Ontario · Receivership (court-appointed)
246(2) Nova to November 28, 2014
Court officer report · 28 November 2014
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 filing6 verified
- cash on handnote: Stated as excess of receipts over disbursements; the statement is footnoted as subject to adjustments for various costs incurred between the receivership estates of Multimedia Nova Corporation, Multicom Media Services Ltd., Newsweb Printing and Distribution Inc. and Diversity Marketing Services Ltd. Currency not stated in the document; CAD assumed. · as at: 2014-11-28 · amount: 51797.91 · currency: CAD
- disbursementsnote: Total disbursements to date; the 407,660.50 figure appears on the unlabeled subtotal line immediately above the 'TOTAL DISBURSEMENTS EXCESS OF RECEIPTS OVER DISBURSEMENTS' line. Currency not stated; CAD assumed. · since: commencement of the receivership appointment (through November 28, 2014) · amount: 407660.5 · currency: CAD
- operational summaryThe Receiver reports that accounts receivable and sale proceeds collections are continuing, and that based on realizations to date there may not be enough funds to repay the secured creditors, leaving nothing for other creditors.
- professional feesnote: Listed as 'Receiver's fees and costs' in the Statement of Receipts and Disbursements; HST treatment not stated. Legal fees and disbursements of 121,116.66 and consultant fees of 50,183.03 are also listed as separate disbursements. Currency not stated; CAD assumed. · party: Receiver (The Fuller Landau Group Inc.) · amount: 88495.58 · period: to November 28, 2014 · currency: CAD
- receipts cumulativenote: Total receipts to date per the Statement of Receipts and Disbursements, including sale of assets 205,500.00, transfer from Diversity trust account 100,000.00, advance from secured creditor 60,000.00, transfer from Newsweb trust account 30,184.44 and accounts receivable 36,192.06. Currency not stated; CAD assumed. · since: commencement of the receivership appointment (through November 28, 2014) · amount: 459458.41 · currency: CAD
- report date15 January 2015