Ontario · Receivership (court-appointed)
Court Report – June 12, 2008
Court officer report · 12 June 2008
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
- applicantCIT FINANCIAL LTD.
- appointeeZeifman Partners Inc.
- appointee roleInterim Receiver
- commencement date11 February 2008
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- secured creditorsnote: Issued demand and Notice of Intention to Enforce Security under s.244 BIA; referred to as 'First Secured Creditor' · page: 5 · debtor: International Conduits Ltd. · creditor: CIT Financial Ltd. · currency: CAD · security: Senior secured lender under secured loan facilities; PPSA search (effective June 3, 2008, at Tab 2) shows collateral claimed but amount not stated in report text
- unsecured creditorsnote: Related party: majority shareholder (~2/3 of ICL shares) and also guarantor on the CIT secured loan to ICL · page: 6 · basis: Stated by Receiver to be an unsecured creditor of ICL · debtor: International Conduits Ltd. · creditor: Universal Security Instruments Inc. (USI) · currency: CAD
- secured creditorsnote: Snowie Judgment set aside by consent order (Tab 7); validity and quantum of lien claim remain unresolved and to be determined in receivership; Receiver reserving funds pending determination · page: 11 · debtor: International Conduits Ltd. · creditor: GMB Installations Inc. · currency: CAD · security: Non-possessory lien under the Repair and Storage Lien Act (RSLA), per default judgment (Snowie Judgment) dated January 29, 2008
- unsecured creditorsnote: Disputed claim: NTD invoiced approximately $65,000 for work on Tube Mill components; Receiver's appraisal indicated lower value; counter-offer/settlement reached at $45,000 to permit inclusion of components in auction · page: 12 · basis: Supplier and creditor of ICL asserting a claim for repair work performed on components without supporting documentation of authorization · debtor: International Conduits Ltd. · creditor: NTD Precision Ltd. · currency: CAD
- unsecured creditorsnote: Supplier claimed possession of a Turkshead component; Receiver determined pursuit of component not cost-efficient given amount owed and low component value (~$10,000) · page: 12 · basis: Stated by Receiver as amount owed to supplier/unsecured creditor · amount: 18020 · debtor: International Conduits Ltd. · creditor: MHR Hydraulics Limited · currency: CAD