Manitoba · Receivership (court-appointed)
Second Report of the Receiver dated October 20, 2022
Court officer report · 20 October 2022
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What we verified from this filing7 verified
- proceeding typereceivership_court
- statutory basisSection 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and Section 55 of The Court of King's Bench Act, C.C.S.M. c. C280
- secured creditorsnote: Amount as advised by RBC to the Receiver; TDS legal opinion (Sept 22, 2022) confirms RBC security validly registered and perfected, ranking in priority to all creditors except the claim of the City of Thompson for property tax arrears · page: 14 · amount: 22906125 · debtor: 5409676 Manitoba Ltd. and Polar Bear Properties Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: RBC-540 Mortgage (first charge collateral mortgage, principal $23,500,000.00, registered Jan 13, 2017); Site Specific Security Agreements (RBC-540 SSSA and RBC-Polar SSSA) over personal property; Assignment of Rents; PPR Registration No. 201617683003 registered jointly against 540 and Polar
- secured creditorsnote: Comprises Pre-Claims of $1,488,066.66 and Post-Claims of $3,085,717.74 as per updated schedule provided Oct 11, 2022 (Appendix A); prior aggregate claim of $4,167,973 asserted in McInnis Affidavit sworn July 13, 2022 is the earlier prose approximation; deemed statutory lien class (property tax/water utility arrears) ranking ahead of RBC per TDS memo and legal opinion; excludes unsecured pre-receivership garbage/landfill claims of $24,383.60 · page: 14 · as of: Closing Date (September 22, 2022) · amount: 4573784 · debtor: 5409676 Manitoba Ltd. · creditor: City of Thompson · currency: CAD · security: Statutory lien under s.347 of The Municipal Act, C.C.S.M. c. M225, over real property forming part of Forest View Suites Property (excludes pre-receivership garbage collection/landfill claims of $24,383.60, which are unsecured); ranks in priority to RBC's mortgage security per TDS opinion and memo
- unsecured creditorsnote: Excluded from the City of Thompson's secured claim total of $4,573,784; distinct from post-receivership garbage/landfill costs treated as administration costs · page: 14 · as of: as of Receivership Order date (July 31, 2019), pre-receivership garbage collection and landfill costs · basis: TDS memo (Sept 22, 2022) concludes pre-receivership garbage collection and landfill costs are stayed under the Receivership Order and are unsecured (not covered by the s.347 Municipal Act lien) · amount: 24383.6 · debtor: 5409676 Manitoba Ltd. · creditor: City of Thompson · currency: CAD
- secured creditorsnote: TDS opinion states no funds will be available to address this claim given amounts owing to RBC and sale proceeds · page: 42 · as of: May 9, 2019 (registration date) · amount: 48239.69 · debtor: 5409676 Manitoba Ltd. · creditor: Frank DeGrave · currency: CAD · security: Builders Lien registered May 9, 2019 against title 2888093/3, subsequent in priority to RBC-540 Mortgage
- fee scheduleengagements: form: time_summary · rows: Joe Healey; Kevin Bernnan; Serena Daniels; Mark Shtay; Jessica Murray; Jacob Armstrong · money: tax: label: GST · quote: Tax: | 5% GST | | | | 1,941.00 · amount: 1941 · fees: quote: Fee | | 38,820.00 · amount: 38820 · total: quote: Total: | | 38,820.00 | | | 1,941.00 | 40,761.00 · amount: 40761 · includes tax: true · approximate: false · period: end: 2022-10-20 · kind: invoice · quote: Up to and including October 20, 2022 · approval: state: unstated · averages: · currency: code: CAD · quote: Fees ($CAD) · invoices: · firm text: Ernst & Young Inc. · firm quote: ERNST & YOUNG INC. · hours total: quote: Sub-total | Sub-total | Sub-total | 89.30 | 38,820.00 · value: 89.3 · context quote: appointing Ernst & Young Inc. as receiver (' EY ' or the ' Receiver ') of all of the assets, undertakings and properties of 5409676 Manitoba Ltd. and Polar Bear Properties Ltd.; form: invoice_listing · rows: · money: tax: label: GST/HST · quote: Total GST/HST | $ 591.39 · amount: 591.39 · fees: quote: Total Fees | $ 11,815.00 $ · amount: 11815 · total: quote: Total Due This Invoice | $ 13,246.19 · amount: 13246.19 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Disbursements | 12.75 · amount: 12.75 · period: kind: invoice · approval: state: unstated · averages: · currency: · invoices: tax: 591.39 · date: 2022-09-28 · fees: 11815 · quote: Invoice No. 680014 · total: 13246.19 · disbursements: 12.75 · firm text: Thompson Dorfman Sweatman LLP · firm quote: Thompson Dorfman Sweatman LLP Invoices · context unverified: true