Ontario · Receivership (court-appointed)
Motion Record Receiver Fuller Landau July 26, 2021
Application / notice of application · 26 July 2021
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- applicantBUSINESS DEVELOPMENT BANK OF CANADA and BDC CAPITAL INC.
- appointeeThe Fuller Landau Group Inc.
- appointee roleCourt-appointed receiver
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-21-00658336-00CL
- statutory basisSUBSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c.B-3, AS AMENDED, AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, c.C.43, AS AMENDED
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 444.7 · quote: The average hourly rate of Aird & Berlis LLP is $444.70. · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: The average hourly rate of Aird & Berlis LLP is $444.70. · context quote: The average hourly rate of Aird & Berlis LLP is $444.70.
- recovery outcomeentries: basis: estimated · quote: The Receiver estimates that the net proceeds from the sale of the Real Property will be sufficient to satisfy Mamatas' obligations to BDC in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: BDC · claims amount: 4949902 · creditor name: Business Development Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: First to CRA in the amount of $22,412; · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 22412 · amount high: 22412 · class label: CRA · claims amount: 22412 · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: BDCC is expected to suffer a substantial shortfall in the anticipated distribution of net proceeds from the sale of the Real Property. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BDCC · claims amount: 6000000 · creditor name: BDCC · interim final: unstated · claims qualifier: estimated; basis: unstated · quote: Deloitte has confirmed that there will be no funds available for distribution to BDCC in the TSI receivership. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: BDCC (TSI receivership) · creditor name: BDCC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: At this time, with respect to the receivership of Toolplas Systems Inc. and Tool Processing Solutions Inc., the Receiver expects that the prior ranking secured creditor, being The Toronto-Dominion Bank, will suffer a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: The Toronto-Dominion Bank (TSI receivership) · creditor name: The Toronto-Dominion Bank · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As a result, the Receiver does not expect any proceeds to be distributed to any other secured or unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: any other secured or unsecured creditors (TSI receivership) · interim final: unstated · claims qualifier: unstated · stated on: 2021-07-23 · table missing: