Ontario · Receivership (court-appointed)
First Report of the Receiver (for motion returnable November 23, 2023)
Court officer report · 10 October 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 filing12 verified
- disbursementsnote: Actual net receipts over disbursements of $78,804 · since: appointment (July 18, 2023) to October 10, 2023 · amount: 125996 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: Wendy; Blair Mestel · money: fees: quote: for total fees of $29,298.50 · amount: 29298.5 · total: quote: accounts totalling $33,605.01 inclusive of disbursements and applicable taxes · amount: 33605.01 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2023-10-07 · kind: cumulative · quote: SUMMARY OF ACCOUNTS OF GARFINKLE BIDERMAN LLP (From June 29, 2023 to October 7, 2023) · start: 2023-06-29 · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel, Garfinkle Biderman LLP · state: sought · averages: rate: 674 · quote: at an average hourly rate of approximately $674; rate: 635 · quote: Blended Hourly Rate ($/per hour) - $635.00 · currency: · invoices: tax: 2391.32 · date: 2023-06-29 · fees: 164.69 · quote: INV01- 11776 | June 29, 2023 | August 18, 2023 | 27 hrs. | $ 164.69 | 2,391.32 | $ 20,781.01 · total: 20781.01 · period end: 2023-08-18; tax: 1475.58 · date: 2023-09-18 · fees: 275.02 · quote: INV01- 12165 | September 18, 2023 | October 7, 2023 | 16.50 | $ 275.02 | $ 1,475.58 | $ 12,824.10 · total: 12824.1 · period end: 2023-10-07 · firm text: Garfinkle Biderman LLP · firm quote: Garfinkle Biderman LLP · hours total: quote: Garfinkle Biderman fees encompass 43.5 hours · value: 43.5 · context quote: the Receiver and its legal counsel, Garfinkle Biderman LLP; form: prose · rows: · money: fees: quote: for a total of $67,358.50 and applicable taxes · amount: 67358.5 · approximate: false · period: · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel · state: sought · averages: rate: 411 · quote: at an average hourly rate of approximately $411 · currency: · invoices: · firm text: AGI · firm quote: AGI · hours total: quote: 163.8 hours at an average hourly rate of approximately $411 · value: 163.8 · context quote: This first First Report AGI , in its capacity as receiver
- financial positionnote: No total assets or total liabilities stated. Equipment book value as at January 31, 2022 was $2,511,775 but the Receiver could not locate any equipment of material value at the Premises. Secured debt to TD Bank: Images $909,338 and 253Co. $3,020,170 plus accruing interest as of October 5, 2023; Olympia second charge $106,000; property tax arrears $31,542.16; CRA claims approx. $55,000 source deductions and $105,000 HST (Images) and approx. $55,000 HST (253Co.). Unsecured creditors cannot be determined without information from Henriques. · basis: Receiver relies on unaudited financial information; most recent statements are Images' fiscal year ended January 31, 2022 financial statements and 253Co's financial statements; no verification or audit by the Receiver · scope: Images Life Media Inc. and 2531509 Ontario Inc. (253Co.), separate entities, no consolidated position stated · currency: CAD
- operational summaryImages, an event/wedding production business, appears to have ceased normal operations and the Receiver found no material equipment at its premises. The Receiver is securing and marketing the Walnut Property for sale, and the director has not cooperated.
- professional feesnote: Fees before applicable taxes; Receiver requests approval of $76,115.11 inclusive of taxes. Receiver's counsel Garfinkle Biderman: fees of $29,298.50, total $33,605.01 inclusive of disbursements and taxes. · party: Albert Gelman Inc. (Receiver) · amount: 67358.5 · period: to October 9, 2023 · currency: CAD
- purchaserprice: note: Offer accepted; conditional on financing and due diligence · sealed: false · currency: CAD · scope: Walnut Property · status: proposed · name note: buyer under accepted Offer for Walnut Property, unnamed · structure: real_property · name source: recital · relationship: unstated · agreement date: 2023-09-26
- receipts cumulativenote: Comprises $200,000 advance from TD Bank under Receivership Certificate and $4,800 rental income · since: appointment (July 18, 2023) to October 10, 2023 · amount: 204800 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: 34. As set out above, it is likely that TD Bank will suffer a material shortfall in respect of its claim against the Companies. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: TD Bank · creditor name: The Toronto-Dominion Bank · interim final: unstated · claims qualifier: unstated · stated on: 2023-10-10 · table missing:
- report date10 October 2023
- report noFirst Report
- sale advisorLennard Commercial Realty Brokerage
- sale outcometext: Walnut Property publicly listed and an offer accepted, subject to conditions · scope: parcel · status: pending_approval