Ontario · Receivership (court-appointed)
First Report of the Receiver dated February 16, 2016
Court officer report · 16 February 2016
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 filing12 verified
- cash on handnote: Net cash balance (excess of receipts over disbursements) per the Interim R&D for Nov 12, 2015 to Feb 12, 2016; exact figure $11,026.57. Excludes Bilnia's deposit and the cost of the totes purchased for the roof leak. · as at: 2016-02-12 · amount: 11027 · currency: CAD
- disbursementsnote: Per the Interim R&D to Feb 12, 2016 (exact $12,900.23). Excludes the cost of the totes purchased to address the roof leak. · since: 2015-11-12 (Receiver's appointment) · amount: 12900 · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Bryan A. Tannenbaum; Daniel R. Weisz; Arif N. Dhanani; Brenda Wong; Talib M. Contractor; Sandra Pereira; Donna Nishimura · money: tax: label: HST @ 13% · quote: HST @ 13% | | 5,073.31 · amount: 5073.31 · fees: quote: Total hours and professional fees | 146.20 | | $ 37,767.00 · amount: 37767 · total: quote: Total payable | | $ 44,098.80 · amount: 44098.8 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total disbursements | | $ 1,258,49 · amount: 1258.49 · period: end: 2016-02-12 · kind: invoice · label: Passing of Accounts Period · quote: For the period commencing November 12, 2015 to February 12, 2016 (the "Passing of Accounts Period") · start: 2015-11-12 · approval: quote: seek an order approving the fees and disbursements of the Receiver and of the Receiver's legal counsel, Paliare Roland Rosenberg Rothstein LLP ("Paliare Roland") to February 15, 2016. · state: sought · averages: rate: 258.32 · quote: Average Rate | | | $549.45 · currency: · invoices: tax: 5073.31 · fees: 37767 · quote: 1 | November 12, 2015 to February 12, 2016 | $37,767.00 | $1,258.49 | $5,073.31 | 146.20 | $258.32 | $44,098.80 · total: 44098.8 · period end: 2016-02-12 · average rate: 258.32 · period start: 2015-11-12 · disbursements: 1258.49 · firm text: Collins Barrow Toronto Limited · firm quote: Calculation of Average Hourly Billing Rates of Collins Barrow Toronto Limited for the Passing of Accounts Period · hours total: quote: Total hours and professional fees | 146.20 · value: 146.2 · context quote: For the period commencing November 12, 2015 to February 12, 2016 (the "Passing of Accounts Period"), the Receiver has been engaged in various activities in connection; form: time_summary · rows: Jeffrey Larry; Shoshana Israel · money: tax: label: HST 13%(ON,NB,NL) · quote: HST 13%(ON,NB,NL) | HST 13%(ON,NB,NL) | HST 13%(ON,NB,NL) | | | 1,564.29 · amount: 1564.29 · total: quote: TOTAL FEES, DISBURSEMENTS & TAXES: | TOTAL FEES, DISBURSEMENTS & TAXES: | TOTAL FEES, DISBURSEMENTS & TAXES: | | | 13,597.29 · amount: 13597.29 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2016-02-15 · kind: unstated · quote: the fees and disbursements of the Receiver and of the Receiver's legal counsel, Paliare Roland Rosenberg Rothstein LLP ("Paliare Roland") to February 15, 2016. · approval: quote: seek an order approving the fees and disbursements of the Receiver and of the Receiver's legal counsel, Paliare Roland Rosenberg Rothstein LLP ("Paliare Roland") to February 15, 2016. · state: sought · averages: · currency: · invoices: · firm text: Paliare Roland Rosenberg Rothstein LLP · firm quote: Paliare Roland Rosenberg Rothstein LLP ("Paliare Roland") · context quote: seek an order approving the fees and disbursements of the Receiver and of the Receiver's legal counsel, Paliare Roland Rosenberg Rothstein LLP ("Paliare Roland") to February 15, 2016.
- operational summaryThe Receiver is collecting rents from the 6 of 10 units that are tenanted and has accepted Bilnia's offer for the Property, seeking court approval of the sale. It is also dealing with a roof leak and preparing an interim distribution to First Source.
- professional feesnote: $37,767.00 fees + $1,258.49 disbursements + $5,073.31 HST. Receiver's counsel Paliare Roland: $12,094.33 fees and disbursements plus $1,572.33 HST, total $13,666.66, for the period ended Feb 15, 2016. · party: Collins Barrow Toronto Limited (the Receiver) · amount: 44098.8 · period: 2015-11-12 to 2016-02-12 · currency: CAD
- purchaserBilnia Investments Ltd.
- receipts cumulativenote: Per the Interim R&D to Feb 12, 2016 (exact $23,926.80: rent $21,174.20 plus HST collected $2,752.60). Excludes the Bilnia deposit. · since: 2015-11-12 (Receiver's appointment) · amount: 23927 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: authorizing and directing the Receiver to make an interim distribution to First Source from the Net Sale Proceeds of the Property up to the amount of the secured indebtedness owed to First Source; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · cumulative: false · class label: First Source · creditor name: First Source Mortgage Corporation · interim final: interim · related party: false · conditional on: up to the amount of the secured indebtedness owed to First Source · claims qualifier: unstated · stated on: 2016-02-16 · table missing:
- report date16 February 2016
- report noFirst Report
- sale advisorDTZ Canada Inc.
- sale outcometext: Receiver seeking order authorizing and directing it to enter into and carry out the APS with Bilnia · scope: parcel · status: pending_approval