Ontario · NOI
First Report of the Proposal Trustee dated July 26, 2024
Court officer report · 26 July 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
- appointeeKSV Restructuring Inc.
- appointee roleproposal trustee
- commencement date8 July 2024
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noBK-24-03101800-0031
- provinceONTARIO
- statutory basisSection 50.4(1) of the Bankruptcy and Insolvency Act
- cash on handnote: Described only as negligible, not a specific figure · as at: 2024-07-08 · currency: CAD · qualifier: negligible
- financial positionnote: Secured debt: Laurentian owed approximately $6.1 million as at March 1, 2024 secured by charge over Real Property; unsecured creditors owed approximately $170,000 as at the Filing Date, mainly amounts owing to utility providers and realtors; unpaid property taxes of $120,000 as at the Filing Date. Company's principal asset is the Real Property, listed for $12,275,000; as of the Filing Date, the Company has negligible cash on hand. · as at: 2024-07-08 · basis: Company's books and records, unaudited · scope: entity - 125 Ferris Inc. · currency: CAD
- operational summaryThe Company's Real Property is largely vacant except for a non-paying office tenant slated for eviction, and the Company is pursuing urgent DIP financing to fund critical carrying costs while conducting a court-supervised sale process of the Real Property through JLL.
- report date26 July 2024
- report noFirst Report