Ontario · Receivership (court-appointed)
Fifth Report of the Receiver
Court officer report · 31 December 2024
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 filing4 verified
- operational summaryThe Debtors' business is in receivership with a focus on recovering the Fleet Assets; all 50 vehicles and trailers held by King Towing were returned to the Receiver by December 27, 2024 and 24 have been released to lessors with priority security interests. Contempt findings against the Breaching Parties are awaiting sentencing, and purported liens registered against the Fleet Assets remain unresolved.
- recovery outcomeentries: basis: estimated · quote: It is very likely that Canadian Western Bank (' CWB '), the Debtors' secured creditor, will incur a significant shortfall in recovery on its loans to the Debtors, which loans were obtained as a result of the Debtors providing materially false information to CWB in the first place. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Canadian Western Bank · creditor name: Canadian Western Bank · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: With regard to the Debtors' unsecured creditors, the Receiver expects that there is a serious probability that they will recover nothing on the amounts owed to them at the conclusion of this proceeding. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date31 December 2024
- report noFifth Report