British Columbia · Receivership (court-appointed)
The purpose of this second report of the Receiver (the “Second Receiver’s Report”) is to advise the Supreme Court of British Columbia with respect to, inter alia, the following: a. condensed background information of Western Concord; b. the receipts and disbursements of the Receiver; c. the potential Section 81.3 claims; d. the professional fees of the Receiver and its legal counsel; e. the Final Distribution (defined below) and the proposed discharge of the Receiver following completion of the final matters related to these proceedings; and f. the Receiver’s recommendations
Court officer report · 3 October 2018
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What we verified from this filing5 verified
- closing confirmedscope: substantially all of the assets of the Companies · outcome: completed · effective: 2018-03-01 · purchaser: Mercury · date basis: stated · approval order date: 2018-02-21
- fee scheduleengagements: form: invoice_listing · rows: Mike Bell; Riyandi Tan; Marcos Souza; Esther Wong; Kevin Brennan; Mike Bell; Riyandi Tan; Esther Wong · money: fees: quote: TOTAL | | | 34,672.50 | 7,432.29 | - | 42,104.79 | 2,105.24 | 44,210.03 | 87.90 | · amount: 34672.5 · total: quote: TOTAL | | | 34,672.50 | 7,432.29 | - | 42,104.79 | 2,105.24 | 44,210.03 | 87.90 | · amount: 44210.03 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2018-06-04 · kind: cumulative · quote: Western Concord Manufacturing Limited Billing Details from March 5, 2018 to April 6, 2018 · start: 2018-03-05 · approval: state: unstated · averages: · currency: quote: TOTAL | CAD | 5,532.89 · invoices: date: 2018-06-07 · fees: 20212.5 · quote: CA12C500002893 | 07-Jun-18 | April 7, 2018 to June 4, 2018 | 20,212.50 | - | - | 20,212.50 | 1,010.63 | 21,223.13 | 46.3 | · total: 21223.13 · period end: 2018-06-04 · period start: 2018-04-07 · firm text: Ernst & Young Inc. · firm quote: SECOND REPORT OF THE RECEIVER ## ERNST & YOUNG INC. · hours total: quote: TOTAL | | | 34,672.50 | 7,432.29 | - | 42,104.79 | 2,105.24 | 44,210.03 | 87.90 | · value: 87.9 · context quote: Ernst & Young Inc. ('EYI') consented to act as the trustee under the NOIs and as proposal trustee in this matter · context unverified: true; form: invoice_listing · rows: · money: approximate: false · period: end: 2018-09-30 · kind: cumulative · quote: EYI is seeking to have the fees and disbursements of Cassels for the period December, 2017 to September, 2018, passed and approved by this Honourable Court. · start: 2017-12-01 · approval: quote: EYI is seeking to have the fees and disbursements of Cassels for the period December, 2017 to September, 2018, passed and approved by this Honourable Court. · state: sought · averages: · currency: · invoices: date: 2017-12-31 · fees: 6708 · quote: 2035087 | December 31, 2017 | 17.5 | 6,708.00 $ | 98.25 $ | · disbursements: 98.25; date: 2018-02-07 · fees: 4432 · quote: 2036398 | February 7, 2018 | 11.2 | 4,432.00 $ | 510.01 $ | · disbursements: 510.01; date: 2018-02-26 · fees: 10846.5 · quote: 2037811 | February 26, 2018 | 25.7 | 10,846.50 $ | 105.75 $ | · disbursements: 105.75; date: 2018-03-12 · fees: 3845 · quote: 2038885 | March 12, 2018 | 8.0 | 3,845.00 $ | - $ |; date: 2018-04-10 · fees: 4235.5 · quote: 2041117 | April 10, 2018 | 10.1 | 4,235.50 $ | 104.07 $ | · disbursements: 104.07; date: 2018-05-07 · fees: 1447 · quote: 2043373 | May 7, 2018 | 3.2 | 1,447.00 $ | 1.74 $ | · disbursements: 1.74; date: 2018-06-07 · fees: 7291.5 · quote: 2045810 | June 7, 2018 | 17.9 | 7,291.50 $ | 8.75 $ | · disbursements: 8.75; date: 2018-07-12 · fees: 3316.5 · quote: 2049098 | July 12, 2018 | 9.3 | 3,316.50 $ | 238.00 $ | · disbursements: 238; date: 2018-09-12 · fees: 925.5 · quote: 2054050 | September 12, 2018 | 2.3 | 925.50 $ | 113.29 $ | · disbursements: 113.29 · firm text: Cassels Brock · firm quote: Cassels Brock Invoice Summary - Proposal · context quote: EYI is seeking to have the fees and disbursements of Cassels for the period December, 2017 to September, 2018, passed and approved by this Honourable Court.
- purchaserMercury Plastics of Canada, Inc.
- recovery outcomeentries: basis: actual · quote: Accordingly, the Receiver sought approval of this Honourable Court to distribute the net amount owing to the Buyer of $1,453,536 (the ' Net Amount Owing to Buyer ') and this amount was distributed to Mercury in accordance with the Interim Distribution Order. · pct of: unstated · outcome: distribution · stated by: receiver · amount low: 1453536 · cumulative: false · amount high: 1453536 · class label: Mercury · creditor name: Mercury · interim final: interim · claims qualifier: unstated; basis: actual · quote: Pursuant to the terms of the Interim Distribution Order, which authorized the Receiver to distribute from the Net Proceeds up to $13,054,464 to Hanover, the Receiver has distributed the sum of $13,040,915 to Hanover. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 13040915 · cumulative: false · amount high: 13040915 · class label: Hanover Investments Corporation Ltd. · creditor name: Hanover Investments Corporation Ltd. · interim final: interim · claims qualifier: unstated; basis: estimated · quote: As noted above, Hanover will realize a shortfall on its security value in excess of $30 million, and will exclusively bear the costs of the remaining steps and administrative procedures respecting these Receivership proceedings. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Hanover Investments Corporation Ltd. · creditor name: Hanover Investments Corporation Ltd. · interim final: unstated · claims qualifier: unstated · shortfall amount: 30000000 · stated on: 2018-10-03 · table missing:
- sale outcometext: The sale contemplated under and pursuant to the APA completed on March 1, 2018 · scope: whole_business · status: closed