Ontario · Receivership (court-appointed)
Trustee's Preliminary Report dated March 17, 2025.pdf
Court officer report · 17 March 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- closing confirmedscope: the 55 Town Property · outcome: completed · effective: 2024-11-08 · purchaser: 1606555 Ontario Ltd. · date basis: stated · approval order date: 2024-10-07
- financial positionnote: All asset classes stated as 'None': Class I - Cash: None; Class II - Accounts Receivable: None; Class III - Inventory: None; Class IV - Plant, Machinery and Equipment: None; Class V - Buildings and Real Estate: None; Class VI - Other Assets: None; Class VII - Books and Records: None. Liabilities not totaled but claim components stated 'as at the date of this report': Secured Creditors $15,500,000 (per records and per filed); Preferred Creditors $0.00; Unsecured Creditors $16,307,553 (per records and per filed). · basis: Trustee's Preliminary Administration Report; asset classes stated as having no assets, and claim amounts as recorded/filed by creditors · scope: entity - 55 Town Centre Holdings Ltd. (bankrupt estate) · currency: CAD · total assets: 0
- purchaser1606555 Ontario Ltd.
- recovery outcomeentries: basis: estimated · quote: The Bankruptcy Trustee does not anticipate that there will be any distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Receiver notes that the Bank will suffer a significant shortfall against its secured loan position. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: the Bank · creditor name: Bank of Nova Scotia · interim final: unstated · claims qualifier: unstated · stated on: 2025-03-17 · table missing:
- sale advisorColliers Macauley Nicolls Inc., Brokerage
- sale outcometext: The Transaction closed and the Receiver filed the Receiver's Certificate confirming same; the Bank will suffer a significant shortfall against its secured loan position. · scope: whole_business · status: closed