Ontario · Receivership (court-appointed)
Second Interim Report
Court officer report · 28 July 2021
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What we verified from this filing9 verified
- cash on handnote: Described as estate balance before potential payouts to Secured Creditor and CRA · as at: 2021-04-30 · amount: 329998.34 · currency: CAD · qualifier: approximately
- disbursementsnote: Total Disbursements per Interim Statement of Receipts and Disbursements for period May 13, 2020 - April 30, 2021 · since: May 13, 2020 · amount: 448498.1 · currency: CAD
- financial positionnote: Document states 'Books values taken from November 31, 2019, unaudited (draft) financial statements.' Total liabilities not stated as a single figure; document notes Secured Creditor owed $848,234 as at initiation of Receivership with interest accruing, and amount owing to CRA on HST dues is described as '(Unknown)'. · basis: Book values (Note 1) taken from unaudited (draft) financial statements; may not be indicative of actual realizable/realized value · scope: Betz Cut Stone Limited (the Debtor) - assets under administration in the receivership estate · currency: CAD · total assets: 1269778
- operational summaryThe Receiver has sold substantially all of the Debtor's assets and continues to administer the receivership, including creditor claims, while awaiting completion of an ongoing CRA audit that makes the timing of the receivership's conclusion undeterminable.
- professional feesnote: Legal fees of $65,949.48 also incurred separately per the ISRD · party: Receiver (Goldhar & Associates Ltd.) · amount: 239282 · period: as at Mar 31, 2021 · currency: CAD
- receipts cumulativenote: Total Receipts per Interim Statement of Receipts and Disbursements for period May 13, 2020 - April 30, 2021 · since: May 13, 2020 · amount: 792050.05 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: | Minimum Expected Shortfall to the Secured Creditor | 518,235.66 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Secured Creditor · claims amount: 848234 · creditor name: 2737426 Ontario Limited · interim final: unstated · claims qualifier: unstated · shortfall amount: 518235.66; basis: estimated · quote: | Expected payout available for the Unsecured Creditors | Nil | · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date28 July 2021
- report noSecond Interim Report of Receiver