Louis Racz Co. Ltd.
- Proceeding
- Winding-up (provincial)s. 324 of the Business Corporations Act, [S.B.C. 2002] c. 57
- File
- S-194717
- Industry
- Real estate · Rental & income property
Louis Racz Co. Ltd. is being wound up under s. 324 of the Business Corporations Act, [S.B.C. 2002] c. 57, in proceedings commenced in the Supreme Court of British Columbia on April 18, 2019 by 1012109 B.C. Ltd. and Lisa Maddess under court file S-194717. MNP Ltd. acts as liquidator. Its interim statement of receipts and disbursements for July 29, 2019 to June 17, 2021 records payment of $10,111.50 to KPMG LLP for accounting services rendered to the company, and the liquidator has paid a $47,152.85 related party loan owing to Rita Racz, the sole director and shareholder. A further related party loan of $69,635.14 shown on the June 30, 2019 balance sheet as owing to Ethel Mary Racz remains unresolved: the repayment cheque was never cashed and became stale-dated, and Ethel Racz disputes the debt, alleging fraudulent corporate resolutions. The liquidator seeks an order confirming it has no further obligation to remit that payment and proposes to hold and distribute the amount in trust as appropriate.
The officer filed report no. Second Report. The Liquidator's administration of Louis Racz Co. Ltd. is substantially finalized, with only distribution of remaining trust funds, filing of outstanding tax returns/T5 slips, and dissolution steps remaining, delayed because two shareholders refused to cash their final dividend cheques.
Source: Second Report of the Liquidator
Application filed in the Supreme Court of British Columbia under court file S-194717, commencing the proceeding; the record identifies no relief sought or granted.
Source: Petition to the Court
Debtor
Louis Racz Co. Ltd.
Liquidator
MNP
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | Ethel Mary Racz (Ethel Racz)Related party (shareholder/daughter of founder). Cheque issued in repayment was not cashed and became stale-dated; disputed by Ethel Racz who alleges fraudulent corporate resolutions. Liquidator seeks order confirming no further obligation to remit payment and will distribute amount in trust as appropriate. — debtor: Louis Racz Co. Ltd. · as of 30 Jun 2019 | $69.6K | First Report of the Liquidator |
| Unsecured | |||
| Unsecured |
2 more claims in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansEquity: a distribution. 1012109 B.C. Ltd. a distribution · Etus Maria Racz a distribution · Lisa Maddess a distribution.FinalSecond Report of the Liquidator · 5 Jan 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Equity | Class C Shareholders | — | final | Finalper the liquidator | Second Report of the Liquidator · 5 Jan 2023 |
| Equity | 1012109 B.C. Ltd. | — | Finalper the liquidator | Second Report of the Liquidator · 5 Jan 2023 | |
| Equity | Etus Maria Racz | — | Finalper the liquidator | Second Report of the Liquidator · 5 Jan 2023 | |
| Equity | Lisa Maddess | — | Finalper the liquidator | Second Report of the Liquidator · 5 Jan 2023 | |
| Equity | Michael Siwik | — | Finalper the liquidator | Second Report of the Liquidator · 5 Jan 2023 |
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.
5 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 plans2 engagements · 1 firm — latest: MNP Ltd., 1 Sep 2022 – 31 Mar 2024, in feesSecond Report of the Liquidator · 23 Apr 2024
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MNP Ltd.Liquidatorperiod 2 of 2 | 1 Sep 2022 – 31 Mar 2024 | 3 people | Second Report of the Liquidator · 23 Apr 2024 | |||||||||||||||||||||||||||||||||||||
3 people — MNP Ltd., 1 Sep 2022 – 31 Mar 2024 · 14 blurred figures
| ||||||||||||||||||||||||||||||||||||||||
| MNP Ltd.Liquidatorperiod 1 of 2 | 6 Mar 2019 – 31 Aug 2022 | 5 people | First Report of the Liquidator · 5 Oct 2022 | |||||||||||||||||||||||||||||||||||||
5 people — MNP Ltd., 6 Mar 2019 – 31 Aug 2022 · 18 blurred figures
| ||||||||||||||||||||||||||||||||||||||||
38 blurred figures above
What the 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
$9.08M
As at 15 Apr 2024Second Report of the Liquidator
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 |
|---|---|---|
| Order Made After Application (entered) | PDF · Subscribers | |
| Affidavit #1 of K. Doumakis | PDF · Subscribers | |
| Notice of Application of the Liquidator | PDF · Subscribers | |
Second Report of the Liquidator
| PDF · Subscribers | |
| Affidavit #1 of S. Danielisz | PDF · Subscribers | |
Order of Master Bilawich
| PDF · Subscribers | |
First Report of the Liquidator
| PDF · Subscribers | |
Notice of Application of Liquidator
| PDF · Subscribers | |
Order of Master Vos
| PDF · Subscribers | |
| Affidavit #3 of P. Wood | PDF · Subscribers | |
| Consent Order | PDF · Subscribers | |
Order Made After Application
| PDF · Subscribers | |
Reasons for Judgment
| PDF · Subscribers | |
| Affidavit #2 of P. Wood | PDF · Subscribers | |
| Affidavit #1 of Anna Lee | PDF · Subscribers | |
| Affidavit #2 of Lisa Maddess | PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Liquidation Order of Madam Justice Adair
| PDF · Subscribers | |
| Affidavit 1 of Lisa Maddess | PDF · Subscribers | |
| Affidavit 1 of P Wood | PDF · Subscribers | |
Petition to the Court
| 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., “Louis Racz Co. Ltd.” (Winding-up (provincial)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/louis-racz-co-ltd