British Columbia · Receivership (court-appointed)
Receiver's Fourth Report to Court
Court officer report · 12 August 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing11 verified
- cash on handnote: Does not include available Receiver's Borrowings of $205,000 undrawn or estimated accruals for unpaid professional fees. · as at: 2024-07-31 · amount: 148995 · currency: CAD
- disbursementssince: November 8, 2023 · amount: 2495908 · currency: CAD
- operational summaryConstruction on the Willoughby townhome project remains halted since August 2023; the Receiver has been preserving and marketing the property and is now pursuing a reverse vesting order structure to complete a sale to Redekop, pending an appeal of the earlier sale approval.
- professional feesnote: Receiver's fees and disbursements as stated in the interim statement of receipts and disbursements; additional estimated future fees of $200,000 for Conversion Application and Appeal also discussed separately. · party: Receiver · amount: 257624 · period: November 8, 2023 to July 31, 2024 · currency: CAD
- purchaserRFP (Willoughby) Limited Partnership
- receipts cumulativesince: November 8, 2023 · amount: 2644903 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Receiver understands that CMSC, who is projected to suffer an estimated $7 million shortfall on its secured debt, supports converting the Redekop Offer to a share sale/RVO structure, and has agreed with Redekop on terms to split any potential financial benefit of such conversion (as discussed further below). · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: CMSC · creditor name: Canadian Mortgage Servicing Corporation (CMSC) · interim final: unstated · claims qualifier: unstated · shortfall amount: 7000000 · table missing:
- report date12 August 2024
- report noFourth Report
- sale advisorColliers Macaulay Nicolls Inc.
- sale outcometext: The Court granted an Order (the ' Sales Order ') approving the Redekop Offer (as amended), for a purchase price of $35.31 million. · scope: whole_business · status: approved