Ontario · Receivership (court-appointed)
Trustee's Preliminary Report dated April 16, 2025
Court officer report · 16 April 2025
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What we verified from this filing5 verified
- financial positionnote: Components: Used Vehicle Inventory $1,000,000.00; Lease Payments Receivable $2,454,148.95 (book value); Inventory under review $1.00 (property Receiver could not locate). Liabilities not summed to a total: Statement of Affairs lists one secured creditor (Royal Bank of Canada) owed $4,176,954.53, CRA deemed trust amounts estimated at $4,540.38, and 12 unsecured creditors totaling approximately $46.6 thousand. Net proceeds of the Receivership expected to be insufficient to repay the secured creditor in full. · as at: 2025-03-26 · basis: Estimated value as at the Bankruptcy Date; Used Vehicle Inventory at estimated market value, Lease Payments Receivable at book value per Debtor's books and records · scope: entity - 898984 Ontario Inc. o/a Richmond Hill Fine Cars (RHFC) · currency: CAD · total assets: 3454149.95
- operational summaryRHFC ceased operations in late 2024 and had zero employees at the Bankruptcy Date; the Receiver has been liquidating the Used Vehicle Inventory and Lease Payments Receivable, with proceeds expected to be insufficient to repay the secured creditor in full and no funds anticipated for unsecured creditors.
- recovery outcomeentries: basis: estimated · quote: For the reasons noted above, it is anticipated that there will be no funds available for distribution to unsecured creditors of RHFC. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-04-16 · table missing:
- report date16 April 2025
- report noTrustee's Report to the First Meeting of Creditors on Preliminary Administration