Ontario · CCAA
Fifth Report dated December 9, 2011 – Part 1 of 2
Court officer report · 9 December 2011
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 filing8 verified
- closing confirmedscope: the Pool Equipment Assets · outcome: completed · effective: 2006-10-18 · purchaser: 6626271 Canada Inc. · date basis: stated · approval order date: 2006-10-17; scope: the residual equipment in the Above Ground Pool division · outcome: completed · effective: 2006-10-18 · purchaser: Northern Lights Recreation Co. · date basis: stated · approval order date: 2006-10-17; scope: the Property · outcome: completed · effective: 2006-10-24 · purchaser: Strathallen Acquisitions Inc. · date basis: stated · approval order date: 2006-10-19
- operational summaryThe Applicant's Plan was implemented in 2007 and only final steps remain: collecting and distributing the matured VTB Mortgage funds to creditors with Larger Claims. The Applicant has no remaining directors or officers and was dissolved under the OBCA, so the Monitor seeks court authority to complete the distribution and then be discharged.
- professional feesnote: Fees of $221,072.00 plus disbursements of $14,698.53, plus applicable GST/HST of $13,781.29. Monitor seeks approval of an additional $50,000.00 (excluding HST) in fees and disbursements to the date of discharge. Legal counsel Aird & Berlis LLP incurred fees and disbursements of $104,479.96 inclusive of GST/HST for September 29, 2006 to November 30, 2011, plus a further $50,000.00 (excluding HST) requested. · party: A. Farber & Partners Inc. (Monitor) · amount: 221072 · period: September 25, 2006 to October 31, 2011 · currency: CAD
- purchaser6626271 Canada Inc.; Northern Lights Recreation Co.; Strathallen Acquisitions Inc.
- recovery outcomeentries: basis: plan · quote: Pursuant to Article 4.1(a) of the Plan, Affected Creditors (as defined in the Plan) with aggregate Claims of $5,000 or less are to be paid twenty-five cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: monitor · class label: Affected Creditors with Smaller Claims · interim final: unstated · cents on dollar: 25 · claims qualifier: unstated; basis: plan · quote: The Monitor confirms that the proposed distribution of the proceeds from the VTB Mortgage to the Applicant's creditors will not exceed twenty-five cents for each dollar of Affected Claims in accordance with Article 4.1(b). · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: monitor · class label: Affected Creditors with Larger Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Accordingly, no distributions shall be made pursuant to this Plan in respect of Intercompany Claims and all such Intercompany Claims shall be treated as Unaffected Claims and shall be fully preserved and not released, discharged nor extinguished pursuant to Section 6.1 hereof. · pct of: unstated · outcome: nil · class key: unsecured · stated by: debtor · class label: Intercompany Claims (Affiliates of Cantar) · interim final: unstated · related party: true · claims qualifier: unstated · stated on: 2011-12-09 · table missing:
- report date9 December 2011
- report noFifth Report
- sale outcometext: Three separate transactions representing a key part of the realization program have been approved and closed. · scope: liquidation · status: closed