Ontario · Receivership (court-appointed)
First report of the Receiver dated June 29, 2015
Court officer report · 29 June 2015
Also filed as: Motion record returnable July 21, 2015 (Part 2 of 3)
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 filing6 verified
- secured creditorsnote: Legal Opinion from Receiver's counsel affirms validity/enforceability of BMO's security over Debtors' property, subject to standard assumptions/qualifications · page: 3 · as of: 2015-05-07 · amount: 2392545.89 · debtor: Abingdon Meat Packers Limited · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated October 30, 2006 over all assets of AMPL; guaranteed by DeSimone Investments Limited to a maximum principal amount of $2,200,000
- secured creditorsnote: Legal Opinion from Receiver's counsel affirms validity/enforceability of BMO's security over Debtors' property including the Premises, subject to standard assumptions/qualifications · page: 4 · as of: 2015-05-07 · amount: 2130434.28 · debtor: DeSimone Investments Limited · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated October 30, 2006 over all assets of DIL; Charge/Mortgage of Land over the Premises in the principal sum of $4,300,000 (registered principal, not balance); guaranteed by AMPL to a maximum principal amount of $4,300,000
- secured creditorsnote: Deemed trust class claim filed May 19, 2015; Receiver notes claim will need to be amended by CRA and anticipates amended claim of approximately $9,000, as it does not factor in HST returns filed by the Private Receiver · page: 8 · as of: 2015-01-31 · amount: 2925 · debtor: DeSimone Investments Limited · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust for unremitted HST
- secured creditorsnote: Listed by Receiver under Secured Creditors section; Receiver has not made any payments to the Township in respect of property taxes · page: 11 · as of: 2015-04-23 · amount: 333275.59 · debtor: DeSimone Investments Limited · creditor: Township of West Lincoln · currency: CAD · security: Unpaid municipal property taxes on the Premises
- secured creditorsnote: Deemed trust class claim; listed by Receiver under Secured Creditors section · page: 16 · as of: NOI/property proof of claim filing date · amount: 146210 · debtor: Abingdon Meat Packers Limited · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust for unremitted source deductions
- sale outcometext: The Receiver recommends a structured invitation for offers process to be approved by the Court · scope: whole_business · status: process_approved