Ontario · Receivership (court-appointed)
First Report
Court officer report · 15 November 2019
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 filing13 verified
- applicantBUSINESS DEVELOPMENT BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-19-00081440-0000
- proceeding typereceivership_court
- provinceOntario
- appointeeMNP Ltd.
- appointee rolereceiver
- commencement date26 September 2019
- operational summaryThe Receiver has not operated the Company since its appointment; the Company terminated all staff and ceased services in June 2019, and the Receiver is realizing assets through a proposed en bloc sale and auction of surplus equipment.
- professional feesnote: The report states that the fees and disbursements of the Receiver will be filed in the next report to the Court; no fee amount is stated. The fees of the Receiver and its counsel form a first charge on the Property. · party: Receiver and its legal counsel · currency: CAD
- recovery outcomeentries: basis: unstated · quote: seek the Court's approval in respect of an interim distribution to BDC in the amount of $500,000.00 on account of its mortgage and first-ranking secured · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 500000 · amount high: 500000 · class label: BDC (mortgage and first-ranking secured claim) · creditor name: Business Development Bank of Canada · interim final: interim · currency quote: All amounts referred to in the First Report are in Canadian dollars unless otherwise noted. · claims qualifier: unstated; basis: unstated · quote: seek the Court's approval in respect of an interim distribution to Paul Menard (' Menard ') in the amount of $100,000.00 on account of its mortgage and secondranking secured claim. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 100000 · amount high: 100000 · class label: Paul Menard (mortgage and second-ranking secured claim) · creditor name: Paul Menard · interim final: interim · currency quote: All amounts referred to in the First Report are in Canadian dollars unless otherwise noted. · claims qualifier: unstated; basis: unstated · quote: seek the Court's approval in respect of a final distribution to CWB National Leasing (' CWB ') in the amount of $80,000.00 on account of its specific charge on equipment. · pct of: unstated · outcome: distribution · currency: CAD · class key: pmsi_lessor · stated by: receiver · amount low: 80000 · amount high: 80000 · class label: CWB National Leasing (specific charge on equipment) · creditor name: CWB National Leasing · interim final: final · currency quote: All amounts referred to in the First Report are in Canadian dollars unless otherwise noted. · claims qualifier: unstated; basis: unstated · quote: seek the Court's approval in respect of a final distribution to Blue Chip Leasing (' Blue Chip ') in the amount of $10,706.07 on account of its specific charge on equipment. · pct of: unstated · outcome: distribution · currency: CAD · class key: pmsi_lessor · stated by: receiver · amount low: 10706.07 · amount high: 10706.07 · class label: Blue Chip Leasing (specific charge on equipment) · creditor name: Blue Chip Leasing · interim final: final · currency quote: All amounts referred to in the First Report are in Canadian dollars unless otherwise noted. · claims qualifier: unstated · stated on: 2019-11-15 · table missing:
- report date15 November 2019
- report noFirst Report