Ontario · Receivership (court-appointed)
Motion Record (Discharge) returnable July 4, 2022.pdf
Application / notice of application · 21 June 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 filing1 verified
- recovery outcomeentries: basis: actual · quote: (h) made a first distribution to NBC in the amount of $5,500,000 on May 13, 2020, and made further distributions to NBC in 2020 and 2021 totaling $633,350; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 5500000 · cumulative: false · amount high: 5500000 · class label: NBC · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: actual · quote: (h) made a first distribution to NBC in the amount of $5,500,000 on May 13, 2020, and made further distributions to NBC in 2020 and 2021 totaling $633,350; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 633350 · cumulative: true · amount high: 633350 · class label: NBC · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Receiver's counsel has advised that any remaining pre-receivership withholding tax liabilities would not enjoy a priority as against NBC, the first secured creditor who will suffer a shortfall in these proceedings. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: NBC, the first secured creditor · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Consequently, the Receiver is seeking an order authorizing it to make a first distribution to NBC of $6,200,000, and to any make future distributions to NBC as it sees appropriate taking into account any remaining Post-Closing Obligations. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 6200000 · cumulative: false · amount high: 6200000 · class label: NBC · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2022-06-17 · table missing: