British Columbia · CCAA
Tenth Report of the Monitor (November 19, 2020)
Court officer report · 19 November 2020
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 filing6 verified
- cash on handnote: Closing cash position at October 31, 2020 per the actual column (C$000s: 461), held at TD and the Monitor's RBC trust account. Excludes trust funds held separately: US$1.43 million (1120 Funds), $265,000 from the QC Purchaser and $25,000 from Lifestyle. Forecast closing cash at March 31, 2021 is $245,000 (a forecast, not a position). · as at: 2020-10-31 · amount: 461000 · currency: CAD
- disbursementsnote: Period figure only (total actual disbursements for the three-month period, C$000s: 57 vs. budget 194); no cumulative-since-filing figure is stated, so this is a period amount. Total receipts for the period were nil. · since: August 1, 2020 (period August 1 to October 31, 2020) · amount: 57000 · currency: CAD
- operational summaryThe Companies no longer operate; all active employees transferred to Lifestyle or the QC Purchaser on closing, and the Monitor is winding down the estate by settling pre-closing expenses, pursuing the unpaid QC promissory note, resolving the SA Purchaser's claim against the 1120 Funds and exploring a second plan or distribution to creditors.
- professional feesnote: Actual professional fees paid in the period were $34,000 vs. budget $165,000, i.e. $131,000 lower than forecast due to lower activity levels. Forecast professional fees for Nov 1, 2020 to Mar 31, 2021 total $185,000. Tax treatment not stated. · party: CCAA professional service firms (Monitor and its legal counsel) · amount: 34000 · period: August 1, 2020 to October 31, 2020 · currency: CAD
- report date19 November 2020
- report noTenth Report of the Monitor