Ontario · NOI
First Report to Court - with appendices - dated April 29 2020
Court officer report · 29 April 2020
Also filed as: First Report to Court dated April 29 2020
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 filing16 verified
- appointeeMNP Ltd.
- appointee roleTrustee under the Notice of Intention to Make a Proposal
- commencement date2 April 2020
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST) (IN BANKRUPTCY AND INSOLVENCY)
- court file no31-2636073
- provinceONTARIO
- statutory basisSection 50.4 of the Bankruptcy and Insolvency Act
- cash on handnote: Ending cash per actual receipts and disbursements statement for the three-week period ended April 26, 2020; budgeted ending cash was $119,171. · as at: 2020-04-26 · amount: 113567 · currency: CAD
- disbursementsnote: Cumulative actual total disbursements for the three-week period ended April 26, 2020. · since: April 6, 2020 · amount: 61763 · currency: CAD
- operational summaryFerrex continues to operate as a going concern under NOI protection, fulfilling existing customer contracts while the Proposal Trustee runs a going-concern sale process for its business and assets.
- professional feesnote: This is the amount of the requested Administrative Professionals Charge, not a fee incurred figure. · party: Administrative Professionals (Company's counsel, Proposal Trustee, and Proposal Trustee's counsel) · amount: 100000 · currency: CAD
- receipts cumulativenote: Cumulative actual receipts from customers for the three-week period ended April 26, 2020, per the actual receipts and disbursements table. · since: April 6, 2020 · amount: 20035 · currency: CAD
- report date29 April 2020
- report noFirst Report
- sale advisorMNP Ltd.
- sale outcometext: Sale Process to solicit bids for the Company's assets, not yet approved as of this report · scope: whole_business · status: process_approved