Ontario · Receivership (court-appointed)
Second Report of the Court-Appointed Receiver (without appendices), dated December 24, 2020
Court officer report · 24 December 2020
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 filing9 verified
- cash on handnote: Balance in the Receiver's trust account; excludes the Purchaser's deposit, which is not available to the Receiver until the Asset Transaction closes or the Purchaser fails to close. · as at: 2020-11-30 · amount: 704162.66 · currency: CAD
- operational summaryThe Respondents' business has ceased: the cannabis inventory was destroyed in May 2020 and none remains on site, and CRA terminated the CRA Cannabis License effective September 16, 2020. The Receiver is completing the sale of the remaining assets (237B Property, PureSinse equipment and PureSinse shares) to TS Pharmaceutical Ltd. and seeking approval of a claims process for 237A and 237B.
- process resultsnote: approximately 1,785 potential parties were contacted · solicited: 1785
- professional feesnote: Includes fees and disbursements of $129,040.05 plus HST of $16,493.57. Receiver's counsel Thornton Grout Finnigan LLP separately billed $102,165.74 for the same period (fees $89,912.50, disbursements $537.39, HST $11,715.85). · party: A. Farber & Partners Inc. (Receiver) · amount: 145533.62 · period: 2020-10-01 to 2020-11-30 · currency: CAD
- purchaserTS Pharmaceutical Ltd.; TS Pharmaceutical Ltd.
- report date24 December 2020
- report noSecond Report
- sale advisorAvison Young Capital Markets Group; Avison Young Commercial Real Estate (Ontario)
- sale outcometext: Receiver selected the bid presented by TS Pharmaceutical Ltd. for purchase of all remaining assets including the Cannabis License via the Shares, and seeks approval of the Asset Transaction and Share Transaction · scope: whole_business · status: pending_approval