#Sale
The court granted an approval and vesting order for the sale to Redrover Co. Ltd.
Source: Approval and Vesting Order, Hainey, J. dated April 28, 2020
Toonbox Entertainment Ltd., The Nut Job 2 Productions Inc. and The Nut Job 3 Productions Inc.
ActiveFollow
- Proceeding
- Interim receivershipsection 101 of the Courts of Justice Act
- File
- CV-19-618364-00CL
OverviewSummary updated
Toonbox Entertainment Ltd., with The Nut Job 2 Productions Inc. and The Nut Job 3 Productions Inc., has been under the interim receivership of BDO Canada Limited since April 18, 2019, on Pacific Mercantile Bank's application under section 101 of the Courts of Justice Act and section 46(1) of the Bankruptcy and Insolvency Act. The proceeding is before the Ontario Superior Court of Justice, Commercial List, as court file CV-19-618364-00CL. PMB holds a general security interest granted by The Nut Job 2 Productions Inc. under a loan agreement with an original principal of US$8,170,705 as at December 19, 2017, guaranteed by Toonbox. Unaudited company figures put cash on hand at approximately $345,907 and investments in Dundy Ltd. and RNT No. 1 Ltd. at $4.5 million. A receivership order followed on November 26, 2019, and the matter remains active.
Proceedings AIOpen Proceedings AI
Case updates17 dated entries
#Report
The officer filed report no. Fourth Report. The Companies ceased all business operations and terminated employees in March 2019 due to lack of funding; BDO, as receiver and proposal trustee, has been resolving asset ownership and tax credit disputes with Redrover, culminating in a proposed settlement and vesting order for the sale of Toonbox's assets.
Source: Fourth Report of the Proposal Trustee and Receiver dated April 23, 2020
#Order
Receivership order made, carrying BDO Canada Limited from its April 2019 interim appointment into the role of receiver over the three companies.
Source: Amended Receivership Order, McEwen, J. dated November 26, 2019, entered March 9, 2020
#Report
The officer filed report no. Third Report. The Companies ceased all operations and terminated employees in March 2019 after failing to repay the PMB loan; the Proposal Trustee/Interim Receiver is now seeking to convert the interim receiverships into full receiverships and extend its mandate to include NJ3 Prodco, amid unresolved disputes with Redrover over asset ownership.
Source: Third Report of the Proposal Trustee and Interim Receiver dated October 31, 2019
#Report
The officer filed report no. Second Report. The Companies ceased operations in March 2019 due to lack of funds, and the proposed sale of assets has been deferred while the Proposal Trustee investigates a complex ownership dispute with Redrover over films, tax credits, and equipment.
Source: Second Report of the Proposal Trustee and Interim Receiver dated June 21, 2019
#Report
The officer filed report no. First Report. The Companies ceased all operations on March 20, 2019 due to lack of financing; the Proposal Trustee/Interim Receiver is investigating co-mingled funds, tax credits, security interests, and potential employee claims while pursuing a court-approved sales process for the assets of the Companies en bloc.
Source: First Report of the Proposal Trustee and Interim Receiver dated May 27, 2019
#Order
An order made Thursday, April 18, 2019 in the Ontario Superior Court of Justice commenced these proceedings against the three companies under file CV-19-618364-00CL.
Source: Interim Receivership Order, Hainey, J. dated April 18, 2019
Parties
Debtor
Toonbox Entertainment Ltd., The Nut Job 2 Productions Inc. and The Nut Job 3 Productions Inc.
Interim receiver
BDO
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Hainey | Ontario Superior Court of Justice | 1 order, Apr 2020 | 211 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | Cassels Brock & Blackwell LLP | 17 Apr 2019 | Application · 17 Apr 2019 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Pacific Mercantile Bank (PMB)General security interest granted by The Nut Job 2 Productions Inc.; loan agreement original amount — Loan guaranteed by Toonbox Entertainment Ltd.; amount is original loan agreement principal, not a stated current outstanding balance; interim receiver appointed on PMB's application — debtor: The Nut Job 2 Productions Inc. · as of 19 Dec 2017 | $8.17M USD | Report of Trustee on Proposal dated May 7, 2019 |
| Secured | |||
| Secured | |||
| Secured |
3 more claims in 1 class The stack holds Secured claims.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sale processAs stated in the filings
Approval pending — Request court approval of the Settlement Agreement and a vesting order of certain assets as set out in the Settlement Agreement with RedroverFourth Report of the Proposal Trustee and Receiver dated April 23, 2020 · 23 Apr 2020
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Redrover Co. Ltd.the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 23 Apr 2020 | not stated | Approved28 Apr 2020 | Approval and Vesting Order, Hainey, J. dated… |
RecoveriesAs stated in the filings
Unsecured creditors: a distribution.Report of Trustee on Proposal · 7 May 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Preferred | — | — | paid in full | Under the planper the proposal trustee | Report of Trustee on Proposal · 7 May 2019 |
| Unsecured | — | — | a distributionconditional | per the proposal trustee | Report of Trustee on Proposal · 7 May 2019 |
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.
Documents
17 filings
| Date | Document | File |
|---|---|---|
Approval and Vesting Order, Hainey, J. dated April 28, 2020
| PDF · Subscribers | |
| Endorsement, Hainey, J. dated April 28, 2020 | PDF · Subscribers | |
Fourth Report of the Proposal Trustee and Receiver dated April 23, 2020
| PDF · Subscribers | |
| Motion Record returnable April 28, 2020 | PDF · Subscribers | |
Amended Receivership Order, McEwen, J. dated November 26, 2019, entered March 9, 2020
| PDF · Subscribers | |
| Endorsement, McEwen, J. dated November 26, 2019 | PDF · Subscribers | |
| Motion Record returnable November 26, 2019 | PDF · Subscribers | |
Third Report of the Proposal Trustee and Interim Receiver dated October 31, 2019
| PDF · Subscribers | |
| Endorsement, Hainey, J. dated June 25, 2019 | PDF · Subscribers | |
Second Report of the Proposal Trustee and Interim Receiver dated June 21, 2019
| PDF · Subscribers | |
| Order, Conway, J. dated June 6, 2019 | PDF · Subscribers | |
| Motion Record returnable June 6, 2019 | PDF · Subscribers | |
First Report of the Proposal Trustee and Interim Receiver dated May 27, 2019
| PDF · Subscribers | |
Supplementary Report of Trustee on Proposal dated May 21, 2019
| PDF · Subscribers | |
Report of Trustee on Proposal dated May 7, 2019
| PDF · Subscribers | |
Interim Receivership Order, Hainey, J. dated April 18, 2019
| PDF · Subscribers | |
Application Record dated April 17, 2019
| 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., “Toonbox Entertainment Ltd., The Nut Job 2 Productions Inc. and The Nut Job 3 Productions Inc.” (Interim receivership), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/toonbox-entertainment-ltd-the-nut-job-2-productions-inc-and-the-nut-job-3-produc