Newfoundland and Labrador · Receivership (court-appointed)
Receiver's Third Report
Court officer report · 8 September 2020
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What we verified from this filing2 verified
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $362,712.25 prior to disbursements of $16,036.85 and applicable taxes · amount: 362712.25 · approximate: false · disbursements: quote: prior to disbursements of $16,036.85 and applicable taxes · amount: 16036.85 · period: end: 2020-07-31 · kind: final · quote: The Receiver's fees for the period July 3, 2018 to July 31, 2020 encompass 1,294.9 hours at an average hourly rate of approximately $280.11 for a total of $362,712.25 prior to disbursements of $16,036.85 and applicable taxes. · start: 2018-07-03 · approval: quote: approving the fees and disbursements of the Receiver and its legal counsels, Cox & Palmer LLP ('C&P') and Patterson Law LLP ('Patterson'), as outlined herein · state: unstated · averages: rate: 280.11 · quote: at an average hourly rate of approximately $280.11 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: SUBMITTED BY BDO CANADA LIMITED IN ITS CAPACITY AS RECEIVER OF PTL HOLDINGS LIMITED, PTL SERVICES (EQUIPMENT) LIMITED, CSL SERVICES (INDUSTRIAL) LIMITED AND 9263357 CANADA INC. · hours total: quote: encompass 1,294.9 hours at an average hourly rate of approximately $280.11 · value: 1294.9 · context quote: SUBMITTED BY BDO CANADA LIMITED IN ITS CAPACITY AS RECEIVER OF PTL HOLDINGS LIMITED, PTL SERVICES (EQUIPMENT) LIMITED, CSL SERVICES (INDUSTRIAL) LIMITED AND 9263357 CANADA INC.
- recovery outcomeentries: basis: estimated · quote: As previously reported, there will be a shortfall to CIBC and/or the Parsons Vendors and CSL Vendors and accordingly there will be no funds available for distribution to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Further, it is estimated that the Bank will incur a shortfall in these proceedings. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: CIBC · creditor name: CIBC · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Since there will be no estate funds available for distribution to the Parsons Vendors and CSL Vendors, the Receiver did not have its Counsel review the respective security. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Parsons Vendors and CSL Vendors · creditor name: Parsons Vendors and CSL Vendors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: In addition pursuant to the December 2018 Distribution Order, the Receiver made an interim distribution to the CIBC totaling $3,250,000 and made final distributions to the PTL and CSL Unions totaling $151,017.00 and $102,658.00 respectively. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 3250000 · cumulative: false · amount high: 3250000 · class label: CIBC · creditor name: CIBC · interim final: interim · claims qualifier: unstated; basis: actual · quote: In addition pursuant to the December 2018 Distribution Order, the Receiver made an interim distribution to the CIBC totaling $3,250,000 and made final distributions to the PTL and CSL Unions totaling $151,017.00 and $102,658.00 respectively. · pct of: unstated · outcome: distribution · stated by: receiver · amount low: 151017 · cumulative: false · amount high: 151017 · class label: PTL Union · creditor name: PTL Union · interim final: final · claims qualifier: unstated; basis: actual · quote: In addition pursuant to the December 2018 Distribution Order, the Receiver made an interim distribution to the CIBC totaling $3,250,000 and made final distributions to the PTL and CSL Unions totaling $151,017.00 and $102,658.00 respectively. · pct of: unstated · outcome: distribution · stated by: receiver · amount low: 102658 · cumulative: false · amount high: 102658 · class label: CSL Union · creditor name: CSL Union · interim final: final · claims qualifier: unstated; basis: unstated · quote: Based on the funds on hand in the Receiver's accounts, net of a reserve to fund estimated costs to completion of the estate and a reserve for the CRA Property Claim, which is being held in an abundance of caution until the expiration of the 30 day appeal period for the notices of disallowance issued to CRA, the Receiver proposes to make an interim distribution of $1,830,000 (the ' Proposed Interim Distribution ') to CIBC. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1830000 · cumulative: false · amount high: 1830000 · class label: CIBC · creditor name: CIBC · interim final: interim · claims qualifier: unstated · stated on: 2020-09-08 · table missing: