Ontario · Receivership (court-appointed)
Receiver’s Supplemental First Report
Court officer report · 10 November 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing20 verified
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-22-00687176-00CL
- provinceONTARIO
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act
- applicantGrant Thornton Limited
- appointeeBDO Canada Limited
- appointee rolereceiver and manager
- commencement date15 June 2022
- cash on handnote: Matches 'EXCESS RECEIPTS OVER DISBURSEMENTS' of $1,329,970.00 in the Receiver's Interim Statement of Receipts and Disbursements as at November 9, 2022. · as at: 2022-11-09 · amount: 1329970 · currency: CAD · qualifier: excluding outstanding professional fees sought to be approved
- closing confirmedscope: the Real Property · outcome: completed · purchaser: 1000105943 Ontario Inc. · date basis: unstated · approval order date: 2022-09-16
- disbursementsnote: Per Receiver's Interim Statement of Receipts and Disbursements as at November 9, 2022; includes payment of $4,126,078.53 to Equitable Bank. · amount: 4482174.35 · currency: CAD
- fee scheduleengagements: form: time_summary · rows: G. Cerrato; P. Naumis; S. Burrowes; fees: 2135 · rate: 153.6 · hours: 13.9 · quote: Administrative Support | 13.90 | 153.60 | 2,135.00 · row kind: bucket · rate kind: standard · name as stated: Administrative Support · money: tax: label: HST · quote: HST - 13.00% (R101518124) | | 2,748.46 · amount: 2748.46 · fees: quote: Our Fee | | 20,135.25 $ · amount: 20135.25 · total: quote: TOTAL | | 23,890.47 $ · amount: 23890.47 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Administrative Fee - 5% | 1,006.76 | 1,006.76 · amount: 1006.76 · period: end: 2022-11-08 · kind: invoice · quote: FOR PROFESSIONAL RECEIVERSHIP SERVICES RENDERED for the period commencing September 9, 2022 to November 8, 2022 inclusive per attached detail: · start: 2022-09-09 · approval: state: unstated · averages: rate: 361.82 · quote: at an average hourly rate of approximately $361.82 for a total of $20,135.25 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: SUPPLEMENTAL FIRST REPORT TO THE COURT SUBMITTED BY BDO CANADA LIMITED, IN ITS CAPACITY AS COURT APPOINTED RECEIVER OF 2589504 ONTARIO INC. · hours total: quote: The Receiver's fees for the period September 10, 2022, to November 8, 2022, encompass 55.65 hours at an average hourly rate of approximately $361.82 for a total of $20,135.25 prior to disbursements of $1,006.76 and applicable taxes. · value: 55.65 · context quote: I am a Vice President of BDO Canada Limited (' BDO '), Court appointed receiver 2589504 Ontario Inc.; form: time_summary · rows: Steven Jeffery; Eric Golden; Chad Kopach; Kym Stasiuk; Matthew Tapia; Rob Hawkins; Lucas Strezos · money: fees: quote: Blaney's fees for the period September 1, 2022, to October 31, 2022 encompass 152.9 hours at an average hourly rate of approximately $$499.70 for a total of $76,405.50 prior to disbursements of $615.93 and applicable taxes. · amount: 76405.5 · approximate: false · disbursements: quote: prior to disbursements of $615.93 and applicable taxes. · amount: 615.93 · period: end: 2022-10-31 · kind: invoice · quote: The fees and disbursements of Blaney's for the period of September 1, 2022, to October 31, 2022 are detailed in the affidavit of Chad Kopach sworn November 8, 2022 · start: 2022-09-01 · approval: quote: I swear this Affidavit in support of a motion for, among other things, approval of Blaneys' fees and disbursements, and for no improper purpose. · state: sought · averages: rate: 499.7 · quote: at an average hourly rate of approximately $$499.70 for a total of $76,405.50 · currency: · invoices: · firm text: Blaneys · firm quote: The fees and disbursements of Blaney's for the period of September 1, 2022, to October 31, 2022 are detailed in the affidavit of Chad Kopach sworn November 8, 2022, a copy of which is attached as Appendix 'VI' . · hours total: quote: Blaney's fees for the period September 1, 2022, to October 31, 2022 encompass 152.9 hours · value: 152.9 · context quote: I swear this Affidavit in support of a motion for, among other things, approval of Blaneys' fees and disbursements, and for no improper purpose. · comparability quote: I verily believe that the hourly billing rates, outlined in detail in the Blaneys Accounts, are in the range of normal average hourly rates charged by legal counsel for services rendered in relation to engagements similar to Blaneys' engagement with respect to the Receivership.
- operational summaryThe Receiver closed the sale of the Real Property, resolved tenant rent defaults, wound down utilities and insurance on the property, and is finalizing outstanding HST/tax filings before making a final distribution to GTL and seeking its discharge.
- professional feesnote: Blaney McMurtry LLP (Receiver's counsel) fees for September 1 to October 31, 2022 separately total $86,970.69 inclusive of disbursements and taxes. · party: Receiver (BDO Canada Limited) · amount: 23890.47 · period: September 10, 2022 to November 8, 2022 · currency: CAD
- purchaser1000105943 Ontario Inc.
- receipts cumulativenote: Per Receiver's Interim Statement of Receipts and Disbursements as at November 9, 2022. · amount: 5812144.34 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: Therefore, the Receiver request permission of the Court to distribute the $1,150,000 to GTL, and future net receipts, up to the Kays' indebtedness. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1150000 · amount high: 1150000 · class label: GTL (as trustee for the Kays, subordinate secured creditor) · creditor name: GTL / Kays · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Receiver has not requested a legal opinion on the security held by 241, the third mortgagee over the Real Property, given that there will be a significant shortfall to the Kays. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: 241 (third mortgagee over the Real Property) · creditor name: 2413974 Ontario Inc. · interim final: unstated · claims qualifier: unstated · stated on: 2022-11-10 · table missing:
- report date10 November 2022
- report noSupplemental First Report
- sale outcometext: Sale Transaction closed following the Approval and Vesting Order · scope: whole_business · status: closed