Ontario · Receivership (court-appointed)
First Report of the Receiver dated September 28, 2023
Court officer report · 28 September 2023
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What we verified from this filing12 verified
- unsecured creditorsnote: Largest unsecured trade creditor; disputed/litigated claim; amount is asserted via litigation, not adjudicated; included within the $5.1 million aggregate supplier/service provider payables figure · page: 44 · as of: 2022-10-19 · basis: Statement of Claim filed by creditor · amount: 457975 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: Miller Zell Inc. · currency: USD
- financial positionnote: Balance sheet shows negative shareholders' equity/deficiency of approximately $6,074,000; total current assets ~$9,439,000 vs total current liabilities ~$20,840,000; all obligations owing to BMO classified as current liabilities due to default; Company stated to be insolvent on both balance sheet and cash flow basis · page: 46 · as at: 2022-10-29 · basis: unaudited, company books and records (in $000s) · scope: entity - 1886695 Ontario Inc. (formerly Brant Instore Corporation), standalone · currency: CAD · total assets: 15571000 · total liabilities: 21645000
- secured creditorsnote: PPSA equipment financiers (PMSI class) - aggregated per instructions; amount not stated · page: 48 · as of: 2022-06-02 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: Xerox Canada Ltd. · currency: CAD · security: PPSA registration - specific equipment and other collateral classifications
- secured creditorsnote: PPSA equipment financiers (PMSI class) - aggregated per instructions; amount not stated · page: 48 · as of: 2021-04-01 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: Hewlett-Packard Financial Services Canada Company · currency: CAD · security: PPSA registration - specific equipment and other collateral classifications
- secured creditorsnote: PPSA equipment financiers (PMSI class) - aggregated per instructions; amount not stated · page: 48 · as of: 2022-02-16 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: De Lage Landen Financial Services Canada Inc. · currency: CAD · security: PPSA registration - specific equipment, accounts, other and motor vehicle collateral classifications
- secured creditorsnote: PPSA equipment financiers (PMSI class) - aggregated per instructions; amount not stated · page: 48 · as of: 2022-05-06 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: CWB National Leasing Inc. · currency: CAD · security: PPSA registration - specific equipment collateral classifications
- secured creditorsnote: Also described as 'approximately $13 million' as at the date of the Receivership Order (Dec 20, 2022); primary secured creditor; also holds minority equity interest in the Company (related party via debt-to-equity conversion in 2021, board seat); expected to suffer significant shortfall · page: 48 · as of: 2022-12-06 · amount: 13022365 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: Bank of Montreal (BMO) · currency: CAD · security: Security over substantially all of the Company's property, assets and undertakings pursuant to security documents dated December 19, 2012; security opinion from Aird & Berlis confirms valid and enforceable
- secured creditorsnote: PPSA equipment financiers (PMSI class) - aggregated per instructions; amount not stated · page: 48 · as of: 2017-07-31 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: Carrier Truck Center Inc. · currency: CAD · security: PPSA registration - specific equipment and motor vehicles classifications
- unsecured creditorsnote: Document names no individual suppliers; approximately $2.2 million (43% of total payables excluding HKW) aged more than 60 days; largest unsecured trade creditor Miller Zell Inc. filed a Statement of Claim dated October 19, 2022 for US$457,975 (disputed/litigated amount, in USD) · page: 49 · as of: 2022-12-08 · basis: Based on the Company's books and records, accounts payable as reported by the Proposed Receiver · amount: 5100000 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: Suppliers and service providers (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Related party: HKW is the Company's controlling shareholder; amount owing in respect of management fees · page: 49 · as of: 2022-12-08 · basis: Based on the Company's books and records, accounts payable as reported by the Proposed Receiver · amount: 1400000 · debtor: 1886695 Ontario Inc. (formerly Brant Instore Corporation) · creditor: Hammond, Kennedy, Whitney & Company (HKW) · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Robert Kofman; Noah Goldstein; Murtaza Tallat; Nisan Thurairatnam; fees: 8881.75 · hours: 39.6 · quote: Other staff and administrative | 39.60 | | 8,881.75 · row kind: bucket · rate kind: standard · name as stated: Other staff and administrative · money: approximate: false · period: end: 2023-08-31 · kind: cumulative · quote: For the Period of November 7, 2022 to August 31, 2023 · start: 2022-11-07 · approval: state: unstated · averages: rate: 529.09 · quote: The average hourly rate is $529.09. · scope: KSV · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: First Report of KSV Restructuring Inc. as Receiver of 1886695 Ontario Inc. · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: invoice_listing · rows: Sam E. Babe; Harry M. Fogul; Steven L. Graff; Samantha Hans; Shannon R Morris; Karlie Nordstrom; Kyle B. Plunkett; Patrick L. Williams; Marna N. Alexandroff; Sam E. Babe; Samantha Hans; Michael F. Horvat; Kyle B. Plunkett; Patrick L. Williams · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 579.29 · quote: The average hourly rates for KSV and Aird & Berlis for the referenced billing periods were $579.29 and $529.09, respectively. · scope: KSV and Aird & Berlis · currency: code: CAD · quote: $173,376.10 CAD · invoices: tax: 127.35 · quote: $173,376.10 CAD · total: 173376.1; tax: 1834.62 · date: 2023-02-23 · fees: 13717.5 · quote: AMOUNT DUE | $16,444.10 CAD · total: 16444.1 · disbursements: 891.98 · firm text: Aird & Berlis LLP · firm quote: Aird & Berlis LLP Brookfield Place, Suite 1800 181 Bay Street Toronto, Ontario M5J 2T9 Canada · context quote: The average hourly rates for KSV and Aird & Berlis for the referenced billing periods were $579.29 and $529.09, respectively.
- recovery outcomeentries: basis: unstated · quote: As noted in the Pre-Filing Report and above, BMO will incur a significant shortfall on its secured loans to the Company. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BMO · creditor name: BMO · interim final: unstated · related party: false · claims qualifier: unstated · stated on: 2023-09-28 · table missing: