Ontario · Receivership (court-appointed)
Sixth Report of Receiver (without appendices), dated May 22, 2013
Court officer report · 22 May 2013
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: estimated · quote: The proposed interim distribution contemplates the following: (i) that Fred Rankel be paid out $50,000 in potential satisfaction of his total loan; and (ii) that the Receiver reserve approximately $25,000 in order for all claims and costs to be determined to complete the administration of the global receivership, with a final distribution to be undertaken once all claims and costs are determined, including any general restructuring administrative expenses ("GARE"). · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 50000 · cumulative: false · amount high: 50000 · class label: Fred Rankel (Ontario Street Property mortgagee) · creditor name: Fred Rankel · interim final: interim · claims qualifier: unstated; basis: estimated · quote: The proposed interim distribution contemplates the following: (i) that the first secured mortgagee, Empire Life, receive a partial payment of $280,000 subject to a holdback reserve created by the Receiver for the Prepayment Obligations and estimated legal fees; (ii) that the CRA trust claim of $520,737.33 be reserved in full pending final determination of the Empire Life prescribed security interest and all claims and costs being determined; (iii) a reserve of $30,000 for accrued and unpaid expenses of the Hatch House Montessori School business through to May 21, 2013; and (iv) that the Receiver reserve $100,000 to provide time for all claims and costs · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 280000 · cumulative: false · amount high: 280000 · class label: Empire Life (first secured mortgagee, Hatch House Property) · creditor name: Empire Life · interim final: interim · conditional on: subject to a holdback reserve created by the Receiver for the Prepayment Obligations and estimated legal fees · claims qualifier: unstated · stated on: 2013-05-22 · table missing: