Ontario · Receivership (court-appointed)
Third Report to Court dated September 8, 2015
Court officer report · 8 September 2015
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What we verified from this filing9 verified · 1 withheld
- cash on handnote: Comprises CAD account balance of $238,020 and USD account balance of $197,118 (converted at USD exchange rate of 1.33 as at September 4, 2015). · as at: 2015-09-04 · amount: 435138 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Company's inventory and fixed assets · outcome: completed · effective: 2013-06-11 · date basis: stated
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 392.3 · quote: The Receiver's average hourly rate for the referenced billing period was $392.30. · scope: the Receiver's average hourly rate for the referenced billing period · currency: · invoices: · firm text: KSV Kofman Inc. · firm quote: Third Report of KSV Kofman Inc. as Receiver of Newtek Automotive Inc. and Newtek Automotive Midwest, Inc. · context quote: Third Report of KSV Kofman Inc. as Receiver of Newtek Automotive Inc. and Newtek Automotive Midwest, Inc.; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 471.84 · quote: Gowlings' average hourly rate for the referenced billing period was $471.84. · scope: Gowlings' average hourly rate for the referenced billing period · currency: · invoices: · firm text: Gowlings · firm quote: Gowlings' average hourly rate for the referenced billing period was $471.84. · context quote: Gowlings' average hourly rate for the referenced billing period was $471.84.
- operational summaryThe Company ceased operations following the Receiver's appointment, with its leases disclaimed, employees terminated, and inventory/fixed assets liquidated; the Receiver is now winding down remaining matters (duty drawback dispute, HST/withholding tax issue, books and records) and seeking its discharge.
- professional feesnote: Gowlings' fees from June 1, 2013 to September 4, 2014, inclusive of disbursements and taxes, totaled approximately $40,232. · party: Receiver (KSV Kofman Inc./D&P) · amount: 237000 · period: June 1, 2013 to August 31, 2015 · currency: CAD
- purchaserprice: sealed: false · scope: the Company's machinery, equipment and inventory · status: closed · name note: liquidator that purchased the Company's machinery, equipment and inventory · structure: auction · name source: recital · relationship: unstated
- recovery outcomeentries: basis: actual · quote: All amounts owing to BMO, another secured creditor of the Company, have been repaid in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: BMO · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Receiver is seeking the approval by this Court to make distributions to ROI up to the full amount of the ROI Indebtedness without further orders of the Court. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · class label: ROI · claims amount: 2500000 · creditor name: ROI · interim final: unstated · conditional on: up to the full amount of the ROI Indebtedness without further orders of the Court · claims qualifier: estimated · stated on: 2015-09-08 · table missing:
- report date8 September 2015
- report noThird Report
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.