The facts are very easy to comprehend. A little DD on what happens in a bankruptcy would go a long way . Not sure what part about no PLAN to repay the debt is hard to understand.
As previously reported to the Court in our role as Monitor, the tangible assets of the Companies were sold. There were insufficient proceeds from those sales to satisfy the claims of secured and unsecured creditors in full. The Monitor has distributed the funds in its hands from the liquidation of the Companies' assets to the secured creditors of the Companies as directed by the Court.
There was no plan of compromise or arrangement made in the CCAA Proceedings in respect of the Companies to otherwise address creditor claims. As such those claims remain outstanding and rank in priority to equity claims.
What Is Liquidation?
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due. As company operations end, the remaining assets are used to pay creditors and shareholders, based on the priority of their claims.
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