Ontario · Receivership (court-appointed)
Third Report of the Receiver dated September 10, 2018 (without appendices)
Court officer report · 10 September 2018
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What we verified from this filing10 verified
- cash on handnote: Balance held in the Receiver's trust account per the Interim Statement of Receipts and Disbursements. · as at: 2018-09-10 · amount: 904315.45 · currency: CAD
- closing confirmedscope: the sale to SVI · outcome: completed · effective: 2015-03-31 · purchaser: Schlegel Villages Inc. (assignee: Fairview LTC) · date basis: stated · approval order date: 2014-09-25
- operational summaryThe receivership is in a wind-down phase following completion of the SVI sale and final reconciliation of MOHLTC funding amounts; remaining tasks involve monitoring the vendor take-back mortgage and effecting a second distribution, after which the Receiver intends to assign Fairview into bankruptcy.
- professional feesnote: Fees and disbursements of $223,893.17 plus HST of $29,106.11, for a total of $252,999.28. Also requested: Foglers (current counsel) interim fees of $56,959.81 plus HST of $7,404.80, total $64,364.67 for period April 28, 2016 to September 6, 2018; and Cowlings (former counsel) final fees of $146,435.92 plus HST of $19,001.59, total $165,437.51 for period July 30, 2014 to March 2, 2016. · party: Receiver (BDO Canada Limited) · amount: 252999.28 · period: September 2, 2014 to August 24, 2018 · currency: CAD
- purchaserSchlegel Villages Inc.
- recovery outcomeentries: basis: actual · quote: 4.3.1 Following the receipt of funds from the Herbert Estate (as reported above), on April 23, 2015 and pursuant to the Interim Distribution Order, the Receiver distributed to the Bank, the sum of $563,343.43, in ful[ satisfaction the indebtedness it was owed. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · amount low: 563343.43 · amount high: 563343.43 · class label: The Bank · creditor name: The Toronto-Dominion Bank · interim final: unstated · related party: false · claims qualifier: unstated; basis: estimated · quote: 9.4 Following the payment of professional costs as set oufi above, the Receiver is recommending a second distribution in the amount of $620,000.00, representing the fult repayment of Receiver's Certificate No. 1 including accrued interest with a partial repayment of amounts due under Receiver's Certificate No. 2. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 620000 · amount high: 620000 · class label: Herbert Estate (Receiver's Borrowing Certificates) · creditor name: Herbert Estate · interim final: unstated · related party: false · conditional on: full repayment of Receiver's Certificate No. 1 including accrued interest with a partial repayment of amounts due under Receiver's Certificate No. 2 · claims qualifier: unstated · stated on: 2018-09-10 · table missing:
- report date10 September 2018
- report noThird Report
- sale advisorunnamed real estate broker
- sale outcometext: the sale to SVI closed on March 31, 2015 · scope: whole_business · status: closed