Karlsen Shipping Company Limited remains in a court-appointed receivership before the Supreme Court of Nova Scotia, Halifax No 348504, with Grant Thornton Limited acting as Receiver under BIA s. 243 and provincial Judicature Act authority on the application of The Toronto-Dominion Bank. TD's debt and security against Karlsen, held as at the May 17, 2011 receivership order date, were assigned on September 25, 2012 to 3264741 Nova Scotia Limited (NumberCo), a related party that purchased the Ship under an asset sale agreement and also holds security formerly held by SpareBank. Astican Shipyard asserts a possessory lien on the Ship for approximately 1,187,768 euros (approx. CDN$1.6 million) as at August 31, 2011 and has commenced judicial proceedings to enforce it. Draft internal financial statements for the twelve months ended December 31, 2010 showed a deficit of $1,703,797.
The court granted an approval and vesting order for the sale to 3264741 Nova Scotia Limited. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate to NumberCo.
Source: Approval Vesting and Distribution Order – March 21, 2013
The officer filed report no. Third Report. The receivership is winding down non-operating remnants of the debtor's business, focused on disposing of the shares in its Norwegian subsidiary KSN (which the Receiver views as having no value) and on determining and distributing a $200,000 maritime lien fund among claimants.
The court granted an approval and vesting order for the sale to 3264741 Nova Scotia Limited. Closing terms, as extracted: Vesting occurs upon receipt of purchase price and delivery of Receiver's Certificate.
4 earlier updates, back to 17 May 2011 — subscribers.
Debtor
Karlsen Shipping Company Limited
Receiver
Doane Grant Thornton
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | 3264741 Nova Scotia Limited (NumberCo)as of September 25, 2012 (assignment date) — Assignee of TD Bank's debt and security; also holds security on Karlsen's assets previously held by Toronto Dominion Bank and SpareBank — Related party purchaser of the Ship via Asset Sale Agreement — debtor: Karlsen Shipping Company Limited | — | First Report of the Substituted Receiver – Dated October 17, 2012 |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
3 transactions · 1 approved · 1 closed · 1 proposed — the Receiver respectfully seeks this Honourable Court's approval of the Asset Sale AgreementThird Report to Court - March 15, 2013 · 15 Mar 2013
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 3244351 Nova Scotia Limitedthe land and building and the chattels located on the site · real property · agreement 13 Sep 2011 | Subscribers | Approved | First Report of the Substituted Receiver –… |
| 3264741 Nova Scotia Limitedthe Company's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · nominee/assignee: any designated purchaser | Subscribers | Closeddate not stated | Second Report of the Substituted Receiver –… |
| 3264741 Nova Scotia Limitedthe Lots (real property at New Harbour, Lunenburg County) and the insurance policy on the life of Martin Karlsen · assets and shares · agreement 9 Nov 2012 | Subscribers | Proposed | Second Report of the Substituted Receiver –… |
Secured creditors: a distribution.EstimatedThird Report to Court - March 15, 2013 · 8 Mar 2013
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Maritime Lien claimants | — | a distribution | Estimatedper the receiver | Third Report to Court - March 15, 2013 · 8 Mar 2013 |
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.
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
| Date | Document | File |
|---|---|---|
Approval Vesting and Distribution Order – March 21, 2013
| PDF · Subscribers | |
Third Report to Court - March 15, 2013
| PDF · Subscribers | |
Approval & Vesting Order – November 22, 2012
| PDF · Subscribers | |
Second Report of the Substituted Receiver – Dated November 9, 2012
| PDF · Subscribers | |
Approval & Vesting Order – October 25, 2012
| PDF · Subscribers | |
First Report of the Substituted Receiver – Dated October 17, 2012
| PDF · Subscribers | |
Order for Substitution of Receiver
| 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., “Karlsen Shipping Company Limited” (Receivership (court-appointed)), Supreme Court of Nova Scotia. Retrieved 20 September 2026, https://proceedings.ca/case/karlsen-shipping-company-limited
Sources last checked · summary updated 20 August 2026 · Report a correction · Printed from proceedings.ca/case/karlsen-shipping-company-limited
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.