Ontario · Receivership (court-appointed)
First and Final Report of the CAIO
Court officer report · 22 January 2026
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What we verified from this filing20 verified
- applicantFred Zaziski
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-18-00596263-00CL
- provinceONTARIO
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- appointeeA. Farber & Partners Inc.
- appointee roleinformation officer
- commencement date1 May 2018
- secured creditorsnote: Principal amount stated to be due and owing under the Promissory Note; the Company's Respondent's Motion Materials propose legal/equitable set-off of this amount against the US$36 million Texas Judgment Monetary Award; the CAIO's PPSA Search indicates no secured creditors are currently registered against the Company, creating uncertainty as to current perfection/status of this alleged security · page: 6 · as of: Promissory Note dated April 4, 2016 · amount: 6000000 · debtor: Rift Energy Corp. · creditor: Fred Zaziski · currency: CAD · security: Alleged security; Mr. Zaziski's Receivership Application alleged he was 'a principal secured creditor' of the Company; per the Deeb Affidavit para. 6, in April 2018 his security ranked pari passu with Mr. Deeb's security pursuant to a pari passu Agreement
- financial positionnote: Individual creditor line items are dated between October 25, 2017 and December 31, 2025 (text rounds total to US$875,718; table total is US$875,717.70). Company advised it has no assets of significant value other than the Kenya Licence (currently valueless) and possibly the Texas Judgment (US$36 million Monetary Award; CAIO has no information on prospects of recovery). Company maintains it has access to stable and sufficient financing and that no creditors are pressing for payment; CAIO notes it cannot confirm the Company's solvency position has changed materially since commencement of these proceedings, when the Company was unable to pay its liabilities generally as they came due. · page: 8 · basis: Company-provided Creditors Listing, unaudited by the CAIO; the listing proceeds on the assumption that recognition of the Texas Judgment and the Company's requested legal/equitable set-off of the Promissory Note is granted by the Court · scope: Rift Energy Corp. (parent entity) only; excludes subsidiary accounts payable of approximately US$4.6 million (Rift Energy USA, Inc. ~US$3.4 million and Rift Energy Kenya Ltd. ~US$1.2 million) · currency: USD · total liabilities: 875717.7
- unsecured creditorsnote: Accounts payable · page: 8 · as of: 2017-12-31 · basis: Company-provided Creditors Listing · amount: 93565 · debtor: Rift Energy Corp. · creditor: AMS Limited · currency: USD
- unsecured creditorsnote: Accounts payable; Torkin Manes acted as legal counsel referenced elsewhere in these proceedings · page: 8 · as of: 2017-12-31 · basis: Company-provided Creditors Listing · amount: 15018.01 · debtor: Rift Energy Corp. · creditor: Torkin Manes · currency: USD
- unsecured creditorsnote: Listed as a 'Note' · page: 8 · as of: 2025-12-31 · basis: Company-provided Creditors Listing · amount: 7584.18 · debtor: Rift Energy Corp. · creditor: Parvez Tyab · currency: USD
- unsecured creditorsnote: Related party - President, shareholder and Director of the Company; listed as a 'Note'; distinct from the pari passu secured claim referenced in the Deeb Affidavit (see secured creditors) · page: 8 · as of: 2025-12-31 · basis: Company-provided Creditors Listing · amount: 336783.65 · debtor: Rift Energy Corp. · creditor: Peter Deeb · currency: USD
- unsecured creditorsnote: Document names no individual employee(s); listed simply as 'Payroll' · page: 8 · as of: 2017-10-25 · basis: Company-provided Creditors Listing · amount: 422766.85 · debtor: Rift Energy Corp. · creditor: Payroll (unnamed employees) · currency: USD
- unsecured creditorsnote: Approximate aggregate figure per the Company; no individual creditors named; Rift Energy USA, Inc. is a wholly-owned subsidiary of Rift Energy Corp. · page: 8 · basis: Company-provided creditors list, described as 'approximately' owing · amount: 3400000 · debtor: Rift Energy USA, Inc. · creditor: Accounts payable creditors (aggregate as reported) · currency: USD
- unsecured creditorsnote: Approximate aggregate figure per the Company; no individual creditors named; Rift Energy Kenya Ltd. is a wholly-owned subsidiary of Rift Energy Corp. · page: 8 · basis: Company-provided creditors list, described as 'approximately' owing · amount: 1200000 · debtor: Rift Energy Kenya Ltd. · creditor: Accounts payable creditors (aggregate as reported) · currency: USD
- secured creditorsnote: Amount owed ($112,539.97) exceeds the current $50,000 charge cap; increase to $100,000 sought via the proposed Fee and Activity Approval Order · page: 9 · as of: date of this First Report (January 22, 2026) · amount: 112539.97 · debtor: Rift Energy Corp. · creditor: GlassRatner Restructuring Inc. (Court-Appointed Information Officer) and Dentons Canada LLP (its counsel) - CAIO's Charge · currency: CAD · security: First-ranking super-priority charge over the Property (as defined in the CAIO Order) securing the CAIO's and its counsel's fees and disbursements; charge presently capped at $50,000; CAIO seeks Court approval to increase the cap to $100,000
- secured creditorsnote: Related party - Mr. Deeb is President, a shareholder and Director of the Company; the CAIO's PPSA Search indicates no secured creditors are currently registered against the Company; amount of this alleged security not stated · page: 9 · as of: April 2018 (per Deeb Affidavit para. 6) · debtor: Rift Energy Corp. · creditor: Peter M. Deeb · security: Alleged security ranking pari passu with Mr. Zaziski's security pursuant to a pari passu Agreement, per the Deeb Affidavit
- fee scheduleengagements: form: invoice_listing · rows: A. Nackan; P. Denton; N. Litwack; M. Castillo · money: tax: label: HST · quote: HST | 3,203.79 · amount: 3203.79 · fees: quote: Total for Services | $ 24,644.50 · amount: 24644.5 · total: quote: Current Amount Due | $ 28,121.29 · amount: 28121.29 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total for Expenses | 273.00 · amount: 273 · period: end: 2018-10-31 · kind: invoice · quote: April 24, 2018 to October 31, 2018 · start: 2018-04-24 · approval: state: unstated · averages: · currency: · invoices: · firm text: A. Farber & Partners Inc. · firm quote: A. Farber & Partners Inc. (' Farber & Partners ') was appointed as information officer · hours total: quote: Total | 45.50 | | $24,644.50 · value: 45.5 · context quote: GLASSRATNER RESTRUCTURING INC. SUMMARY OF COURT-APPOINTED INFORMATION OFFICER'S FEES APRIL 24, 2018 TO JANUARY 9, 2026; form: invoice_listing · rows: · money: tax: label: HST · quote: HST: | | | 3,203.79 $ | | 727.27 $ | | 3,931.06 $ · amount: 3931.06 · total: quote: Totals: | | | 28,121.29 $ | | 6,321.67 $ | | 34,442.96 $ · amount: 34442.96 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2026-01-09 · kind: cumulative · quote: The CAIO has rendered two invoices in this matter in respect of fees and disbursements for the period of April 24, 2018 to October 31, 2018 and the period of June 19, 2025 to January 9, 2026. · start: 2018-04-24 · approval: quote: This Affidavit is made in support of a motion to, inter alia , seek approval of the foregoing fees and disbursements as fair and reasonable. · state: sought · averages: rate: 550.45 · quote: The average hourly rate in respect of time as outlined in Exhibit 'A' is $550.45. · currency: · invoices: tax: 3203.79 · date: 2018-10-31 · fees: 24644.5 · quote: Inv 15072 | April 24, 2018 to October 31, 2018 · total: 28121.29 · period end: 2018-10-31 · period start: 2018-04-24 · disbursements: 273; tax: 727.27 · date: 2026-01-09 · fees: 5520 · quote: Inv 20502 | June 19, 2025 to January 9, 2026 · total: 6321.67 · period end: 2026-01-09 · period start: 2025-06-19 · disbursements: 74.4 · hours total: quote: Total | | 45.50 | 24,644.50 $ | 9.30 | 5,520.00 $ | 54.80 | 30,164.50 $ · value: 54.8 · context quote: The CAIO has rendered two invoices in this matter in respect of fees and disbursements for the period of April 24, 2018 to October 31, 2018 and the period of June 19, 2025 to January 9, 2026. · firm unverified: true · comparability quote: To the best of my knowledge, GR's rates and disbursements are consistent with those in the market for these types of matters and the hourly billing rates charged by GR are comparable to other parties providing similar services rendered in other similar proceedings.; form: time_summary · rows: John Salmas; Sara-Ann Wilson · money: fees: quote: Total | Total | Total | 46.9 | $32,442.00 · amount: 32442 · approximate: false · period: end: 2018-10-25 · kind: invoice · quote: Dentons Canada LLP Timekeeper Summary for the Period April 27, 2018 to October 25, 2018 · start: 2018-04-27 · approval: state: unstated · averages: rate: 691.73 · quote: Average hourly rate = $691.73 · currency: · invoices: · firm text: Dentons Canada LLP · firm quote: The CAIO retained Dentons Canada LLP as its counsel in these proceedings. · hours total: quote: Total | Total | Total | 46.9 | $32,442.00 · value: 46.9 · context quote: Dentons Canada LLP Timekeeper Summary for the Period April 27, 2018 to October 25, 2018; form: time_summary · rows: John Salmas; John Salmas; John Salmas; Linda Fraser-Richardson; Ken Kraft · money: fees: quote: Total | Total | Total | 59.4 | $36,670.40 · amount: 36670.4 · approximate: false · period: end: 2026-01-09 · kind: invoice · quote: Dentons Canada LLP Timekeeper Summary for the Period June 19, 2025 to January 9, 2026 · start: 2025-06-19 · approval: state: unstated · averages: rate: 617.35 · quote: Average hourly rate = $617.35 · currency: · invoices: · firm text: Dentons Canada LLP · firm quote: The CAIO retained Dentons Canada LLP as its counsel in these proceedings. · hours total: quote: Total | Total | Total | 59.4 | $36,670.40 · value: 59.4 · context quote: Dentons Canada LLP Timekeeper Summary for the Period June 19, 2025 to January 9, 2026 · discount note: text: Fees after Discount · quote: Fees 3 after Discount; form: invoice_listing · rows: · money: tax: label: GST/HST · quote: TOTALS: | | | | $79,852.00 | $10,739.60 | $ 0.00 | $8,984.61 | $78,097.01 · amount: 8984.61 · fees: quote: TOTALS: | | | | $79,852.00 | $10,739.60 | $ 0.00 | $8,984.61 | $78,097.01 · amount: 79852 · total: quote: TOTALS: | | | | $79,852.00 | $10,739.60 | $ 0.00 | $8,984.61 | $78,097.01 · amount: 78097.01 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: TOTALS: | | | | $79,852.00 | $10,739.60 | $ 0.00 | $8,984.61 | $78,097.01 · amount: 0 · period: end: 2026-01-09 · kind: cumulative · quote: Summary of Statements of Account for the fees incurred by Dentons for the Billing Periods · start: 2018-04-27 · approval: state: unstated · averages: · currency: · invoices: tax: 4217.46 · date: 2018-10-31 · fees: 32442 · quote: 3386545 | April 27, 2018 | October 25, 2018 | October 31, 2018 | 32,442.00 | 0.00 | 0.00 | 4,217.46 | 36,659.46 · total: 36659.46 · period end: 2018-10-25 · period start: 2018-04-27 · disbursements: 0; tax: 4767.15 · date: 2026-01-21 · fees: 47410 · quote: 260060825 | June 19, 2025 | January 9, 2026 | January 21, 2026 | 47,410.00 | 10,739.60 | 0.00 | 4,767.15 | 41,437.55 · total: 41437.55 · period end: 2026-01-09 · period start: 2025-06-19 · disbursements: 0 · firm text: Dentons Canada LLP · firm quote: The CAIO retained Dentons Canada LLP as its counsel in these proceedings. · context quote: Summary of Statements of Account for the fees incurred by Dentons for the Billing Periods · discount note: text: Discount on Fees · quote: Discount on Fees