Ontario · Receivership (court-appointed)
First Report of the Receiver (for motion returnable November 23, 2022) (1 of 2)
Court officer report · 14 November 2022
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 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: estimated · quote: The sale proceeds generated from the Transaction will likely result in a full payout of the secured claims of BDC, since its security ranks in priority to TD Bank over the Real Property. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: BDC · creditor name: BDC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: It is not possible at this time to determine if TD Bank is likely to be paid in full, largely due to the · pct of: unstated · outcome: undetermined · class key: secured · stated by: receiver · class label: TD Bank · creditor name: TD Bank · interim final: unstated · conditional on: uncertainty as to the final operating costs and other matters to be determined following closing of the Transaction · 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