Ontario · Receivership (court-appointed)
Fourth Report of the Receiver dated August 14, 2026
Court officer report · 14 August 2026
What we verified from this filing13 verified
- cash on handnote: Also stated precisely as $6,913,551 in the proposed distribution table as 'Total Cash Available'. · as at: 2026-07-31 · amount: 6900000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Giftcraft Transaction · outcome: completed · effective: 2025-09-02 · purchaser: Giftcraft 2025 Inc. · date basis: stated · approval order date: 2025-07-14; scope: the Ripskirt Transaction · outcome: completed · purchaser: Sierra Brands Group LLC · date basis: unstated · approval order date: 2026-01-22
- disbursementsnote: Primarily payroll and benefits, operating expenses, shipping costs, inventory purchases, professional fees, occupation rent, and the Interim Distribution to RBC. · since: Date of Appointment · amount: 29400000 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · label: the Period · approval: state: unstated · averages: rate: 515.47 · quote: The average hourly rate billed by the Receiver during the Period is $515.47. · scope: billed by the Receiver during the Period · currency: · invoices: · firm text: KPMG Inc. · firm quote: FOURTH REPORT OF KPMG INC., IN ITS CAPACITY AS RECEIVER OF 5009013 ONTARIO LTD. · context quote: FOURTH REPORT OF KPMG INC. IN ITS CAPACITY AS RECEIVER
- operational summaryThe Receiver reports that it has realized on substantially all of the Debtors' assets, having completed both the Giftcraft and Ripskirt sale transactions, and does not expect any further material realizations going forward.
- process resultslois: 1 · ndas: 15 · note: Receivership Sale Process for Ripskirt · solicited: 20
- professional feesnote: Excludes HST. Dentons (Canadian counsel) fees for the same period were $184,133.25 (excluding HST), and Chipman (US counsel) fees were US$32,857.57. · party: Receiver (KPMG Inc.) · amount: 433961.62 · period: January 1, 2026 to July 31, 2026 · currency: CAD
- purchaserGiftcraft 2025 Inc.; Sierra Brands Group LLC
- receipts cumulativenote: Includes ~$9.7 million from Giftcraft/Ripskirt AR collections and misc. receipts, ~$12.3 million from Ripskirt sales, and ~$9.7 million and $3.4 million from the Giftcraft and Ripskirt Transactions respectively. · since: Date of Appointment · amount: 35500000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: RBC will suffer a significant shortfall on its secured claim against the Debtors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC Secured Debt · creditor name: RBC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Subject to this Court's approval, the Receiver intends to make a second interim distribution to RBC in the amount of $4.0 million (the ' Second Interim Distribution '), as detailed below: · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 4000000 · cumulative: false · amount high: 4000000 · class label: RBC Secured Debt (Second Interim Distribution) · creditor name: RBC · interim final: interim · currency quote: ($CAD) · claims qualifier: unstated; basis: actual · quote: the Receiver made the Interim Distribution to RBC in the amount of $8.4 million on or about May 29, 2026. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 8400000 · cumulative: false · amount high: 8400000 · class label: RBC Secured Debt (Interim Distribution) · creditor name: RBC · interim final: interim · claims qualifier: unstated · stated on: 2026-08-14 · table missing:
- report date14 August 2026
- report noFourth Report
- sale outcometext: the status and outcome of the Ripskirt Transaction · scope: parcel · status: closed