Newfoundland and Labrador · NOI
Notice of proposal to creditors
Notice to creditors · 18 November 2016
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 filing2 verified
- financial positionnote: The form instructs the debtor to show affairs on the date of filing of the notice of intention (18 May 2016), but the declaration and all lists are dated 7 November 2016 (the proposal filing date). Statement shows a stated deficiency of 968,702.16 (liabilities less assets). Assets: accounts receivable (good) 1,870,121.00 (incl. 300,000.00 intercompany A/R from 10804 NFL Ltd.), other property (office furniture 4,000 + computer 1,000) 5,000.00; inventory, cash, deposits, machinery, real property etc. all stated 0.00. Liabilities: unsecured 1,381,798.16, secured 1,462,000.00 (Aviva 1,300,000; Bank of Montreal 162,000), preferred 0.00, contingent (payment bond claims) 25.00. · as at: 2016-11-07 · basis: Form 78 Statement of Affairs, "as stated and estimated by the officer" (debtor's management estimate), sworn/declared 7 November 2016; no trustee disagreement stated. · scope: Single entity: Baraco-Atlantic Corp. (no consolidation stated). · currency: CAD · total assets: 1875121 · total liabilities: 2843823.16
- recovery outcomeentries: basis: plan · quote: The amounts due to Her Majesty in right of Canada or a province, that were outstanding on the date of the filing of the Notice of Intention, and that could be subject to a demand under subsection 224(1.2) of the Income Tax Act or under substantially similar provisions of provincial legislation and in accordance with section 60 (1.1) of the Act, shall be paid in full, within six months after the Ratification. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: Crown Claims · interim final: unstated · conditional on: within six months after the Ratification · claims qualifier: unstated; basis: plan · quote: Claims of preferred creditors other than those mentioned in sections 2 and 3 hereof, shall be paid in full in priority to all ordinary claims. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: debtor · class label: preferred creditors · interim final: unstated · conditional on: in priority to all ordinary claims · claims qualifier: unstated · table missing: