Nova Scotia · Receivership (court-appointed)
Summary Report of Proposal Trustee
Court officer report · 10 January 2025
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 (under the Proposal) · 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: estimated · quote: It is contemplated that the Bank, after realizing on its security in the Receivership, will have a shortfall against its lending of several million dollars. · 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 · claims qualifier: unstated; basis: unstated · quote: Western will not make a recovery under its security and, as such, Western's entire claim is considered as an Unsecured Claim. · pct of: unstated · outcome: nil · class key: secured · stated by: proposal_trustee · class label: Western Petroleum Newfoundland Limited · creditor name: Western Petroleum Newfoundland Limited · interim final: unstated · conditional on: shall not be entitled to a dividend under this Proposal until such time as all claims of other creditors have been satisfied · claims qualifier: unstated · stated on: 2024-12-09 · table missing: