Ontario · Receivership (court-appointed)
First Report of the Receiver March 25, 2025
Court officer report · 25 March 2025
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What we verified from this filing5 verified
- secured creditorsnote: Only CWB National Leasing Inc. has filed a valid secured proof of claim to date; auctioneer's value estimate for the secured collateral is far exceeded by the claim outstanding; Receiver recommends release of the CWB National Leasing Inc. security. · page: 11 · debtor: Stevens Omni Inc. · creditor: PPSA equipment financiers (PMSI class) - Macquarie Equipment Finance Ltd., RCAP Leasing Inc., CWB National Leasing Inc. · currency: CAD · security: Registered PPSA security interests in certain computer equipment, photocopiers and telephone systems (per Ontario PPSA search, Appendix C)
- secured creditorsnote: Stated as approximate ('approximately $3.0 million, plus interest and costs, which continue to accrue'); same approximate figure also stated as of August 21, 2024 (demand/NOI date) in para 2. TD is Companies' senior/principal secured creditor. Legal opinion obtained confirming validity/enforceability of TD security. · page: 11 · as of: Appointment Date (December 6, 2024) · amount: 3000000 · debtor: Stevens Omni Inc. and Soflex Logistics Inc. · creditor: The Toronto-Dominion Bank (TD) · currency: CAD · security: General security agreement from SOI; guarantee and general security agreement from Soflex (collectively, the 'TD Security'), securing Demand Operating Facility Agreement dated October 28, 2021
- secured creditorsnote: Estimated amount based on WEPP claims filed for 18 employees; a detailed summary report from Service Canada has been requested to verify actual payments made; figure is an estimate. · page: 12 · amount: 36000 · debtor: Stevens Omni Inc. · creditor: Service Canada (WEPP claims) · currency: CAD · security: Statutory priority security under section 81.4(1) of the BIA over current assets realized by the Receiver ($2,000 per employee cap)
- secured creditorsnote: Deemed trust class; CRA Claim Letter (Appendix D) expressly claims priority over SOI assets in a receivership; Receiver notes this priority may be inverted upon corporate bankruptcy. · page: 12 · as of: 2025-01-08 · amount: 461000 · debtor: Stevens Omni Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust over SOI assets in respect of unpaid HST remittances
- recovery outcomeentries: basis: estimated · quote: To withhold an estimated amount of $36,000 to Service Canada on account of valid claims paid pursuant to WEPP and the priority security of $2,000 per employee over the current assets of SOI as afforded by section 81.4(1); and · pct of: unstated · outcome: distribution · class key: weppa · stated by: receiver · amount low: 36000 · amount high: 36000 · class label: Service Canada (WEPP) · creditor name: Service Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: $400,000 to TD to reinterest and the balance on account of the remaining TD security. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 400000 · amount high: 400000 · class label: TD · creditor name: TD · interim final: unstated · claims qualifier: unstated · stated on: 2025-03-25 · table missing: