British Columbia · Receivership (court-appointed)
Receiver's Fifth Report to Court
Court officer report · 24 April 2025
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What we verified from this filing10 verified
- cash on handnote: Includes funds to be paid on account of estimated professional fees and costs to complete the administration of the estate. · as at: 2025-03-31 · amount: 76117.95 · currency: CAD
- closing confirmedscope: the RVO Transaction · outcome: completed · effective: 2024-09-16 · date basis: stated · approval order date: 2024-08-30
- operational summaryThe Receiver has substantially completed the receivership: it sold the partially-built townhome project via a reverse vesting order transaction for $36.15 million, repaid MCAP in full, made a partial distribution to CMSC, assigned Residual Co. into bankruptcy, and is now seeking a final dividend and its own discharge.
- professional feesnote: Additional fees, disbursements and taxes to a maximum of $23,500 requested to complete administration; legal counsel (Lawson Lundell LLP) fees incurred to September 30, 2024 separately total $412,917.09, with a further maximum of $17,500 requested. · party: Receiver (MNP Ltd.) · amount: 411740.3 · period: November 8, 2023 to November 30, 2024 · currency: CAD
- purchaserRedekop Ferrario Properties (DD) Corp.
- recovery outcomeentries: basis: actual · quote: The Project was sold to Redekop under the RVO Transaction for gross proceeds of $36.15 million. As a result, MCAP was repaid its $29.84 million debt in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · amount low: 29840000 · amount high: 29840000 · class label: MCAP · creditor name: MCAP · interim final: unstated · claims qualifier: unstated; basis: actual · quote: CMSC has received $2.75 million in partial satisfaction of its indebtedness, and is projected to receive a further, final dividend of $35,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 2750000 · cumulative: false · amount high: 2750000 · class label: CMSC · creditor name: CMSC · interim final: interim · claims qualifier: unstated; basis: estimated · quote: Approve a final dividend payment to CMSC of the net remaining funds in the receivership estate of approximately $35,000; and · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 35000 · cumulative: false · amount high: 35000 · class label: CMSC · creditor name: CMSC · interim final: final · claims qualifier: unstated · stated on: 2025-03-31 · table missing:
- report date31 March 2025
- report noFifth Report
- sale advisorColliers Macaulay Nicolls Inc.
- sale outcometext: The Receiver was successful in selling the Project for gross proceeds of $36.15 million resulting in payment of the MCAP debt of $29.84 million in full, and estimated payment to CMSC of $3.1 million, in partial satisfaction of its debt. · scope: whole_business · status: closed