Alberta · CCAA
Walton South Simcoe Residential Development Corporation
Court officer report · 1 June 2020
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 filing9 verified
- cash on handnote: Ending cash balance at Dec. 31, 2019 is redacted under a Court sealing order; opening cash balance at January 1, 2019 was $13,767. · as at: 2019-12-31 · currency: CAD · qualifier: redacted
- closing confirmedscope: the Primary Far Sight Lands and the 31.5 Acre Lands · outcome: completed · effective: 2019-11-29 · purchaser: Far Sight Investments Beeton Inc. · date basis: stated · approval order date: 2019-07-02; scope: the Block 142 Lands · outcome: not_completed · purchaser: Far Sight Investments Beeton Inc. · date basis: unstated · approval order date: 2019-07-02
- disbursementsnote: Total disbursements for the 12-month Reporting Period: management fees $10,500 and property taxes $3,008. Far Sight Transaction proceeds (receipts) are redacted under the sealing order. · since: January 1, 2019 (reporting period only, not cumulative since filing) · amount: 13508 · currency: CAD
- operational summaryThe Monitor manages South Simcoe under an enhanced-powers order; the Primary Far Sight Lands and 31.5 Acre Lands sales closed Nov 29, 2019, with the Block 142 Lands sale expected to close before July 31, 2020, after which remaining cash will be distributed to unsecured creditors with proven claims.
- professional feesnote: No CCAA professional fees were paid in the Reporting Period; fees were accrued at December 31, 2019 and will be settled in 2020 after closing of the Far Sight Transaction. Separately, $255,000 of CCAA fees is to be reimbursed to WIGI Restructured Bond Corporation under the fee reallocation; management fees of $10,500 were paid to WGIL. · party: Monitor, Monitor's legal counsel and South Simcoe's legal counsel (CCAA professional fees) · period: January 1, 2019 to December 31, 2019 · currency: CAD
- purchaserFar Sight Investments Beeton Inc.; Far Sight Investments Beeton Inc.
- report date31 May 2020
- report no2019 Annual Report
- sale outcometext: The sale of the Primary Far Sight Lands and 31.5 Acre Lands has closed; the Block 142 Lands sale remains to close. · scope: parcel · status: closed