Alberta · NOI
Report of Trustee on Proposal (form 40)
Court officer report · 23 September 2019
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What we verified from this filing4 verified
- financial positionnote: Statement of Affairs lists: unsecured creditors $616,404.38, secured creditors $562,360.88, preferred creditors $0.00, contingent/trust claims $0.00; total liabilities $1,178,765.26 with surplus stated as NIL; assets section of the Statement of Affairs table was blank/unreadable in the source so total assets cannot be reported. · as at: 2019-03-07 · basis: as stated and estimated by the officer, Statement of Affairs (Filing Date) · scope: entity - Commerx Corporation · currency: CAD · total liabilities: 1178765.26
- operational summaryCommerx experienced a liquidity crisis stemming from a shareholder dispute and filed an NOI to stabilize its financial situation; its proposal contemplates continued operations and full payment of unsecured claims over time.
- recovery outcomeentries: basis: plan · quote: the Proposal contemplates that the general body of unsecured creditors will receive 100% of their proven claims with 17 of the 28 unsecured creditors forecasted to be paid in full upon the initial payment contemplated In December 2019 and the remaining creditors to be paid in full within two years or less. · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: general body of unsecured creditors · interim final: unstated · conditional on: 17 of the 28 unsecured creditors forecasted to be paid in full upon the initial payment contemplated in December 2019 and the remaining creditors to be paid in full within two years or less · claims qualifier: unstated; basis: plan · quote: (a) Unsecured Creditors with Proven Claims will receive 100% of their Proven Claim, paid as follows: · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors with Proven Claims · interim final: unstated · conditional on: initial payment equal to the lesser of 100% of Proven Claims or $2,000.00 by December 1, 2019, with quarterly prorated payments starting March 1, 2020 over a two year period for the balance · claims qualifier: unstated; basis: plan · quote: CRA claims for employee source deductions (but not GST or income tax payable claims generally) which are proven, will be paid in full without interest or penalty within 6 months of Court approval of the Proposal as required by S. 60(1.1) of the Act. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: deemed_trust · stated by: proposal_trustee · class label: CRA claims for employee source deductions · creditor name: Canada Revenue Agency · interim final: unstated · conditional on: paid within 6 months of Court approval of the Proposal · claims qualifier: unstated; basis: plan · quote: Commerx disputes this position and takes the view that Fortitude has an equity Interest and not a debt claim and the proposal was advanced on that basis as no payments to Fortitude are contemplated. · pct of: unstated · outcome: nil · class key: equity · stated by: proposal_trustee · class label: Fortitude Financial Investments Inc. (equity claim, disallowed) · creditor name: Fortitude Financial Investments Inc. · interim final: unstated · claims qualifier: asserted · table missing:
- report date23 September 2019