Ontario · Bankruptcy
Seventh Report of the Trustee dated August 20, 2025
Court officer report · 20 August 2025
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What we verified from this filing7 verified
- cash on handnote: As of the date of the Report; net of professional fees plus potential tax refunds of up to approximately $1.1 million would be made available to UCI · amount: 2908000 · currency: CAD · qualifier: approximately
- fee scheduleengagements: form: report_table · rows: · money: approximate: false · period: end: 2025-07-31 · kind: invoice · label: the Period · quote: For the Period from January 1, 2025 to July 31, 2025 · start: 2025-01-01 · approval: state: unstated · averages: rate: 705.71 · quote: the Monitor's average hourly rate for the Period was $705.71 · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Sixty-second Report to Court of KSV Restructuring Inc. as CCAA Monitor · context quote: As reflected on Exhibit 'B', the Monitor's average hourly rate for the Period was $705.71.; form: time_summary · rows: · money: approximate: false · period: end: 2025-06-30 · kind: invoice · label: Period · quote: the period from January 1, 2025 to June 30, 2025 (the " Period ") · start: 2025-01-01 · approval: quote: seeking, among other things, approval of the fees and disbursements of Davies · state: sought · averages: rate: 747 · quote: Average Blended Hourly Rate (rounded to the nearest dollar) $747.00 · scope: rounded to the nearest dollar · currency: · invoices: · firm text: Davies · firm quote: approval of the fees and disbursements of Davies for the period from January 1, 2025 to June 30, 2025 · context quote: davit is sworn in support of a motion to be made in these proceedings seeking, among other things, approval of the fees and disbursements of Davies for the period from January 1, 2025 to June 30, 2025 (the " Period ").; form: time_summary · rows: · money: approximate: false · period: end: 2025-01-31 · kind: invoice · label: Billing Period · quote: during the period ending from January 31, 2025 (the ' Billing Period ') · approval: state: unstated · averages: rate: 635.83 · quote: resulting in an average hourly rate of $635.83 (exclusive of applicable taxes) · currency: · invoices: · firm text: DLA · firm quote: the Statement of Account of DLA · hours total: quote: 6 hours were billed by DLA personnel during the Billing Period · value: 6 · context quote: hed hereto as Exhibit 'A' is a copy of the Statement of Account of DLA in respect of services rendered to the Urbancorp CCAA Entities during the period ending from January 31, 2025 (the ' Billing Period ').
- operational summaryThe CCAA proceeding is winding down, with the Monitor working to resolve outstanding CRA tax matters (refunds, an HST issue, and clearance certificates) for the Geothermal Asset Owners before making final distributions; in parallel, the UMI bankruptcy estate is nearing completion pending resolution of an HST 'wash' voluntary disclosure before a final dividend can be paid.
- professional feesnote: Fees and disbursements excluding HST; KSV fees $100,245.75, Davies fees $99,070.50, DLA fees $3,815.00, total disbursements $8,410.21 · party: KSV (Monitor), Davies (Monitor's counsel), DLA (Cumberland CCAA Entities' counsel) · amount: 211541.46 · period: Jan 1/25 - Jul 31/25 (KSV); Jan 1/25 - Jun 30/25 (Davies, DLA) · currency: CAD
- recovery outcomeentries: basis: actual · quote: On May 28, 2025, the Trustee paid an interim dividend totaling $1.5 million 1 (the ' Interim Dividend ') to UMI's unsecured creditors. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · amount low: 1500000 · amount high: 1500000 · class label: UMI's unsecured creditors · interim final: interim · claims qualifier: unstated; basis: actual · quote: the UCI Claim was admitted in the amount of $9.3 million, representing 50% of the amount claimed. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: unsecured · stated by: trustee · amount low: 9300000 · amount high: 9300000 · class label: UCI Claim · claims amount: 18600000 · creditor name: UCI · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Accordingly, UMI's Promissory Note claim against UTMI will have a NIL recovery. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: UMI's Promissory Note claim against UTMI · creditor name: UMI · interim final: unstated · claims qualifier: unstated · stated on: 2025-08-20 · table missing:
- report date20 August 2025
- report noSixty-second Report (Monitor) / Seventh Report (Trustee)