Ontario · Receivership (court-appointed)
Second Report of the Receiver dated January 23, 2024.pdf
Court officer report · 23 January 2024
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 filing12 verified
- cash on handnote: Derived from the Receiver's Interim Statement of Receipts and Disbursements as at January 19, 2024 (Appendix 11): receivership borrowing $25,000.00 plus interest $102.10, less disbursements of $2,401.07, leaving total receipts less disbursements of $22,701.03. The report body does not itself state a cash-on-hand figure. · as at: 2024-01-19 · amount: 22701.03 · currency: CAD
- disbursementsnote: Per the Interim Statement of Receipts and Disbursements (Appendix 11): insurance $1,958.52, license and filing fees $400.30, HST paid $42.25. · since: appointment (November 6, 2023) to January 19, 2024 · amount: 2401.07 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2023-12-31 · kind: invoice · quote: For the period from November 15, 2023 to December 31, 2023 · start: 2023-11-15 · approval: state: unstated · averages: rate: 378.08 · quote: The average hourly rate is $378.08. · currency: · invoices: · firm text: Grant Thornton Limited · firm quote: SECOND REPORT TO THE COURT OF GRANT THORNTON LIMITED IN ITS CAPACITY AS RECEIVER OF GENETIC PROPERTIES INC. · context quote: IN ITS CAPACITY AS RECEIVER OF GENETIC PROPERTIES INC.; form: prose · rows: · money: approximate: false · period: end: 2024-01-16 · kind: invoice · quote: for the period of November 14, 2023 to January 16, 2024. · start: 2023-11-14 · approval: state: unstated · averages: rate: 433.06 · quote: The weighted average hourly rate charged by professionals at Harrison Pensa LLP is $433.06. · currency: · invoices: · firm text: Harrison Pensa LLP · firm quote: The weighted average hourly rate charged by professionals at Harrison Pensa LLP is $433.06. · context quote: The weighted average hourly rate charged by professionals at Harrison Pensa LLP is $433.06.
- operational summaryThe Receiver is not operating a business. The property is a vacant industrial building, secured by the Receiver (locks changed January 15, 2024) with insurance and site checks. The Receiver is not party to, and had no involvement in negotiating, the proposed KI Equity sale; it has raised concerns about that sale, and a proposed Receiver-run sales process remains pending.
- process resultsbids: 5 · ndas: 5 · note: Broker selection process, not a purchaser bid process · as of: 2023-12-08 · solicited: 5
- professional feesnote: Inclusive of HST of $4,053.39. Receiver's counsel Harrison Pensa LLP: $17,688.12 inclusive of HST of $2,024.57, as at January 16, 2024 (the appended fee affidavit states $17,668.12). Estimated total Fee Accrual to complete the proceedings, covering the Receiver and its counsel: $200,000.00. · party: Grant Thornton Limited (Receiver) · amount: 35233.34 · period: to December 31, 2023 · currency: CAD
- purchaserprice: sealed: false · scope: the shares of Genetic Properties · status: not_completed · name note: Share purchasers under the SPA (Fazari as vendor, Dr. Rita Kilislian and KI Equity Corp. as purchasers) - transaction did not close · structure: shares · name source: recital · relationship: unstated · agreement date: 2023-08-11; KI Equity Corp.
- receipts cumulativenote: Per the Interim Statement of Receipts and Disbursements (Appendix 11): receivership borrowing of $25,000.00 plus interest of $102.10. No sale proceeds received. · since: appointment (November 6, 2023) to January 19, 2024 · amount: 25102.1 · currency: CAD
- report date23 January 2024
- report noSecond Report
- sale advisorCushman & Wakefield
- sale outcometext: Sale process approved for listing/marketing of the Verbena Property; separate proposed transaction with KI Equity Corp. pending court approval · scope: parcel · status: pending_approval