Ontario · Receivership (court-appointed)
Third Report of the Receiver (July 7, 2022)
Court officer report · 7 July 2022
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 filing11 verified
- cash on handnote: Stated as of the date of the report (July 7, 2022). After proposed distributions of ~$2,551,100 to Feature and MarshallZehr and ~$102,500 to the Purchaser, the Receiver expects ~$54,500 to remain to complete the administration. · amount: 2708100 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Property · outcome: completed · effective: 2022-05-30 · purchaser: 1000162801 Ontario Corp. · date basis: stated · effective time: 10:46 a.m. · approval order date: 2022-05-03
- disbursementsnote: Comprised primarily of interim commission to M&M, professional fees of $331,030, HST of $102,250, property taxes of $23,357, property maintenance and insurance of $27,594, and interest, bank fees and other costs of $7,571. · since: December 17, 2021 (to July 5, 2022) · amount: 932176 · currency: CAD
- operational summaryThe Receiver closed the sale of the Property on May 30, 2022 and is seeking approval to make final distributions, refund the Purchaser, and obtain its discharge, with only administrative wind-up tasks (final HST refunds, stakeholder inquiries, final report) remaining.
- professional feesnote: Includes disbursements of $1,505.83 and HST of $27,325.78 (fees of $208,692.50 for 326.3 hours). Receiver's counsel Chaitons LLP: $137,091.63 (fees $116,947.00, disbursements $4,563.97, HST $15,580.66; 241 hours) for December 17, 2021 to June 20, 2022. Statement of receipts and disbursements reports professional fees paid of $331,030 for the period. Estimated further costs to conclude, including both firms, not to exceed $30,000 plus HST. · party: Alvarez & Marsal Canada Inc. (Receiver) · amount: 237524.11 · period: December 17, 2021 to June 30, 2022 · currency: CAD
- purchaser1000162801 Ontario Corp.
- recovery outcomeentries: basis: estimated · quote: following repayment of amounts in respect of the Remaining Charges, the Estimated Net Purchase Price Adjustment and the Remaining Amounts, there will be no funds available in the estate to pursue remedies against third parties or to fund a bankruptcy proceeding. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: Company's remaining economic stakeholders / creditors · interim final: unstated · conditional on: following repayment of amounts in respect of the Remaining Charges, the Estimated Net Purchase Price Adjustment and the Remaining Amounts · claims qualifier: unstated · stated on: 2022-07-07 · table missing:
- report date7 July 2022
- report noThird Report
- sale advisorMarcus & Millichap Real Estate Investments Services Canada Inc.
- sale outcometext: The Transaction for the sale of the Property closed on May 30, 2022; the Receiver reports on completion of the Transaction and distributions following closing. · scope: whole_business · status: closed