Manitoba · Interim receivership

Notice of the Proposal and a General Meeting of Creditors

Notice to creditors · 11 December 2017

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 filing1 verified

financial positionnote: Deficiency stated as $4,819,831.80 (balance of secured claims $3,727,629.00 plus declared unsecured creditors $1,092,202.80). Liabilities: secured creditors $12,788,039.00, preferred $0.00, contingent/trust $0.00. Declared unsecured creditors exclude shareholder claims said to exceed $1.0 million. Trustee notes the full extent of the apparent fraud and its impact on the financial position is not yet known. · as at: 2017-12-08 · basis: Statement of Affairs (Form 78) sworn by William Litz, 'as stated and estimated by the officer'; asset values are management/appraisal-based estimates (equipment at Fair Market Value for retained and Forced Liquidation Value for returned equipment; $1,000,000 contingent recovery on Statement of Claim) · scope: R. Litz & Sons Company Limited (single entity, not consolidated) · currency: CAD · total assets: 12788039 · total liabilities: 17607870.8