Crocus Investment Fund
- Proceeding
- Receivership (court-appointed)Section 27 of the Securities Act, CCSM c. S50 and Queen's Bench Rule 14.05(2)(b)
- File
- CI 05-01-43350
- Industry
- Financial services · Investment funds & schemes
Crocus Investment Fund has been under court-appointed receivership since June 28, 2005, when The Manitoba Securities Commission obtained the appointment of Deloitte & Touche, Inc. as Receiver under section 27 of The Securities Act, CCSM c. S50. The application proceeded in The Queen's Bench under court file CI 05-01-43350, invoking section 27 together with Queen's Bench Rule 14.05(2)(b). The receivership remains active. The Receiver filed a report dated August 2, 2005.
The officer filed report no. Receiver's Report No. 21. The receivership is winding down: the Receiver completed the Final Distribution, remitted unclaimed shareholder entitlements to the Minister of Finance, terminated back-office service arrangements, and is seeking final fee approval and disposition of residual trust funds to conclude the proceedings.
Source: Receiver's Report 21
The officer filed report no. Receiver's Report No. 20. The shareholder-objection period on the Notice to Shareholders has passed with no objections received, so the Receiver is proceeding with the Final Distribution.
Source: Receiver's Report 20
The officer filed report no. Receiver's Report No. 19. All 46 Crocus investments have been liquidated. The Receiver is seeking approval of a fourth and final distribution of about $5.2 million (about $0.36 per share), payment of unclaimed funds to the Minister of Finance, and its discharge.
Source: Receiver's Report 19
The officer filed a report. Ongoing activities are limited to investment monitoring, financial reporting, shareholder services and tax reporting; the Receiver employs no former Crocus employees and is realizing on the remaining four investments, with a final shareholder distribution application possible in 2020.
The officer filed report no. September 30, 2018 Quarterly Report. Ongoing activities consist of investment monitoring, financial reporting, shareholder services and tax reporting. The Receiver no longer employs any former Crocus employees but has sub-contracted certain IT and back office services.
Source: Quarterly Report .pdf
The officer filed report no. Receiver's Report No. 18. The report states that the notice period for shareholder objections to the Receiver's interim passing of accounts has passed with no objections received, and that the passing of accounts hearing is scheduled for September 16, 2016.
Source: Receiver's Report 18
The officer filed report no. Receiver's Report No. 17. The Receiver continues to realize on the remaining Crocus investments (six of forty-six not fully exited, with some in litigation or illiquid), has sold the leased premises and settled the related litigation, and is unable to predict when the receivership will end or when any further distributions will occur.
Source: Receiver's Report 17
The officer filed report no. Receiver's Report No. 16. The Receiver continues to realize on the remaining six portfolio investments, administer the receivership (lease, shareholder services, accounting) and recommends a third interim distribution of about $8.57 million ($0.60 per Class A and I share) to shareholders.
Source: Receiver's Report 16
The officer filed report no. Receiver's Report No. 15. The report states that the shareholder objection period for the interim passing of the Receiver's accounts has expired with no objections received. The hearing on the passing of accounts is scheduled for September 4, 2012.
Source: Receiver's Report 15
The officer filed report no. Receiver's Report No. 14. The Receiver has realized on 39 of 46 investments, recovering about 106% of book value, and made two interim distributions to Class A shareholders. Seven investments are not exited, and litigation, a lease to 2016 and the Class Action holdback keep the receivership open with no predictable completion date.
Source: Receiver’s Report 14
The officer filed report no. Supplement to Receiver's Report No. 13. The Receiver continues to realize on the investment portfolio, generating additional proceeds, and now recommends increasing the proposed second interim distribution from about $7.9 million to $9.0 million (about $0.63 per Class A and I share). The property manager of the Crocus Building has also claimed about $0.2 million in unbilled operating costs and advised of operating cost increases of about $0.1 million per year.
Source: Supplement to Receiver’s Report No. 13 - October 14,
The officer filed report no. Receiver's Report No. 13. The Receiver continues to realize on the remaining portfolio (11 investments, about $11.4 million book value), administers the estate (lease, shareholder services and accounting), and recommends a second interim distribution of about $7.9 million ($0.55 per Class A and I share) to shareholders.
Source: Receiver's Report 13
The officer filed report no. Receiver's Report No. 12 Amended. The Receiver continues to administer the receivership (rent, shareholder services staff, professional fees) and realize on the remaining portfolio of 17 investments, and is seeking Court approval for a $54.7 million interim distribution to Class A and Class I shareholders after providing holdbacks for creditors and undertakings.
Source: Receiver's Report 12
The officer filed report no. Receiver's Report No. 11A. The Receiver continues liquidating Crocus's investments and, with the Class Action opt-out date passed and settling Defendants now obliged to fund their settlements, intends to seek an interim distribution to shareholders after a creditor claims process to identify any priority creditors (e.g., an unresolved employer pension obligation and ongoing lease commitments).
Source: Receiver's Report 11A
Deloitte & Touche, Inc., as court-appointed Receiver of the Fund, filed a report dated August 2, 2005 in Queen's Bench file CI 05-01-43350.
Source: Receiver's Second Report
Initial order granted, opening the Crocus Investment Fund proceeding in the Queen's Bench under court file CI 05-01-43350.
Source: Initial order
Debtor
Crocus Investment Fund
Receiver
Deloitte & Touche
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Creditorcertain former directors of Crocus Investment Fund | D'Arcy & Deacon LLP | 4 Sep 2009 | Order · 4 Sep 2009 |
| CreditorGovernment of Manitoba | Thompson Dorfman Sweatman LLP | 4 Sep 2009 | Order · 4 Sep 2009 |
| CreditorManitoba Federation of Labour | Pitblado LLP | 13 Jul 2005 | Order · 13 Jul 2005 |
Equity: a distribution. Manitoba Federation of Labour paid in full · Province of Manitoba no distribution.FinalReceiver's Report 19 · 6 Jan 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Equity | Class A and Class I shareholders | — | interim | Finalper the receiver | Receiver's Report 19 · 6 Jan 2022 |
| EquityClass L shares | Manitoba Federation of Labour | — | paid in full | Finalper the receiver | Receiver's Report 13 · 31 May 2011 |
| Equity | Province of Manitoba | — | no distribution | per the receiver | Receiver's Report 16 · 6 Oct 2014 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans4 engagements · 2 firms — latest: Deloitte Restructuring Inc., 1 Apr 2012 – 31 Mar 2016, soughtReceiver's Report 17 · 12 May 2016
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| (firm not named)Counsel to the receiverfirm not named in the heading | —Approvedorder 17 Jan 2022 | — | — | not stated | Receiver's Report 21 · 8 Nov 2023 |
| Deloitte Restructuring Inc.Receiverperiod 1 of 3 | 1 Apr 2012 – 31 Mar 2016Sought | Receiver's Report 17 · 12 May 2016 | |||
0 people — Deloitte Restructuring Inc., 1 Apr 2012 – 31 Mar 2016 · 22 blurred figures | |||||
| Deloitte Restructuring Inc.Receiverperiod 2 of 3 | —Sought | Receiver's Report 21 · 8 Nov 2023 | |||
| Deloitte Restructuring Inc.Receiverperiod 1 of 3 | — | — | Receiver's Report 19 · 6 Jan 2022 | ||
51 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansCumulative receipts
$53.2K
As at 8 Nov 2023Receiver's Report 21
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Receiver's Certificate | PDF · Subscribers | |
Receiver's Report 21
| PDF · Subscribers | |
Receiver's Report 20
| PDF · Subscribers | |
| Notice to Shareholders | PDF · Subscribers | |
Receiver's Report 19
| PDF · Subscribers | |
Quarterly Report - December 31 ,2019.pdf
| PDF · Subscribers | |
Quarterly Report .pdf
| PDF · Subscribers | |
| Passing of Accounts, McCawley, J September 16, 2016 | PDF · Subscribers | |
Receiver's Report 18
| PDF · Subscribers | |
Receiver's Report 17
| PDF · Subscribers | |
Receiver's Report 16
| PDF · Subscribers | |
| Order – McCawley J. November 29, 2012 | PDF · Subscribers | |
| Judgment, McCawley J October 19, 2012 | PDF · Subscribers | |
| Passing of Accounts, McCawley, J September 4, 2012 | PDF · Subscribers | |
Receiver's Report 15
| PDF · Subscribers | |
Receiver’s Report 14
| PDF · Subscribers | |
Judgment, McCawley, J December 12, 2011
| PDF · Subscribers | |
Supplement to Receiver’s Report No. 13 - October 14,
| PDF · Subscribers | |
Receiver's Report 13
| PDF · Subscribers | |
Distribution Order
| PDF · Subscribers | |
Receiver's Report 12
| PDF · Subscribers | |
| Claims Order | PDF · Subscribers | |
Receiver's Report 11A
| PDF · Subscribers | |
| Judgment McCawley J May 22, 2009 | PDF · Subscribers | |
| Receiver's Report 11 | PDF · Subscribers | |
| Judgment McCawley J January 22, 2009 | PDF · Subscribers | |
| Receiver's Report 10 | PDF · Subscribers | |
| Receiver's Report 9.1 | PDF · Subscribers | |
| Appeal Decision | PDF · Subscribers | |
| Judgment - McCawley J | PDF · Subscribers | |
| COH Decision | PDF · Subscribers | |
| Notice of Appeal | PDF · Subscribers | |
| Quarterly Report [Appendices 1 - 11] | PDF · Subscribers | |
| Quarterly Report [Appendices 12 - 24] | PDF · Subscribers | |
| Quarterly Report [Supplement] | PDF · Subscribers | |
| Reasons for Decision - McCawley | PDF · Subscribers | |
| Order - McCawley J | PDF · Subscribers | |
| Quarterly Report | PDF · Subscribers | |
| Receiver's Sixth Report | PDF · Subscribers | |
| Receiver's Eighth Report | Trustee site | |
| Receiver's Supplementary Report | Trustee site | |
| Receiver's Fifth Report | PDF · Subscribers | |
| Receiver's Seventh Report | PDF · Subscribers | |
Receiver's Fourth Report
| PDF · Subscribers | |
Receiver's Third Report
| PDF · Subscribers | |
Receiver's Second Report
| PDF · Subscribers | |
Order
| PDF · Subscribers | |
Receiver's First Report
| PDF · Subscribers | |
Initial order
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Crocus Investment Fund” (Receivership (court-appointed)), Court of King's Bench of Manitoba. Retrieved 4 November 2026, https://proceedings.ca/case/crocus-investment-fund