Ontario · Receivership (court-appointed)
Trustee's Preliminary Report
Court officer report · 30 March 2011
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- financial positionnote: Asset figure ($15,939,000) is 'Estimated Net Book Value at December 31, 2010' of the Primary Asset (land, building, furniture, tenancy agreements and equipment) only, not a full total-assets figure, and is dated Dec 31, 2010; liabilities figure ($18,421,020) is 'Potential Provable Claims as at March 14, 2011' comprising secured ($17,748,045), ordinary unsecured ($672,975) and preferred claims listed as 'Unknown'. Information has not been verified or audited by the Trustee. · basis: Estimated Net Book Value of Primary Assets from Companies' books and records (unaudited, unverified by Trustee); liabilities from Statement of Affairs (as amended) potential provable claims · scope: Consolidated for La Chaumiere, Liberty Place and Beach Arms retirement residences (Trustee prepared report on a consolidated basis) · currency: CAD · total assets: 15939000 · total liabilities: 18421020
- operational summaryThe Receiver/Trustee, with management company Responsive, took control of the three retirement residences and focused on stabilizing operations, ensuring resident safety and care, catching up overdue payroll, and identifying urgent repair and remediation needs (e.g., roof repairs, bed bug remediation, fire alarm and mould issues) estimated at $260,000–$500,000.
- report date30 March 2011
- report noTrustee's Preliminary Report