OF QUEEN'S BENCH OF NEW BRUNSWICK
- court file noNB19522
- provinceNEW BRUNSWICK
- financial positionnote: Estimated realizable value in liquidation ranged Low $321,962 to High $486,190 across asset categories (Cash $109,757; Accounts receivable $233,717 book/$116,858-$175,287 realizable; HST receivable $124,446 book/$62,223-$93,335; Note receivable $254,197 book/Nil realizable; Inventory $331,245 book/$33,125-$82,811; Prepaid expenses $21,374 book/Nil; Other current assets $11,164 book/Nil; Capital assets (net) $851,216 book/Nil-$25,000). Total unsecured claims $1,767,734; preferred creditors category shown as $0 (nil) as at date of filing. · as at: 2013-11-30 · basis: Company's Statement of Affairs, unaudited financial statements produced by the Company · scope: entity - Jeanie Marshal Foods Canada Inc. · currency: CAD · total assets: 1937115 · total liabilities: 1767734
- recovery outcomeentries: basis: plan · quote: That all preferred creditors will be paid in full, without interest, under the statutory requirements as contained within the Bankruptcy and Insolvency Act ('BIA'), before any payments are made to the unsecured creditors. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: preferred creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: For claims in excess of $3,500 the unsecured creditors will receive a pro-rata payment that approximates 42% of the amount outstanding, in addition to the $3,500 payment contemplated in paragraph (i); and · pct of: unstated · outcome: distribution · pct low: 42 · pct high: 42 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · conditional on: 100% of the first $3,500 of each proven claim; pro-rata 42% on the excess · claims qualifier: unstated; basis: plan · quote: If the Proposal is rejected and the Company is deemed bankrupt, the Proposal Trustee has estimated that the unsecured creditors would receive a return in the range of 14 to 20%, as opposed to the approximately 46% return contemplated by the terms of the Proposal. · pct of: unstated · outcome: distribution · pct low: 46 · pct high: 46 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2013-12-10 · table missing: