Ontario · Receivership (court-appointed)
3rd report of the Receiver dated March 2, 2021
Court officer report · 2 March 2021
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 filing10 verified
- cash on handnote: Funds held in Receiver's counsel trust account comprised of non-refundable deposits · amount: 890000 · currency: CAD
- closing confirmedscope: the Property municipally known as 995-1001, 1003 & 1005 Broadview Avenue, Toronto, Ontario and 2 & 4 Mortimer Avenue, Toronto, Ontario · outcome: not_completed · purchaser: 102568 P.E.I Inc. · date basis: unstated · approval order date: 2020-10-20
- fee scheduleengagements: form: prose · rows: · money: fees: quote: 48.25 hours at an average hourly rate of approximately $395.42 for a total of $19,079.25 · amount: 19079.25 · approximate: true · disbursements: quote: prior to disbursements of $38.12 and applicable taxes · amount: 38.12 · period: kind: unstated · label: Billing Period · quote: The Receiver's fees for the Billing Period encompass 48.25 hours · approval: state: unstated · averages: rate: 395.42 · quote: average hourly rate of approximately $395.42 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: THIRD REPORT TO THE COURT OF BDO CANADA LIMITED, IN ITS CAPACITY AS COURT APPOINTED RECEIVER · hours total: quote: encompass 48.25 hours · value: 48.25 · context quote: IN ITS CAPACITY AS COURT APPOINTED RECEIVER OF THE PROPERTY MUNICIPALLY KNOWN AS 995-1001, 1003 & 1005 BROADVIEW AVENUE, TORONTO, ONTARIO AND 2 & 4 MORTIMER AVENUE, TORONTO, ONTARIO; form: prose · rows: · money: fees: quote: 97.30 hours at an average hourly rate of approximately $467.30 for a total of $45,468.29 · amount: 45468.29 · approximate: true · disbursements: quote: prior to disbursements of $376.75 and applicable taxes · amount: 376.75 · period: kind: unstated · label: Billing Period · quote: RA's fees for the Billing Period encompass 97.30 hours · approval: state: unstated · averages: rate: 467.3 · quote: average hourly rate of approximately $467.30 · currency: · invoices: · firm text: Robins Appleby LLP · firm quote: legal counsel, Robins Appleby LLP ("RA") as outlined herein and detailed in the supporting fee affidavits appended hereto · hours total: quote: encompass 97.30 hours · value: 97.3 · capacity text: legal counsel · context quote: RA's fees for the Billing Period encompass 97.30 hours at an average hourly rate of approximately $467.30 for a total of $45,468.29 prior to disbursements of $376.75 and applicable taxes.
- operational summaryThe Receiver is winding down a failed sale transaction after the purchaser repeatedly defaulted on closing despite multiple extensions, and is seeking to terminate the agreement, forfeit deposits, and distribute proceeds to the secured creditor.
- professional feesnote: RA's (Robins Appleby LLP) fees and disbursements for same period separately requested at $51,763.55 inclusive of tax · party: BDO Canada Limited (Receiver) · amount: 21602.67 · period: October 1, 2020 to February 28, 2021 · currency: CAD
- purchaser102568 P.E.I Inc.
- report date2 March 2021
- report noThird Report
- sale advisorAvison Young
- sale outcometext: The Receiver seeks to terminate the APS due to the Purchaser's default and retain the non-refundable deposit · scope: parcel · status: not_completed