Ontario · Interim receivership
Motion Record, returnable
Application / notice of application · 17 September 2014
What we verified from this filing7 verified
- applicantBANK OF AMERICA, NATIONAL ASSOCIATION (ACTING THROUGH ITS CANADA BRANCH) A SUCCESSOR AND ASSIGN OF BANK OF AMERICA CANADA AS OF JANUARY 1, 2002, AS AGENT FOR A SYNDICATE OF LENDERS
- courtONTARIO SUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file no02-CL-4370
- statutory basissection 47(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, S.B-3
- secured creditorsnote: Banks suffered a significant shortfall of approximately $53 million on their secured debt after distributions of $58.211 million against $58.655 million net receipts realized as of May 16, 2005; described as main secured lender · page: 14 · as of: May 26, 2005 (discharge of Interim Receiver) · debtor: Maksteel Inc., Maksteel Service Center, Inc. and Makauto, Inc. · creditor: Bank of America, National Association, as Agent for a syndicate of lenders (the Banks) · currency: CAD · security: Main secured lender; security over assets, property and undertaking of Maksteel realized in receivership
- secured creditorsnote: Amount includes interest of $56,917.40; settled and paid from a $5,010,000.09 reserve held by Interim Receiver, with balance distributed to the Banks · page: 24 · as of: late 2002 (settlement) · amount: 2306917.4 · debtor: Maksteel Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Two equipment leases between Royal Bank and Maksteel; claim against sale proceeds
- recovery outcomeentries: basis: actual · quote: the proceeds of realization were insufficient to satisfy the indebtedness owed by the Companies to the Banks, which suffered a significant shortfall, and there were no funds available for distribution to the other creditors of the Companies; · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Banks (syndicate of lenders, secured lender) · creditor name: Bank of America, National Association, as agent for a syndicate of lenders · interim final: unstated · claims qualifier: unstated; basis: actual · quote: the proceeds of realization were insufficient to satisfy the indebtedness owed by the Companies to the Banks, which suffered a significant shortfall, and there were no funds available for distribution to the other creditors of the Companies; · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other creditors of the Companies · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Since the Banks will experience a significant shortfall and no dividend is payable to unsecured creditors, in an effort to increase efficiency, avoid duplication and reduce costs to the Estate, the Interim Receiver seeks its discharge without the necessity for compliance with the provisions of Rules 7982 of the BIA. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2014-09-11 · table missing: