Manitoba · Receivership (court-appointed)
Fourth Report of the Receiver – Dated January 22, 2025
Court officer report · 22 January 2025
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 filing12 verified
- cash on handnote: Report body (para 31) states $1,564,130 held in trust by the Receiver; the Appendix B statement itself shows 'Funds Held in Trust as at January 15, 2025' of 1,549,721 (and total disbursements of 3,214,885 vs 3,200,476 in the body), so the body and appendix figures differ. · as at: 2025-01-15 · amount: 1564130 · currency: CAD
- closing confirmedscope: specific assets of Genesus and Can-AM (Amended GGTI APA) · outcome: completed · effective: 2024-07-26 · purchaser: GGTI · date basis: stated · approval order date: 2024-07-26; scope: the Riverdale Property · outcome: completed · date basis: unstated · approval order date: 2024-10-08; scope: specific assets (original GGTI Transaction) · outcome: not_completed · purchaser: GGTI · date basis: unstated · approval order date: 2024-07-04
- disbursementsnote: Appendix B's CDN$ disbursement total is 3,214,885 (and US$238,847), which differs from the 3,200,476 stated in the body of the report. · since: June 11, 2024 (Date of Receivership) · amount: 3200476 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: total: quote: BDO's accounts total $368,364 in fees and disbursements, inclusive of OST · amount: 368364 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2024-12-31 · kind: invoice · quote: for the period June 11, 2024 to December 31, 2024 · start: 2024-06-11 · approval: state: unstated · averages: rate: 346 · quote: The average blended hourly rate charged by BDO in these proceedings for invoices issued to date is $346 per hour. · scope: invoices issued to date · currency: · invoices: · firm text: BDO Canada Limited · firm quote: FOURTH REPORT OF BDO CANADA LIMITED, IN ITS CAPACITY AS COURT APPOINTED RECEIVER OF GENESUS INC., CAN-AM GENETICS INC., AND GENESUS GENETICS INC. · context quote: a summary of the invoices of BDO, in its capacity as Receiver, for fees and disbursements incurred during the course of the proceedings for the period June 11, 2024 to December 31, 2024
- operational summaryThe Debtors' operations have been wound down and the Receiver is liquidating the remaining assets: collecting accounts receivable, marketing the Bradwardine, Bagot and Oakville properties, working on SR&ED tax filings with CRA, and soliciting interest in shares of foreign subsidiaries. The Debtors' names have been changed to numbered companies following the sale of the Genesus and Can-Am names to GGTI.
- professional feesnote: BDO's fees and disbursements total $368,364, stated as inclusive of GST (the report writes 'OST'); Appendix C shows WIP fees of 315,976.00, disbursements 34,847.45 and GST 17,541.17, total 368,364.62. Receiver's legal counsel (MLT Aikins) accounts total $308,089 in fees and disbursements inclusive of PST and GST for January 9, 2024 to December 31, 2024. The directors' counsel (Fillmore Riley LLP) may be funded up to a maximum of $8,000. · party: BDO Canada Limited (Receiver) · amount: 368364 · period: June 11, 2024 to December 31, 2024 · currency: CAD
- purchaserGGTI; GGTI; price: sealed: false · scope: the Riverdale Property · status: closed · name note: purchaser of the Riverdale Property · structure: real_property · name source: recital · relationship: unstated; Zeljko Bogdanoivc; Luyao Li and Kenan Yang
- receipts cumulativenote: Appendix B also shows US$238,847 in receipts; the CDN$ column total is 4,764,606. · since: June 11, 2024 (Date of Receivership) · amount: 4764606 · currency: CAD
- report date22 January 2025
- report noFourth Report
- sale advisorThe Moore Group; Halladay Appraisal Services Ltd.; Ritchie Bros.; McDougall Auctioneers Ltd.
- sale outcometext: Sale of the Park Blvd. Property proposed to Li & Yang, pending Court approval · scope: parcel · status: pending_approval