Ontario · Receivership (court-appointed)
First Report of the Receiver dated October 11, 2024
Court officer report · 11 October 2024
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What we verified from this filing11 verified
- disbursementsnote: Resulting in an excess of receipts over disbursements of $9,674.61 for the period ended September 30, 2024. · since: April 22, 2024 · amount: 90467.28 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2024-09-30 · kind: interim · quote: for the period April 22 2024, to September 30, 2024 · start: 2024-04-22 · approval: quote: approving the fees of the Receiver and its counsel · state: sought · averages: rate: 451.09 · quote: The average hourly rate charged during the Period was $451.09. · currency: · invoices: · firm text: TDB Restructuring Limited · firm quote: FIRST REPORT TO THE COURT OF TDB RESTRUCTURING LIMITED · context quote: approving the fees of the Receiver and its counsel, Gowling WLG (Canada) LLP ( 'Gowling' ) and Paliare Roland Rosenberg Rothstein LLP (' Paliare ') , for the period April 22 2024, to September 30, 2024;; form: prose · rows: · money: approximate: false · period: end: 2024-09-30 · kind: interim · quote: for the period April 22 2024, to September 30, 2024 · start: 2024-04-22 · approval: quote: approving the fees of the Receiver and its counsel · state: sought · averages: · currency: · invoices: · firm text: Gowling WLG (Canada) LLP · firm quote: Gowling WLG (Canada) LLP ( 'Gowling' ) · context quote: approving the fees of the Receiver and its counsel, Gowling WLG (Canada) LLP ( 'Gowling' ) and Paliare Roland Rosenberg Rothstein LLP (' Paliare ') , for the period April 22 2024, to September 30, 2024;; form: prose · rows: · money: approximate: false · period: end: 2024-09-30 · kind: interim · quote: for the period April 22 2024, to September 30, 2024 · start: 2024-04-22 · approval: quote: approving the fees of the Receiver and its counsel · state: sought · averages: · currency: · invoices: · firm text: Paliare Roland Rosenberg Rothstein LLP · firm quote: Paliare Roland Rosenberg Rothstein LLP (' Paliare ') · context quote: approving the fees of the Receiver and its counsel, Gowling WLG (Canada) LLP ( 'Gowling' ) and Paliare Roland Rosenberg Rothstein LLP (' Paliare ') , for the period April 22 2024, to September 30, 2024;
- operational summaryThe Receiver marketed and sold the Real Property (vacant land) via CBRE, entered into an APA with a purchaser, and is now seeking court approval of the sale, distribution of proceeds, fees, and its discharge as the administration is substantially complete.
- process resultsbids: 2 · lois: 1 · note: As of the Bid Submission Deadline, two offers on the Receiver's form of APA and one other letter of interest · as of: 2024-07-10 · solicited: 1262 · qualified bids: 2
- professional feesnote: Fees and disbursements of $43,579.68 plus HST of $5,664.34; Receiver estimates further fees of $15,000 plus HST. Gowling's accounts (April 22 to August 31, 2024) totaled $9,474.07 including HST; Paliare's accounts (August 28 to October 28, 2024) totaled $1,254.30 including HST. · party: Receiver (TDB Restructuring Limited) · amount: 49244.02 · period: April 22, 2024 to September 30, 2024 · currency: CAD
- purchaserMarshall Land Corp. Ltd.
- receipts cumulativenote: Includes an advance made by the Lender totaling $100,000 pursuant to Receiver's Certificates #1 and 2. · since: April 22, 2024 · amount: 100141.89 · currency: CAD
- report date11 October 2024
- report noFirst Report
- sale advisorCBRE Limited
- sale outcometext: The Receiver entered into the APA with the Purchaser and seeks approval and vesting order · scope: parcel · status: pending_approval