Ontario · Receivership (court-appointed)
Receiver’s First Court Report dated June 30, 2022
Court officer report · 30 June 2022
What we verified from this filing8 verified
- cash on handnote: Net receipts remaining in the receivership estate account per the Statement of Receipts and Disbursements for the period May 13 to June 30, 2022. · as at: 2022-06-30 · amount: 480400 · currency: CAD
- disbursementsnote: Primarily for wages, employee source deductions and operational expenses. · since: May 13, 2022 (Receiver's appointment) · amount: 243147 · currency: CAD
- operational summaryThe Receiver operated CNS's business for a short period after its appointment, focusing on completing near-finished 'Priority WIP' orders funded by receivable collections, before ceasing operations on June 10, 2022; SP Steel has since operated the business under an Operating Agreement pending completion of the proposed asset sale.
- professional feesnote: Amount is inclusive of disbursements and before HST; Lerners LLP (Receiver's counsel) separately submitted two invoices totaling $4,497.68 and $29,702.61. · party: Receiver (MNP Ltd.) · amount: 85000 · period: May 13, 2022 to June 17, 2022 · currency: CAD
- receipts cumulativenote: Receipts from accounts receivable collections for the period May 13 to June 30, 2022. · since: May 13, 2022 (Receiver's appointment) · amount: 853797 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As discussed above, there will be a shortfall to RBC under its security if the Transaction is approved and completed. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC · creditor name: RBC · interim final: unstated · conditional on: if the Transaction is approved and completed · claims qualifier: unstated · stated on: 2022-06-30 · table missing:
- report date30 June 2022
- report noFirst Report