Manitoba · Receivership (court-appointed)
The purpose of this second report of the Receiver (the "Second Report") is to advise this Honourable Court with respect to: a) the activities of the Receiver since the date of the First Report, b) the realization of certain M&L assets, c) the Receiver's interim statement of receipts and disbursements, d) the Receiver's proposed distribution to creditors and trust claimants, and e) the Receiver's conclusions and recommendations
Court officer report · 18 January 2018
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: Aggregate cash on hand; certain proceeds likely subject to BLA trust provisions. Of this, $140,543.16 is held as General Funds per Appendix D. · as at: 2018-01-17 · amount: 1990000 · currency: CAD · qualifier: approximately
- closing confirmedscope: 83 Higgins · outcome: completed · effective: 2015-03-25 · date basis: stated; scope: the Lockport Yard · outcome: completed · effective: 2015-04-01 · date basis: stated
- disbursementsnote: Cumulative total disbursements to January 17, 2018 per Appendix C, before secured creditor distributions; the Reporting Period alone was $522,002.89. · since: August 27, 2014 (commencement of receivership) · amount: 561867.82 · currency: CAD
- operational summaryM&L no longer operates; the Receiver has sold the real property, collected or settled most receivables, is administering a trust claims process, and continues only to pursue the MHRC litigation, with no recovery expected for unsecured creditors.
- professional feesnote: Receiver's fees/disbursements not related to the trust claims process, per Appendix C (excludes $69,773.74 for claims process, which is separately allocated to project realizations). Taxes not stated as excluded. · party: Ernst & Young Inc. (Receiver) · amount: 164087.87 · period: March 11, 2015 to January 17, 2018 · currency: CAD
- purchaserprice: sealed: false · scope: the real property and n n r nn n he satisfaction of the Receiver · status: closed · name note: purchaser of 83 Higgins real property, unnamed · structure: real_property · name source: recital · relationship: unstated; price: sealed: false · scope: the real property of the Lockport Yard · status: closed · name note: purchaser of the Lockport Yard, unnamed · structure: real_property · name source: recital · relationship: unstated
- receipts cumulativenote: Cumulative total receipts to January 17, 2018 per Appendix C; the Reporting Period (March 11, 2015 to January 17, 2018) alone was $1,931,510.63. · since: August 27, 2014 (commencement of receivership) · amount: 3186699.67 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Receiver is of the view that it will be unlikely that after distributions to M&L's secured creditors, lien claimants and trust claimants, it is highly unlikely that there will be any funds to distribute to any of M&L's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: It further appears unlikely that there will be a shortfall experienced by the secured creditors and trust claimants. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: secured creditors and trust claimants · interim final: unstated · claims qualifier: unstated; basis: actual · quote: During the Reporting Period and in accordance with the previous orders of this Honourable Court, the Receiver issued interim distributions of $600,000 to RBC and $35,000 to Roynat. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 600000 · cumulative: false · amount high: 600000 · class label: RBC · creditor name: RBC · interim final: interim · claims qualifier: unstated; basis: actual · quote: During the Reporting Period and in accordance with the previous orders of this Honourable Court, the Receiver issued interim distributions of $600,000 to RBC and $35,000 to Roynat. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 35000 · cumulative: false · amount high: 35000 · class label: Roynat · creditor name: Roynat · interim final: interim · claims qualifier: unstated; basis: unstated · quote: approving a further interim distribution to RBC of $100,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 100000 · cumulative: false · amount high: 100000 · class label: RBC · creditor name: RBC · interim final: interim · claims qualifier: unstated · stated on: 2018-01-17 · table missing:
- report date17 January 2018
- report noSecond Report of the Receiver
- sale outcometext: Sale of the real property at 83 Higgins and the Lockport Yard closed · scope: parcel · status: closed