Ontario · Receivership (court-appointed)
Sixth Report of the Receiver
Court officer report · 8 April 2025
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
- operational summaryCMF's operations ceased shortly after the receivership began. The Receiver is realizing on the fleet assets through an auction, recovering accounts receivable, and preparing a marketing and sale process for the 400 Brunel Property, with I.S. Trucking's lease being terminated.
- process resultsbids: 3 · note: Auctioneer selection process; in January 2025 the Receiver received three proposals from various liquidators after soliciting four qualified liquidators · as of: 2025-01-01 · solicited: 4
- professional feesnote: Comprises $107,730.00 fees, $582.60 out-of-pocket expenses and $14,080.64 HST, for 158.0 professional hours. Interim Receiver's counsel (Davies) separately billed $49,296.25 ($43,625.00 fees plus $5,671.25 HST, 51.5 hours) for the same period. · party: Interim Receiver (Ernst & Young Inc.) · amount: 122393.24 · period: October 9, 2024 to November 14, 2024 (IR Period) · currency: CAD
- purchaserMcDougall Auctioneers Ltd.; price: sealed: false · scope: the 400 Brunel Property · status: proposed · name note: purchaser of the 400 Brunel Property not yet identified; Sale Process proposed · structure: real_property · name source: operative · relationship: unstated
- recovery outcomeentries: basis: estimated · quote: It is very likely that Canadian Western Bank (' CWB '), the Debtors' secured creditor, will incur a significant shortfall in recovery on its loans to the Debtors, which loans were obtained as a result of the Debtors providing materially false information to CWB in the first place. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Canadian Western Bank (secured creditor) · creditor name: Canadian Western Bank · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: With regard to the Debtors' unsecured creditors, the Receiver expects that there is a serious probability that they will recover nothing on the amounts owed to them at the conclusion of this proceeding. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date8 April 2025
- report noSixth Report of the Receiver
- sale advisorMcDougall Auctioneers Ltd.; Avison Young Commercial Real Estate Services, LP
- sale outcometext: Auction proposed for fleet assets and marketing/sale process proposed for 400 Brunel Property · scope: parcel · status: pending_approval