Ontario · Receivership (court-appointed)
Second Interim Report of the Receiver- Section 246(2) of the BIA
Court officer report · 30 May 2025
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 filing4 verified
- operational summaryFollowing closing of the RVO Transaction on March 17, 2025, the Company's business and assets were sold to Taro Pharmaceuticals, with excluded assets/liabilities transferred to ResidualCo; no further assets remain to be realized except certain sales tax refunds, and the receivership is winding down toward a final distribution and discharge.
- recovery outcomeentries: basis: actual · quote: The distributions approved under the Interim Distribution Order represent a recovery of approximately 42% for unsecured proven claims. · pct of: proven_claims · outcome: distribution · pct low: 42 · pct high: 42 · class key: unsecured · stated by: receiver · amount low: 17800000 · amount high: 17800000 · class label: unsecured creditors · interim final: interim · claims qualifier: unstated; basis: actual · quote: On April 3, 2025 following closing of the Transaction, the Honourable Mr. Justice Osborne of the Court granted an order (the ' Interim Distribution Order '), authorizing the Receiver to issue interim distributions totalling approximately $17.8 million to unsecured creditors, and $2,000 to preferred creditors (collectively, the ' Interim Distributions '). · pct of: unstated · outcome: distribution · class key: preferred · stated by: receiver · amount low: 2000 · amount high: 2000 · class label: preferred creditors · claims amount: 2000 · interim final: interim · claims qualifier: proven; basis: unstated · quote: At this time, the Receiver is not able to reasonably estimate the quantum of any final distribution, if any, that may be available for the benefit of unsecured creditors. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: final · conditional on: should the Receiver determine there are excess funds available for distribution · claims qualifier: unstated; basis: actual · quote: In accordance with the Ancillary Order, the Receiver distributed the Priority Amount to Nuance. · pct of: unstated · outcome: distribution · currency: USD · class key: deemed_trust · stated by: receiver · class label: Nuance Pharma Ltd. (trust claim) · claims amount: 519000 · creditor name: Nuance Pharma Ltd. · interim final: unstated · currency quote: US$519,000 · claims qualifier: proven · stated on: 2025-05-30 · table missing:
- report date30 May 2025
- report noSecond Interim Report