Ontario · Receivership (court-appointed)
Report 23
Court officer report · 8 September 2020
What we verified from this filing9 verified
- cash on handnote: Balance remaining after all disbursements from receiver's funds since November 4, 2004. · as at: 2020-07-31 · amount: 15165.19 · currency: CAD
- disbursementsnote: Comprises interim dividend, legal fees of $828,080.64, receiver's own professional fees of $341,740.80, and miscellaneous costs of $116,825.78. · since: November 4, 2004 · amount: 1286647.22 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: fees: quote: The Receiver has incurred time charges of $341,740.80 for the period from November 4, 2004 to July 31, 2020 · amount: 341740.8 · approximate: false · period: end: 2020-07-31 · kind: cumulative · quote: for the period from November 4, 2004 to July 31, 2020 · start: 2004-11-04 · approval: quote: approving the activities of the Receiver for the period October 31, 2004 through to the date of the Twenty-Third Report · state: sought · averages: · currency: · invoices: · firm text: BDO Canada Limited · firm quote: TWENTY-THIRD REPORT OF BDO CANADA LIMITED (formerly BDO Dunwoody Limited), IN ITS CAPACITY AS RECEIVER AND MANAGER OF BUCKINGHAM SECURITIES CORPORATION · context quote: acts as Court-appointed Receiver and Manager (the ' Receiver ') of the property, undertaking and assets of Buckingham Securities Corporation; form: prose · rows: · money: fees: quote: Blakes, in the amount of $708,412.51, plus HST · amount: 708412.51 · approximate: false · period: end: 2020-07-31 · kind: cumulative · quote: for the period from October 1, 2004 to July 31, 2020 · start: 2004-10-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: Blakes · firm quote: Blakes, in the amount of $708,412.51, plus HST, for the period from October 1, 2004 to July 31, 2020; · context quote: Blakes, in the amount of $708,412.51, plus HST, for the period from October 1, 2004 to July 31, 2020;; form: prose · rows: · money: fees: quote: McCarthy Tetrault, in the amount of $16,182.78, plus HST · amount: 16182.78 · approximate: false · period: end: 2011-01-31 · kind: cumulative · quote: for the period from July 2007 to January 2011 · start: 2007-07-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: McCarthy Tetrault · firm quote: McCarthy Tetrault, in the amount of $16,182.78, plus HST, for the period from July 2007 to January 2011; and · context quote: McCarthy Tetrault, in the amount of $16,182.78, plus HST, for the period from July 2007 to January 2011; and; form: prose · rows: · money: fees: quote: Lax O'Sullivan, in the amount of $103,485.35, plus HST · amount: 103485.35 · approximate: false · period: end: 2013-01-31 · kind: cumulative · quote: for the period from August 2006 to January 2013 · start: 2006-08-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: Lax O'Sullivan · firm quote: Lax O'Sullivan, in the amount of $103,485.35, plus HST, for the period from August 2006 to January 2013. · context quote: Lax O'Sullivan, in the amount of $103,485.35, plus HST, for the period from August 2006 to January 2013.
- operational summaryThe receivership has been dormant for years pending litigation outcomes; with the Class Action against the auditor dismissed and no funds available to pursue further litigation, the Receiver sees no further recoveries available and seeks discharge after completing administrative wind-up tasks.
- professional feesnote: Plus applicable GST/HST; also incurred fees to counsel: Blakes $708,412.51 plus HST, McCarthy Tetrault $16,182.78 plus HST, Lax O'Sullivan $103,485.35 plus HST. · party: BDO Canada Limited (Receiver) · amount: 341740.8 · period: November 4, 2004 to July 31, 2020 · currency: CAD
- receipts cumulativenote: Includes $3,101,428.11 on hand at start of period plus $403,937.16 realized thereafter. · since: November 4, 2004 · amount: 3505365.27 · currency: CAD
- recovery outcomeentries: basis: actual · quote: The Receiver and its advisors used their best efforts to value the portfolio, and on February 23, 2005, paid a dividend of $2,203,425.93 to 550 clients of Buckingham. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: receiver · amount low: 2203425.93 · amount high: 2203425.93 · class label: clients of Buckingham · interim final: unstated · claims qualifier: unstated; basis: actual · quote: From these funds, in February 2005 an interim dividend of $2,203,552.86 was paid to the customers of Buckingham, net of a number of payments which could not be made because addresses could not be found for certain customers, and a number of cheques to customers, which were returned in the mail as undeliverable, or otherwise were not cashed by the payees. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: receiver · amount low: 2203552.86 · cumulative: false · amount high: 2203552.86 · class label: customers of Buckingham · interim final: interim · claims qualifier: unstated; basis: actual · quote: The Receiver provided an ' Amended Financial Summary ' as Appendix VI to its TwentySecond Report, which details the remaining account balances of over 800 customers of Buckingham, and indicates a remaining indebtedness to the customers, as at July 6, 2001, and net of dividends paid, of $8,352,893.35. · pct of: unstated · outcome: shortfall · class key: unsecured · stated by: receiver · class label: customers of Buckingham · interim final: unstated · claims qualifier: unstated · shortfall amount: 8352893.35 · stated on: 2020-09-08 · table missing:
- report date8 September 2020
- report noTwenty-Third Report