Report of Trustee on Proposal - Section 59(1) and paragraph 58(d)

Sep 19, 2026

Uploaded by Marry

Formal Canadian insolvency filing for the Province of Quebec regarding the proposal of Power Battery (Iberville) Ltd. The trustee (RSM Richter Inc.) reports to the court that a proposal was filed on December 3, 2010, notices were issued, creditors’ meeting occurred on December 17, 2010, and the proposal was accepted by the required majority. It includes summarized assets and liabilities, the causes of insolvency attributed to operating losses and extraordinary factors, and the estimated distribution to ordinary creditors as compared with bankruptcy.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages130

Reading Time5 h 28 min

AccessFree to download

Report of Trustee on Proposal

Notice and meeting of creditors

Trustee’s opinion on assets, liabilities, and causes of insolvency

Proposal benefits to creditors

Definitions and interpretation

CANADAProvince of QuebecDistrict of: QuebecDivision No.:01-MontréalCourt No.: 500-11-039457-102Estate No.:41-1393380 Report of Trustee on Proposal(Section 59(1)and paragraph 58(d)of the Act) In the Matter of the Proposal ofPower Battery (lberville)Ltd.Of the City of Saint-LeonardIn the Province of Quebec We,RSM Richter Inc.,the Trustee acting in the Proposal of Power Battery(Iberville)Ltd.,hereby report to theCourt as follows: 1. That a Proposal was filed with us on the 3d day of December 2010,a copy of which is attached and markedas Exhibit“A”,and that we filed a copy of the Proposal with the Official Receiver on the 3d day of December2010. 2. That on the 3d day of December 2010,we gave notice to the debtor,to the division office and to every knowncreditor affected by the Proposal,whose names and addresses are shown in Exhibit“B”to this report,of thecalling of a meeting of creditors to be held on the 17h day of December 2010 to consider the Proposal. 3. That with the notice was included a condensed statement of the assets and liabilities of the debtor,a list of thecreditors affected by the Proposal who have claims of $250 or more and showing the amounts of their claims,a copy of the Proposal,a form of proof of claim and proxy in blank,a voting letter and a Notice of hearing ofapplication for Court approval of the Proposal.Copies of the Notice,the condensed statement and the list ofcreditors are attached and marked as Exhibits “C1”,“C2”and “C3”,respectively. 4. That prior to the meeting of creditors we made a detailed and careful inquiry into the liabilities of the debtor,the debtor's assets and their value,the debtor's conduct and the causes of the debtor's insolvency. 5. That the meeting of creditors was held on the 17th day of December 2010,and was presided over by theOfficial Receiver. 6. That the Proposal was accepted by the required majority of creditors. 7. That a copy of the Minutes of the meeting willbe filed with the court at the hearing of application for Courtapproval of the Proposal. 8. That we are of the opinion that: # a) the assets of the debtor and their fair realizable value are as follows: | Power Battery(lberville)Ltd.
Assets as at December 17,2010 | | | | | --- | --- | --- | --- | | | Book Value | | Estimated Gross | | (000's) | Unaudited | | Realization Value | | Accounts receivable | 2,807
$ | | $
1,800 | | Intercompany receivables | 13,183 | | - | | Inventory | 4,500 | | 2,000 | | Capital Assets | 10,295 | | 5,000 | | Plant Building | 3,503 | | 3,000 | | Investment in subsidiaries | 555 | | | | | $
34,843 | | $
11,800 | # b) the liabilities of the debtor are as follows: | Power Battery (Iberville)Ltd.
Liabilities | | | | --- | --- | --- | | | As per Statement of
Affairs dated | As at December 17, | | | | | | (000's) | December 2,2010 | 2010¹ | | Secured Claims | $
24,804 | $
882 | | Preferred Claims | | | | Unsecured Claims | 8,665 | 4,675 | | | $
33,469 | $
5,557 | | 'Claims as fled Subject b verication by the debbr. | | | # 9. That we are also of the opinion that: ## a) the causes of the insolvency of the debtor are as follows: The insolvency of the debtor is due to operating losses incurred in the past two fiscal years (endingMarch 31,2009 and 2010)due to a combination of extraordinary factors including absenteemanagement due to illness,significant volatility in raw material costs and a downturn in the globaleconomy. b) the conduct of the debtor is subject to censure in the following respects:Not applicable. c) the following facts,mentioned in section 173 of the Act,may be proved against the debtor:Not applicable. 10. That we are further of the opinion that the debtor's proposal is an advantageous one for the creditors,for thefollowing reason: The estimated distribution to the Ordin

FAQs

Who acted as trustee and what court was notified?

RSM Richter Inc. acted as the trustee. The trustee reports to the court in Quebec regarding the proposal of Power Battery (Iberville) Ltd.

When were the proposal filed and the creditors’ meeting held?

The proposal was filed on December 3, 2010. The creditors’ meeting was held on December 17, 2010.

What were the stated causes of the debtor’s insolvency?

The insolvency was attributed to operating losses in the past two fiscal years, combined with extraordinary factors such as absentee management due to illness, volatility in raw material costs, and a downturn in the global economy.

Sep 19, 2026

Uploaded by Marry