Ontario · Receivership (court-appointed)
First Report of the Receiver (for motion returnable November 23, 2022) (1 of 2)
Court officer report · 23 November 2022
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What we verified from this filing10 verified
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $146,017.50 and applicable taxes · amount: 146017.5 · approximate: false · period: kind: unstated · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel, Aird & Berlis LLP (' A&B '), as outlined herein and detailed in the supporting fee affidavits appended hereto · state: sought · averages: rate: 389.28 · quote: an average hourly rate of approximately $389.28 · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: This first report (' First Report ') is filed by Albert Gelman Inc. (' AGI '), in its capacity as receiver · hours total: quote: The Receiver's fees encompass 375.1 hours at an average hourly rate of approximately $389.28 for a total of $146,017.50 and applicable taxes. · value: 375.1 · context quote: in its capacity as receiver (in such capacity, the ' Receiver '); form: prose · rows: · money: fees: quote: for a total of $61,953.00 prior to disbursements of $693.25 and applicable taxes · amount: 61953 · approximate: false · disbursements: quote: prior to disbursements of $693.25 and applicable taxes · amount: 693.25 · period: kind: unstated · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel, Aird & Berlis LLP (' A&B '), as outlined herein and detailed in the supporting fee affidavits appended hereto · state: sought · averages: rate: 443.79 · quote: an average hourly rate of approximately $443.79 · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: its legal counsel, Aird & Berlis LLP (' A&B ') · hours total: quote: A&B's fees encompass 139.6 hours at an average hourly rate of approximately $443.79 for a total of $61,953.00 prior to disbursements of $693.25 and applicable taxes. · value: 139.6 · context quote: approving the fees and disbursements of the Receiver and its legal counsel, Aird & Berlis LLP (' A&B '), as outlined herein and detailed in the supporting fee affidavits appended hereto
- operational summaryThe Receiver took possession of CEPS's property and continued operating the business in the ordinary course while negotiating a going-concern sale to the Purchasers, rather than shutting down for a forced liquidation.
- process resultsbids: 7 · ndas: 7 · note: Marketing of CEPS on a standalone basis; seven prospects including the Purchasers signed non-disclosure agreements · solicited: 7
- professional feesnote: Receiver's fees: 375.1 hours at avg. $389.28/hr totaling $146,017.50 before tax; requesting approval of $164,999.79 inclusive of tax. Separately, A&B (Receiver's counsel) fees: 139.6 hours at avg. $443.79/hr for $61,953.00 plus disbursements of $693.25, total requested $70,758.35 inclusive of tax. · party: Receiver (Albert Gelman Inc.) · amount: 164999.79 · period: to November 9, 2022 · currency: CAD
- purchaser3305 Deziel Inc.; Arlen Tool Co. Ltd.
- recovery outcomeentries: basis: unstated · quote: It is not possible at this time to determine if TD Bank is likely to be paid in full, largely due to the uncertainty as to the final operating costs and other matters to be determined following closing of the Transaction. · pct of: unstated · outcome: undetermined · class key: secured · stated by: receiver · class label: TD Bank · creditor name: TD Bank · interim final: unstated · claims qualifier: unstated · stated on: 2022-11-14 · table missing:
- report date14 November 2022
- report noFirst Report
- sale advisorRiveron
- sale outcometext: Receiver seeking approval of the Transaction contemplated by the Purchase Agreement · scope: whole_business · status: pending_approval