ABC District CCAA Proceedings Update 2020-08-21

In my prior article ABC District CCAA Proceedings Update 2020-08-18 I wrote how the final distribution was about to be made, all the business accounts would be closed, and after 5 years the CCAA process would finally come to an end.

Today Deloitte Restructuring posted an supplemental report because District had $175,000 in expenses that needed to be paid that wasn’t accounted for in the original report. This will reduce the final distriubtion from $2.1M to $1.9M.

The supplemental report is dated Aug 21, 2020 and has Aug 24, 2020 as the court date. Assuming all went well and the courts approved the plan, the checks will be issued in Sept October, and by the end of the year Jan 21, 2021 the CCAA process will be concluded.

Update 2020-20-26: I missed a paragraph where the date of the final distribution was changed to Oct 31, 2020 due to personnel availability. 90 days after Oct 31, 2020 is Jan 31, 2020 – which is 6 years and two weeks after DP Schiemann originally announced a “lack of sufficient funds”