Ontario · Receivership (court-appointed)
Third Report of the Receiver - 20-JUNE-2024
Court officer report · 20 June 2024
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What we verified from this filing10 verified
- closing confirmedscope: the Sale Transaction · outcome: completed · effective: 2022-10-26 · purchaser: Infinity Asset Solutions Inc. · date basis: stated · approval order date: 2022-10-12; scope: the Paccar Vehicles · outcome: completed · effective: 2024-04-03 · date basis: stated
- financial positionnote: Table also shows Recovery as at May 31, 2024 by category: Cash in bank 21,978; Accounts Receivable 1,650,555; Inventory 1,591,393; Net Fixed Assets 724,857; Intellectual Property/Intangibles 50,000; Miscellaneous/Other 201,392; total Recovery 4,240,176. No total liabilities figure is stated in the report; RBC's secured indebtedness of $4,262,252 (as of Sept 27, 2023) and other secured creditor amounts are referenced but not aggregated into a liabilities total. · as at: 2022-08-04 · basis: Company's internal (unaudited) financial statements, net book value at date of Receiver's appointment · scope: Cutler Forest Products Inc. (entity level, pre-receivership asset summary) · currency: CAD · total assets: 12575000
- operational summaryCutler ceased operations upon the receivership, with all approximately 138 employees terminated; the Receiver completed the sale of substantially all assets, collected outstanding accounts receivable and Paccar vehicle sale proceeds, and is now finalizing administrative wind-up matters (HST filings and distributions) before seeking its discharge.
- professional feesnote: Comprises fees of $148,390.10, disbursements of $115.44, and HST of $19,305.74; the Receiver's legal counsel Harrison Pensa LLP separately seeks approval of its own fees and disbursements of $118,820.03 (fees $101,016.00, disbursements $4,176.45, HST $13,627.58) for October 20, 2022 to May 31, 2024. · party: Receiver (The Fuller Landau Group Inc.) · amount: 167811.28 · period: October 1, 2022 to May 31, 2024 · currency: CAD
- purchaserInfinity Asset Solutions Inc.; price: note: net proceeds paid to Receiver after deduction of Infinity's commission and expenses · basis: cash · amount: 128350 · sealed: false · currency: CAD · scope: the Paccar Vehicles · status: closed · name note: end purchasers at Infinity's online public auction of the Paccar Vehicles · structure: auction · name source: operative · relationship: unstated
- recovery outcomeentries: basis: estimated · quote: The Receiver therefore requests this Court's approval to distribute to Service Canada $127,176.58 and to RBC (i) $2,342,399.21 of the Available Funds; (ii) any Potential Future Collections that may be collected, up to the total amount of RBC's outstanding indebtedness at the time of such · pct of: unstated · outcome: distribution · class key: weppa · stated by: receiver · amount low: 127176.58 · amount high: 127176.58 · class label: Service Canada (WEPPA priority claims of employee wages and vacation pay) · creditor name: Service Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As RBC's secured claim greatly exceeds the Available Funds and the Potential Future Collections, there are insufficient funds in the estate to repay RBC in full and there will be no funds available for any other creditors of Cutler, including other secured creditors, including any anticipated Potential Future Collections. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: other creditors of Cutler, including other secured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-06-20 · table missing:
- report date20 June 2024
- report noThird Report
- sale advisorInfinity Asset Solutions Inc.
- sale outcometext: Sale Transaction with Infinity closed and Paccar Vehicles sold at auction · scope: whole_business · status: closed