Ontario · Receivership (court-appointed)
Receiver’s Third Report to Court (for motion returnable June 16, 2025)
Court officer report · 16 June 2025
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What we verified from this filing10 verified · 1 withheld
- cash on handnote: Aggregate cash proceeds from the two sales transactions held by the Receiver in its estate trust accounts for both Companies. · as at: 2025-06-02 · amount: 800274 · currency: CAD
- closing confirmedscope: the Cherrycrest Property · outcome: completed · purchaser: 1000567934 Ontario Inc. · date basis: unstated · approval order date: 2023-07-19; scope: the Airport Road Property · outcome: completed · purchaser: 2484460 Ontario Inc. · date basis: unstated · approval order date: 2023-07-19
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $84,040.00 plus applicable taxes · amount: 84040 · approximate: false · period: kind: unstated · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel · state: sought · averages: rate: 543.95 · quote: an average hourly rate of approximately $543.95 · scope: Receiver's fees · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: Albert Gelman Inc. (' AGI ') · hours total: quote: The Receiver's fees encompass 154.5 hours · value: 154.5 · context quote: in its capacity as receiver (in such capacity, the ' Receiver '); form: prose · rows: · money: fees: quote: for total fees of $11,715 · amount: 11715 · total: quote: accounts totalling $13,232.96 inclusive of disbursements and applicable taxes · amount: 13232.96 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel · state: sought · averages: rate: 874 · quote: an average hourly rate of approximately $874 · scope: Paliare Roland's fees · currency: · invoices: · firm text: Paliare Roland Rosenberg Rothstein LLP · firm quote: Paliare Roland Rosenberg Rothstein LLP (' Paliare Roland ') · hours total: quote: Paliare Roland 's fees encompass 13.4 hours · value: 13.4 · context quote: the Receiver and its legal counsel, Paliare Roland Rosenberg Rothstein LLP (' Paliare Roland '); form: prose · rows: · money: fees: quote: for a total of $333,385 and applicable taxes · amount: 333385 · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 458 · quote: an average hourly rate of approximately $458 · scope: Receiver's fees · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: Albert Gelman Inc. (' AGI ') · hours total: quote: The Receiver's fees encompass 727.9 hours · value: 727.9 · context quote: in its capacity as receiver (in such capacity, the ' Receiver '); form: prose · rows: · money: fees: quote: for total fees of $33,889.50 · amount: 33889.5 · total: quote: accounts totalling $40,080.71 inclusive of disbursements and applicable taxes · amount: 40080.71 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 743 · quote: an average hourly rate of approximately $743 · scope: Paliare Roland's fees · currency: · invoices: · firm text: Paliare Roland Rosenberg Rothstein LLP · firm quote: Paliare Roland Rosenberg Rothstein LLP (' Paliare Roland ') · hours total: quote: Paliare Roland 's fees encompass 45.6 hours · value: 45.6 · context quote: the Receiver and its legal counsel, Paliare Roland Rosenberg Rothstein LLP (' Paliare Roland '); form: prose · rows: · money: fees: quote: for a total of $22,759.00 prior to disbursements · amount: 22759 · approximate: false · disbursements: quote: disbursements of $577.10 · amount: 577.1 · period: kind: unstated · approval: state: unstated · averages: rate: 617 · quote: an average hourly rate of approximately $617 · scope: Wildeboer Dellelce fees · currency: · invoices: · firm text: Wildeboer Dellelce · firm quote: Wildeboer Dellelce · hours total: quote: Wildeboer Dellelce fees encompass 36.9 hours · value: 36.9 · context unverified: true
- financial positionnote: Only remaining assets are cash proceeds held in Receiver's estate trust accounts, aggregate $800,274 as of June 2, 2025 (no breakdown by company given). Unsecured liabilities consist of CRA claims filed in the bankruptcy proceedings of $496,497.54 (224Co.) and $984,558.10 (152Co.), with no as-at date stated for these amounts; secured Lenders have been repaid in full. · as at: 2025-06-02 · basis: unaudited financial information and records of the Companies · scope: entity-level for both 224Co. and 152Co. (bankruptcy estates), not consolidated · currency: CAD
- operational summaryThe receivership's operational activities (property sales, distribution to secured lenders, and assignment of both Companies into bankruptcy) are complete; the Receiver is now finalizing tax matters and fee accruals in order to complete remaining administrative activities and be discharged.
- professional feesnote: Fees of $84,040.00 (154.5 hours at avg. $543.95/hr) plus applicable taxes, totaling $94,965.20 inclusive of taxes. Paliare Roland (Receiver's counsel), for October 8, 2023 to May 28, 2025, separately billed $11,715 in fees and $13,232.96 total inclusive of disbursements and taxes. · party: Receiver (Albert Gelman Inc.) · amount: 94965.2 · period: October 13, 2023 to May 20, 2025 · currency: CAD
- purchaser1000567934 Ontario Inc.; 2484460 Ontario Inc.
- recovery outcomeentries: basis: actual · quote: The Lenders secured indebtedness has now been repaid in full; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Lenders · creditor name: Lenders · interim final: unstated · claims qualifier: unstated · stated on: 2025-06-02 · table missing:
- report date2 June 2025
- sale outcometext: Both properties sold and transactions closed · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.