Ontario · Receivership (court-appointed)
Receiver’s Second Report to Court
Court officer report · 10 May 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing9 verified
- cash on handnote: Funds on deposit in the Receiver's Estate Account as the 250 Property collected to date and proposed for interim distribution (the Estate GL shows $36,587.34 in total receipts to May 2, 2024). · amount: 29061.54 · currency: CAD
- disbursementsnote: Report states no funds have been disbursed from the Estate Account, given the Crown deemed trust for unremitted HST and the need for Court direction. · since: Receiver's appointment · amount: 0 · currency: CAD
- fee scheduleengagements: form: report_table · rows: · money: approximate: false · period: end: 2024-02-19 · kind: invoice · quote: The Receiver 's fees and disburse ments for the period of January 18, 2024 to February 19, 2024 · start: 2024-01-18 · approval: state: unstated · averages: rate: 415.68 · quote: Average Hourly Rate | col4: $415.68 · currency: · invoices: · firm text: Baigel Corp. · firm quote: Baigel Corp. · context quote: in its capacity as Receiver of certain assets, undertakings, and properties of 2502511 Ontario Corp.; form: report_table · rows: · money: total: quote: The total of the Receiver's fees and out-of-pocket disbursements for the period of February 20, 2024 to April 30, 2024 is $39,867.41. · amount: 39867.41 · includes disbursements: true · approximate: false · period: end: 2024-04-30 · kind: invoice · quote: The total of the Receiver's fees and out-of-pocket disbursements for the period of February 20, 2024 to April 30, 2024 is $39,867.41. · start: 2024-02-20 · approval: state: unstated · averages: rate: 438.69 · quote: The average hourly rate charged by the Receiver during this period is $438.69. · currency: · invoices: · firm text: Baigel Corp. · firm quote: Baigel Corp. · context quote: in its capacity as Receiver of certain assets, undertakings, and properties of 2502511 Ontario Corp.
- operational summaryThe Debtor has continued trading while insolvent without general liability insurance and with unpaid subcontractors, and its principal says all contracts end April 14, 2024 for lack of funds. The Receiver found a successor company (NewCo) trading as Land Corp that appears to be diverting receivables, and seeks an expanded mandate or discharge.
- professional feesnote: Interim Professional Fees due to the Receiver, including HST and disbursements. Comprises $26,745.04 (to Feb 19, 2024) and $39,867.41 (Feb 20 to Apr 30, 2024); the latter is $34,239.60 fees + $1,041.29 disbursements + $4,586.52 HST. All outstanding and unpaid. · party: Baigel Corp. (Receiver) · amount: 66612.45 · period: January 18, 2024 to April 30, 2024 · currency: CAD
- receipts cumulativenote: Deposits to the Estate Account: $1,879.47 remainder of TD Bank Account funds, $30,619.43 accounts receivable collected, $3,980.53 HST collected, $107.91 interest. · since: Receiver's appointment (January 2024), to May 2, 2024 · amount: 36587.34 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Receiver seeks the Court's approval of its proposed interim distribution of the 250 Property collected to date, being $29,061.54 in funds on deposit to the Estate Account. · pct of: unstated · outcome: distribution · currency: CAD · class key: court_charges · stated by: receiver · amount low: 29061.54 · cumulative: false · amount high: 29061.54 · class label: Receiver's Interim Professional Fees · claims amount: 66612.45 · creditor name: Baigel Corp. · interim final: interim · conditional on: distribution proposed to be first applied to pay the Interim Professional Fees or such other amount as may be approved by the Court · currency quote: All references to currency in this Second Report are in Canadian dollars unless stated otherwise. · claims qualifier: unstated · stated on: 2024-05-10 · table missing:
- report date10 May 2024
- report noSecond Report