Ontario · Receivership (court-appointed)
First (and Final) Report of the Receiver (Part 1), dated March 3, 2022
Court officer report · 3 March 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- secured creditorsnote: Approximate amount owed in respect of an international fuel tax (IFTA) liability that remains outstanding; provincial regulatory/tax claim. · page: 5 · amount: 14000 · debtor: Centrestone Granite & Marble Inc. · creditor: Ministry of Finance (Ontario) · currency: CAD · security: PPSA registered security interest
- secured creditorsnote: Vehicle(s) financed/leased were paid off in full by Centrestone or returned to lessor - no balance outstanding. · page: 5 · debtor: Centrestone Granite & Marble Inc. · creditor: VW Credit Canada Inc. · currency: CAD · security: PPSA registered security interest (vehicle financing/lease)
- secured creditorsnote: Per discussions with Centrestone management, C&C is not owed any money by the Debtors. · page: 5 · amount: 0 · debtor: Centrestone Granite & Marble Inc. · creditor: C&C North America, Inc. · currency: CAD · security: PPSA registered security interest
- secured creditorsnote: Per discussions with BDC, repaid in full from proceeds of sale of the Saramia Property - security satisfied/discharged. · page: 5 · debtor: Centrestone Granite & Marble Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: PPSA registered security interest
- secured creditorsnote: Vehicle(s) financed/leased were paid off in full by Centrestone or returned to lessor - no balance outstanding. · page: 5 · debtor: Centrestone Granite & Marble Inc. · creditor: Kenworth Toronto Leasing Ltd. · currency: CAD · security: PPSA registered security interest (vehicle financing/lease)
- secured creditorsnote: Vehicle(s) financed/leased were paid off in full by Centrestone or returned to lessor - no balance outstanding. · page: 5 · debtor: Centrestone Granite & Marble Inc. · creditor: Honda Canada Finance Inc. · currency: CAD · security: PPSA registered security interest (vehicle financing/lease)
- secured creditorsnote: Deemed-trust class claim; CRA advised the exact trust claim amount ($11,979.65) on August 24, 2021, which the Receiver paid on August 30, 2021 (now satisfied/discharged). Distinct from CRA's separate unsecured claim of approximately $245,000 (income taxes, HST, non-trust portion of source deductions, penalties and interest - not secured). Earlier prose estimates in the report (HST ~$141,000; source deductions ~$37,000; corporate taxes ~$69,000) are components superseded by CRA's confirmed trust-claim figure. · page: 14 · as of: 2021-08-24 · amount: 11979.65 · debtor: Centrestone Granite & Marble Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Deemed trust claim (source deductions) - statutory priority claim in the receivership/bankruptcy
- secured creditorsnote: Receiver's report (p.4, para 11) states approx. $3.2 million owing as at June 30, 2021, excluding accruing interest/legal costs (prose approximation); exact figure per Bank's Proof of Claim (Appendix B) is $3,207,166.63 as at the date of bankruptcy (June 30, 2021). CAUTION - internal inconsistency: the Proof of Claim (Form 31) is checked as an UNSECURED CLAIM (box A: 'I do not hold any assets of the debtor as security'), yet the Receiver's report and an independent legal opinion from Pallett Valo LLP treat the Bank's claim as secured and valid/enforceable, and a distribution is proposed 'in partial satisfaction of its secured claim.' · page: 37 · as of: 2021-06-30 · amount: 3207166.63 · debtor: Centrestone Granite & Marble Inc. · creditor: National Bank of Canada · currency: CAD · security: Operating Credit Facility ($2,500,000 limit), Demand Loan ($400,000 limit), and MasterCard facility ($100,000 limit); indebtedness guaranteed by 2608798 Ontario Inc.
- recovery outcomeentries: basis: actual · quote: It is the Receiver's understanding that, based on discussions with BDC, it was repaid in full from the proceeds from the sale of the Saramia Property. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: The Business Development Bank of Canada · creditor name: BDC · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The Receiver also understands that vehicles financed and/or leased from Kenworth, Honda, and VW were either paid off in full by Centrestone or returned to the various lessors / finance companies. · pct of: unstated · outcome: paid_in_full · class key: pmsi_lessor · stated by: receiver · class label: Kenworth, Honda, and VW · creditor name: Kenworth Toronto Leasing Ltd., Honda Canada Finance Inc., VW Credit Canada Inc. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As indicated above, the Bank is owed approximately $3.2 million and, given the amount held by the Receiver, will suffer a significant shortfall on its loan. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: National Bank of Canada · claims amount: 3200000 · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: estimated; basis: unstated · quote: Accordingly, the Receiver proposes to distribute approximately $67,000.00 to the Bank, which is the remainder of the account balance after subtracting the Receiver's estimated remaining fees and disbursements, which is further outlined at paragraph 70, plus an additional $1,000 for HST. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 67000 · amount high: 67000 · class label: National Bank of Canada · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2022-03-03 · table missing: