Ontario · Receivership (court-appointed)
Third Report of the Receiver dated July 4, 2023
Court officer report · 4 July 2023
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
- disbursementsnote: Distributions to creditors following the Interim Distribution Order, as of the date of the Report · since: Interim Distribution Order dated April 3, 2023 · amount: 8300000 · currency: CAD
- financial positionnote: No total assets/liabilities stated; report addresses receivership recoveries and distributions: auction net proceeds of approximately $9.6 million, approximately $2.8 million of accounts receivable recovered, and approximately $8.3 million distributed to creditors as of the date of the Report. Outstanding CN Invoices totaled approximately $2.5 million ($2,501,722.15) as at the Filing Date. · basis: unaudited financial information prepared by the Company's representatives · scope: entity - 2806401 Ontario Inc. o/a Allied Track Services Inc. · currency: CAD
- operational summaryThe Receiver has monetized substantially all of the Company's property through an equipment auction and collection of receivables, and has wound down operations after terminating all employees; the remaining unresolved matter is the approximately $2.5 million balance owing from CN, which the Receiver is seeking a court order to recover.
- recovery outcomeentries: basis: actual · quote: As of the date of this report (the 'Report'), the Receiver has distributed approximately $8.3 million to the Company's creditors. · pct of: unstated · outcome: distribution · currency: CAD · class key: deemed_trust · stated by: receiver · amount low: 8300000 · amount high: 8300000 · class label: Certain of the Company's creditors, including Canada Revenue Agency, former employees and Bridging · interim final: unstated · currency quote: 1.2 Currency · claims qualifier: unstated · stated on: 2023-07-04 · table missing:
- report date4 July 2023
- report noThird Report