Ontario · Receivership (court-appointed)
Receiver’s First Report dated May 11, 2018
Court officer report · 11 May 2018
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 filing10 verified
- cash on handnote: Net cash balance per the Receiver's Interim Statement of Receipts and Disbursements for Dec 6, 2017 to May 8, 2018. The Receiver also holds a separate $361,500.00 deposit from the Purchaser in a trust account. · as at: 2018-05-08 · amount: 46619.2 · currency: CAD
- disbursementssince: December 6, 2017 (Receiver's appointment), to May 8, 2018 · amount: 1782689.67 · currency: CAD
- operational summaryThe Receiver has focused on clearing Draft Plan conditions for the Guelph residential development and marketing the Real Property. It received two offers by the bid deadline, and entered into an agreement of purchase and sale with a company owned by the Debtor's principal, for which it now seeks court approval.
- process resultsbids: 2 · lois: 1 · note: Two parties provided offers by the Bid Deadline Date; one did not resubmit, the other (Offeror 2) submitted a revised LOI rather than an APS.
- professional feesnote: Comprises $91,976.00 fees, $206.09 disbursements and $11,983.68 HST (total includes tax). Receiver's counsel Chaitons LLP: $25,381.46 incl. HST ($2,884.92) to April 30, 2018. Independent counsel GSNH: $6,557.85 incl. HST ($754.44) to March 31, 2018. · party: RSM Canada Limited (Receiver) · amount: 104165.77 · period: December 6, 2017 to April 15, 2018 · currency: CAD
- purchaserAquicorp Inc., in trust
- receipts cumulativenote: Includes $1,596,972.90 advanced to the Receiver by MZG. · since: December 6, 2017 (Receiver's appointment), to May 8, 2018 · amount: 1829308.87 · currency: CAD
- report date11 May 2018
- report noFirst Report of the Receiver
- sale outcometext: Receiver seeking approval of APS with Purchaser, sale not yet closed · scope: parcel · status: pending_approval