Quebec · Receivership (court-appointed)
Fifth Interim Report Submitted as Receiver
Court officer report · 15 July 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 filing11 verified
- cash on handnote: Amount in the possession of/controlled by the Receiver; Appendix A shows 1,166,405.71 retained in the trust account. Receiver notes approximately €1.2M remaining at the time of the report. · as at: 2016-06-30 · amount: 1166405.71 · currency: EUR · qualifier: approximately
- closing confirmedscope: the Real Property · outcome: completed · effective: 2015-03-31 · purchaser: Porta Möbel GmbH & Co. · date basis: stated · approval order date: 2014-12-18
- disbursementsnote: Text states €4,763K; Appendix A total is 4,762,214.84. Includes distributions to Secured Creditors €2,053K. · since: January 16, 2014 to June 30, 2016 · amount: 4762214.84 · currency: EUR
- operational summaryThe Real Property was sold in March 2015; the Receiver continues to monitor cash and maintain a reserve for potential SPA liabilities, and does not expect to complete the receivership before October 2016 at the earliest.
- professional feesnote: Report text states €530K for Receiver's and its legal counsels' fees; Appendix A line 'Receiver's fees and costs' is 530,363.97. Tax treatment not stated. Separate disbursements: asset manager's fees €413K; legal fees/disbursements of €302K were costs of the Secured Creditors. · party: Receiver (and the Receiver's legal counsels) · amount: 530363.97 · period: January 16, 2014 to June 30, 2016 · currency: EUR
- purchaserPorta Möbel GmbH & Co.
- receipts cumulativenote: Includes rental receivables €2,546K, realization of Real Property €1,824K, cash balances €1,458K, post-closing adjustments €66K, VAT refunds €35K. · since: January 16, 2014 to June 30, 2016 · amount: 5928620.55 · currency: EUR
- recovery outcomeentries: basis: actual · quote: Distributions to the Secured Creditors in the amount of €2,053K (as part of the regular/ scheduled quarterly payments to the Secured Creditors as per the loan agreement and as part of interim distributions to the Secured Creditors); · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 2053000 · amount high: 2053000 · class label: Secured Creditors · interim final: interim · claims qualifier: unstated · table missing:
- report date15 July 2016
- report noFifth Interim Report
- sale outcometext: The sale of H98's sole real estate asset to Porta closed and the transaction is complete; the receivership is nearing completion with remaining reserve funds. · scope: whole_business · status: closed