Ontario · CCAA
Fifth Report of the Monitor
Court officer report · 19 March 2026
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What we verified from this filing9 verified
- cash on handnote: Paragraph 4.17 states the Monitor is holding approximately $2.9 million as of the date of the Fifth Report; the cash flow table shows a precise cash balance of $2,939,000 as at March 18, 2026. · as at: 2026-03-18 · amount: 2939000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Transaction · outcome: completed · effective: 2024-12-16 · purchaser: Body and Lotion Inc. · date basis: stated · approval order date: 2024-12-13; scope: the business and assets of the Company · outcome: completed · effective: 2024-09-07 · purchaser: Aurea Investment Group · date basis: stated
- operational summaryThe Monitor continues administering the Claims Procedure, engaging with CRA on withholding tax obligations and refunds, and monitoring the UK Administration Proceeding for a potential distribution benefiting TBS Canada's creditors, while seeking approval to distribute funds to CRA to satisfy the assessed withholding tax amount.
- professional feesnote: Figure is disclosed only as an aggregate line item in the cash flow summary table; no breakdown by professional is provided in this report. · party: Professionals (Monitor and Company advisors, not broken down in this report) · amount: 105000 · period: since the date of the Fourth Report (November 11, 2025) to March 18, 2026 · currency: CAD
- purchaserBody and Lotion Inc.; Aurea Investment Group
- recovery outcomeentries: basis: estimated · quote: Based on the Updated Illustrative Recovery Analysis, the Monitor estimates that unsecured creditors with an accepted Claim pursuant to the Claims Procedure will receive a recovery ranging from approximately 87.6% to 100%. · pct of: unstated · outcome: distribution · pct low: 87.6 · currency: CAD · pct high: 100 · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · currency quote: CA $000's · claims qualifier: unstated; basis: unstated · quote: the UK Administrators provided an updated range of recovery to unsecured creditors of 25% to 38% in the Low and High scenarios, respectively. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 38 · class key: unsecured · stated by: monitor · class label: unsecured creditors (UK Administration Proceeding) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on the Illustrative Recovery Analysis, the Monitor estimates that Claimants with an accepted Claim will receive a recovery ranging from approximately 64.4% to 100% of the accepted Claim amount. · pct of: unstated · outcome: distribution · pct low: 64.4 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Claimants with an accepted Claim · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: an updated range of recovery to unsecured creditors from what was outlined in the February UK Letter, of 17% to 28% in the Low and High scenarios, respectively. · pct of: unstated · outcome: distribution · pct low: 17 · pct high: 28 · class key: unsecured · stated by: monitor · class label: unsecured creditors (September UK Letter) · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Both charges have therefore been satisfied at Companies House. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: unstated · class label: secured creditors (Aurelius and ALMA) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: It is expected that preferential creditors will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: unstated · class label: preferential creditors · claims amount: 464593.53 · interim final: unstated · claims qualifier: listed; basis: estimated · quote: The secondary preferential creditors total £658,287.81 and it is expected that this will be paid in full. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: unstated · class label: secondary preferential creditors · claims amount: 658287.81 · interim final: unstated · claims qualifier: listed; basis: estimated · quote: Based on current estimates, the Administrators anticipate the dividend to unsecured creditors will be in the range of 25 to 38 pence in the pound. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 38 · class key: unsecured · stated by: unstated · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-03-19 · table missing:
- report date19 March 2026
- report noFifth Report
- sale outcometext: Sale process culminated in a going-concern transaction with Body and Lotion Inc. that closed December 16, 2024. · scope: whole_business · status: closed