Manitoba · Receivership (court-appointed)
First Report of the Receiver dated 7 July 2022
Court officer report · 7 July 2022
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What we verified from this filing16 verified
- applicantRoyal Bank of Canada
- appointeeErnst & Young Inc.
- appointee roleReceiver
- courtTHE QUEEN'S BENCH
- court file noCI 19-01-22281
- statutory basisSection 243 of the Bankruptcy and Insolvency Act, and Section 55 of The Court of Queen's Bench Act
- commencement date31 July 2019
- cash on handas at: 2022-06-30 · amount: 142000 · currency: CAD · qualifier: approximately
- disbursementsnote: Narrative text states 'approximately $1,503,000', comprised of utilities, insurance, professional fees, repairs, site operations, and GST/HST/PST. · since: July 31, 2019 (Receivership Date) to June 30, 2022 · amount: 1503121.47 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: fees: quote: 322,097.50 $ · amount: 322097.5 · total: quote: Total | | | 322,097.50 $ | - $ | 322,097.50 $ · amount: 322097.5 · includes tax: false · includes disbursements: true · approximate: false · disbursements: quote: - $ · amount: 0 · period: kind: cumulative · quote: Summary of Invoices issued by Ernst & Young Inc. · approval: state: unstated · averages: · currency: · invoices: date: 2019-11-01 · fees: 77950 · quote: CA12C500004342 | 01-Nov-19 | 200.7 | 77,950.00 $ | - $ | 77,950.00 $ · total: 77950 · disbursements: 0; date: 2020-06-29 · fees: 62000 · quote: CA12C500005331 | 29-Jun-20 | 198.2 | 62,000.00 | - | 62,000.00 · total: 62000 · disbursements: 0; date: 2021-05-20 · fees: 87647.5 · quote: CA12C500006696 | 20-May-21 | 205.8 | 87,647.50 | - | 87,647.50 · total: 87647.5 · disbursements: 0; date: 2022-06-30 · fees: 94500 · quote: CA12C500008250 | 30-Jun-22 | 200.5 | 94,500.00 | - | 94,500.00 · total: 94500 · disbursements: 0 · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. as receiver · context quote: Receiver of 5409676 Manitoba Ltd. and Polar Bear Properties Ltd.; form: invoice_listing · rows: · money: fees: quote: 40,776.39 · amount: 40776.39 · total: quote: Total | | | | 40,776.39 | 2,827.40 $ | 43,603.79 $ · amount: 43603.79 · includes tax: false · includes disbursements: true · approximate: false · disbursements: quote: 2,827.40 $ · amount: 2827.4 · period: kind: cumulative · quote: Summary of Invoices issued by Thompson Dorfman Sweatman LLP · approval: state: unstated · averages: · currency: · invoices: date: 2021-03-31 · fees: 950.75 · quote: 635612 | 31-Mar-21 | 3.4 | 950.75 | 66.50 | 1,017.25 $ · total: 1017.25 · disbursements: 66.5; date: 2021-04-30 · fees: 3388 · quote: 637902 | 30-Apr-21 | 7.5 | 3,388.00 | 236.25 | 3,624.25 $ · total: 3624.25 · disbursements: 236.25; date: 2021-06-30 · fees: 1895 · quote: 642619 | 30-Jun-21 | 4.2 | 1,895.00 | 132.30 | 2,027.30 $ · total: 2027.3 · disbursements: 132.3; date: 2021-08-03 · fees: 990.75 · quote: 645260 | 03-Aug-21 | 2.2 | 990.75 | 69.30 | 1,060.05 $ · total: 1060.05 · disbursements: 69.3; date: 2021-08-31 · fees: 2077.5 · quote: 647739 | 31-Aug-21 | 4.6 | 2,077.50 | 144.90 | 2,222.40 $ · total: 2222.4 · disbursements: 144.9; date: 2021-09-29 · fees: 1666 · quote: 649873 | 29-Sep-21 | 3.7 | 1,666.00 | 116.55 | 1,782.55 $ · total: 1782.55 · disbursements: 116.55; date: 2021-11-30 · fees: 1036.75 · quote: 655062 | 30-Nov-21 | 2.3 | 1,036.75 | 72.45 | 1,109.20 $ · total: 1109.2 · disbursements: 72.45; date: 2021-12-18 · fees: 1575.25 · quote: 658639 | 18-Dec-21 | 3.5 | 1,575.25 | 110.25 | 1,685.50 $ · total: 1685.5 · disbursements: 110.25; date: 2022-01-31 · fees: 5805 · quote: 661906 | 31-Jan-22 | 11.1 | 5,805.00 | 405.90 | 6,210.90 $ · total: 6210.9 · disbursements: 405.9; date: 2022-02-28 · fees: 2619.98 · quote: 663864 | 28-Feb-22 | 5.1 | 2,619.98 | 180.08 | 2,800.06 $ · total: 2800.06 · disbursements: 180.08; date: 2022-03-31 · fees: 2969 · quote: 666545 | 31-Mar-22 | 5.9 | 2,969.00 | 206.68 | 3,175.68 $ · total: 3175.68 · disbursements: 206.68; date: 2020-12-19 · fees: 2623 · quote: 628186 | 19-Dec-20 | 6.4 | 2,623.00 | 183.23 | 2,806.23 $ · total: 2806.23 · disbursements: 183.23; date: 2020-01-29 · fees: 3614.5 · quote: 630697 | 29-Jan-20 | 8.0 | 3,614.50 | 248.85 | 3,863.35 $ · total: 3863.35 · disbursements: 248.85; date: 2020-11-27 · fees: 1375.71 · quote: 623850 | 27-Nov-20 | 3.2 | 1,375.71 | 94.68 | 1,470.39 $ · total: 1470.39 · disbursements: 94.68; date: 2020-09-29 · fees: 1062 · quote: 619066 | 29-Sep-20 | 2.5 | 1,062.00 | 73.50 | 1,135.50 $ · total: 1135.5 · disbursements: 73.5; date: 2020-05-29 · fees: 666 · quote: 611295 | 29-May-20 | 1.6 | 666.00 | 46.38 | 712.38 $ · total: 712.38 · disbursements: 46.38; date: 2020-01-31 · fees: 1045.5 · quote: 603527 | 31-Jan-20 | 2.6 | 1,045.50 | 72.80 | 1,118.30 $ · total: 1118.3 · disbursements: 72.8; date: 2019-10-31 · fees: 884.25 · quote: 593906 | 31-Oct-19 | 2.2 | 884.25 | 61.60 | 945.85 $ · total: 945.85 · disbursements: 61.6; date: 2019-11-29 · fees: 400 · quote: 596287 | 29-Nov-19 | 1.0 | 400.00 | 28.00 | 428.00 $ · total: 428 · disbursements: 28; date: 2019-08-30 · fees: 3811.2 · quote: 589649 | 30-Aug-19 | 9.1 | 3,811.20 | 254.80 | 4,066.00 $ · total: 4066 · disbursements: 254.8; date: 2019-09-30 · fees: 320.25 · quote: 591571 | 30-Sep-19 | 0.8 | 320.25 | 22.40 | 342.65 $ · total: 342.65 · disbursements: 22.4 · firm text: Thompson Dorfman Sweatman LLP · firm quote: Summary of Invoices issued by Thompson Dorfman Sweatman LLP · context quote: Summary of Invoices issued by Thompson Dorfman Sweatman LLP
- financial positionnote: Components per Summary of Assets: Cash $64,642; Accounts Receivable $169,126; Land and Building $28,573,982; Total Assets $28,807,750. Note states 'The Receiver has not yet performed an assessment of the fair market value of the assets.' · as at: 2019-07-31 · basis: unaudited financial statements provided by management on the Receivership Date; net book value; Receiver has not assessed fair market value · scope: combined Property of 5409676 Manitoba Ltd. and Polar Bear Properties Ltd. (the Debtors) · currency: CAD · total assets: 28807750
- operational summaryThe Receiver continues to operate the Forest View Suites apartment complex through a property manager while pursuing sale of the property; the North Tower remains closed to leasing following a September 2019 fire, no property insurance coverage was in place, and the Receiver has accepted a conditional offer to purchase from 1299570 B.C. Ltd.
- professional feesnote: TDS (legal counsel) fees and disbursements to date total $43,603.79 (excluding GST), reported separately. · party: Ernst & Young Inc. (the Receiver) · amount: 322097.5 · period: during the receivership (to June 30, 2022, excluding GST) · currency: CAD
- receipts cumulativenote: Narrative text states 'approximately $1,645,000'. · since: July 31, 2019 (Receivership Date) to June 30, 2022 · amount: 1644849.66 · currency: CAD
- report date7 July 2022
- report noFirst Report