Ontario · Interim receivership
First Report to Court – dated 2026-04-21
Court officer report · 21 April 2026
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 the Receiver's trust accounts as at the date of this report. · as at: 2026-04-21 · amount: 7156944.19 · currency: CAD
- closing confirmedscope: all thirteen (13) Transactions · outcome: completed · date basis: stated_partial · approval order date: 2025-12-03
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $84,702.50 · amount: 84702.5 · approximate: false · disbursements: quote: prior to disbursements of $800.28 and applicable taxes · amount: 800.28 · period: end: 2026-04-19 · kind: invoice · quote: The Receiver's fees for the period December 4, 2025, to April 19, 2026 encompass 296.50 hours at an average hourly rate of approximately $285.67 for a total of $84,702.50 prior to disbursements of $800.28 and applicable taxes. · start: 2025-12-04 · approval: state: unstated · averages: rate: 285.67 · quote: an average hourly rate of approximately $285.67 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: FIRST REPORT TO THE COURT SUBMITTED BY BDO CANADA LIMITED, IN ITS CAPACITY AS COURT APPOINTED RECEIVER · hours total: quote: encompass 296.50 hours at an average hourly rate of approximately $285.67 · value: 296.5 · context quote: FIRST REPORT TO THE COURT SUBMITTED BY BDO CANADA LIMITED, IN ITS CAPACITY AS COURT APPOINTED RECEIVER; form: prose · rows: · money: fees: quote: for a total of $34,807.50 prior to applicable taxes · amount: 34807.5 · approximate: false · period: end: 2026-03-18 · kind: invoice · quote: WeirFoulds fees for the period December 4, 2025 to March 18, 2026 encompass 62.3 hours · start: 2025-12-04 · approval: state: unstated · averages: rate: 558.71 · quote: an average hourly rate of approximately $558.71 · currency: · invoices: · firm text: WeirFoulds · firm quote: WeirFoulds fees for the period December 4, 2025 to March 18, 2026 encompass 62.3 hours at an average hourly rate of approximately $558.71 for a total of $34,807.50 prior to applicable taxes. · hours total: quote: encompass 62.3 hours at an average hourly rate of approximately $558.71 · value: 62.3 · context quote: The fees and disbursements of WeirFoulds for the period of December 4, 2025, to March 18, 2026, are
- operational summaryThe Companies ceased operating their Popeyes franchise locations after termination by the franchisor, and the Receiver has since closed all thirteen sale transactions for the locations; the Companies now have no operations, no employees, and no remaining assets, and are to be assigned into bankruptcy.
- professional feesnote: Figure inclusive of applicable taxes and disbursements ($84,702.50 in fees plus $800.28 disbursements before tax). WeirFoulds (Receiver's counsel) fees separately totaled $39,332.48 inclusive of applicable taxes for the period December 4, 2025 to March 18, 2026. · party: BDO Canada Limited, as Receiver · amount: 96618.14 · period: December 4, 2025 to April 19, 2026 · currency: CAD
- purchaserprice: basis: cash · sealed: false · currency: CAD · scope: the thirteen (13) sale transactions... contemplated by the thirteen (13) respective asset purchase agreements... for the Locations operated by the Companies · status: closed · name note: purchasers of the thirteen Franchise Locations, unnamed · structure: assets · name source: recital · relationship: unstated
- recovery outcomeentries: basis: estimated · quote: Based upon the proceeds from the closing of the Transactions, there will not be sufficient funds to repay the indebtedness owed by the Companies to Meridian and, as a result, Meridian is expected to suffer a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Meridian Credit Union Limited · creditor name: Meridian · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: No assets remain to be liquidated, and no amounts will be distributed to the remaining creditors of the Companies. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: remaining creditors of the Companies · interim final: unstated · claims qualifier: unstated · stated on: 2026-04-21 · table missing:
- report date21 April 2026
- report noFirst Report
- sale outcometext: the Receiver closed all thirteen (13) Transactions · scope: whole_business · status: closed