Ontario · CCAA
Fourth Report of the Monitor
Court officer report · 11 November 2025
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What we verified from this filing10 verified
- cash on handnote: Also described narratively as 'approximately $2.8 million in Proceeds' as of the date of this Fourth Report. · as at: 2025-10-31 · amount: 2810000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Transaction · outcome: completed · effective: 2024-12-16 · purchaser: Body and Lotion Inc. · date basis: stated · approval order date: 2024-12-13
- disbursementsnote: Figure shown in $'000s in the Cash Flow Summary table as professional fees disbursed since the Third Report. · since: date of Third Report · amount: 555000 · currency: CAD
- operational summaryTBS Canada's business has already been sold pursuant to the Transaction; the Monitor is now focused on winding down the estate, including finalizing the Claims Procedure, resolving withholding tax obligations with CRA, and pursuing recovery from the UK Parent's administration proceeding before making distributions to creditors.
- professional feesnote: A further approximately $80,000 was paid to the Company's legal counsel and tax advisors over the same period. · party: Monitor and the Monitor's legal counsel · amount: 475000 · period: since the Third Report, related to closing of the Transaction and post-closing workstreams · currency: CAD
- purchaserBody and Lotion Inc.
- recovery outcomeentries: basis: estimated · quote: Based on the Illustrative Recovery Analysis, the Monitor estimates that Claimants with an accepted Claim will receive a recovery ranging from approximately 64.4% to 100% of the accepted Claim amount. · pct of: unstated · outcome: distribution · pct low: 64.4 · pct high: 100 · class key: unsecured · stated by: monitor · class label: Claimants with an accepted Claim · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: an updated range of recovery to unsecured creditors from what was outlined in the February UK Letter, of 17% to 28% in the Low and High scenarios, respectively. · pct of: unstated · outcome: distribution · pct low: 17 · pct high: 28 · class key: unsecured · stated by: unstated · class label: unsecured creditors of the UK Parent · creditor name: UK Parent (TBSI Realisations Limited) · interim final: unstated · related party: true · claims qualifier: unstated; basis: estimated · quote: Preferential and secondary preferential claims are expected to be paid in full. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: unstated · class label: preferential and secondary preferential creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on current estimates, the Administrators anticipate the dividend to unsecured creditors will be in the range of 17 to 28 pence in the pound. · pct of: unstated · outcome: distribution · pct low: 17 · pct high: 28 · class key: unsecured · stated by: unstated · class label: unsecured creditors · claims amount: 249627333 · interim final: unstated · claims qualifier: listed · stated on: 2025-11-11 · table missing:
- report date11 November 2025
- report noFourth Report
- sale outcometext: The Transaction closed on December 16, 2024 · scope: whole_business · status: closed