Ontario · Receivership (court-appointed)
Appendix B - First Report to Court
Court officer report · 26 February 2016
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What we verified from this filing12 verified
- applicantROYAL BANK OF CANADA
- courtONTARIO SUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file noCV-15-11218-00CL
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- appointeeBDO Canada Limited
- appointee rolereceiver
- commencement date18 December 2015
- unsecured creditorsnote: Amount represents landlord's claimed arrears, disputed/negotiated resolution; not an adjudicated proof of claim. · page: 11 · as of: First Report date (February 26, 2016) · basis: Landlord's claimed lease arrears, to be satisfied via payments from BPI ($30,000) and RBC ($30,000) from closing proceeds as condition of new lease with Purchaser · amount: 60000 · debtor: 2180672 Ontario Inc. · creditor: Uxbridge Heights Plaza Ltd. (Landlord) · currency: CAD
- secured creditorsnote: Loan outstanding based on Lai Affidavit; RBC counsel (Aird) opinion confirms security valid and enforceable (Security Review); RBC also advanced $35,000 under Receiver's Certificate post-appointment, separate from this balance. · page: 12 · as of: 2015-12-09 · amount: 760621.34 · debtor: 2180672 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated September 10, 2008 covering all property, assets and undertaking of the Debtor; PPSA registrations (only registrant as of December 29, 2015)
- unsecured creditorsnote: Approximate figure ('approximately $98,000'); trust examination pending; RBC advised it will seek bankruptcy application which would render HST claim unsecured, so treated here as unsecured/contingent; CRA has not conducted trust examination as of report date; no known source deduction/payroll arrears reported. · page: 12 · as of: First Report date (February 26, 2016) · basis: CRA advised Receiver of approximate outstanding HST account balance, subject to trust examination not yet completed · amount: 98000 · debtor: 2180672 Ontario Inc. · creditor: Canada Revenue Agency (HST account) · currency: CAD
- purchaser253138 Ontario Inc.
- sale outcometext: The Receiver negotiated and entered into a Sale Agreement with 253138 Ontario Inc. following the sale process, and is seeking court approval and a vesting order. · scope: whole_business · status: pending_approval