Ontario · Receivership (court-appointed)
Receiver’s Second Report to Court (for motion returnable October 25, 2023)
Court officer report · 25 October 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing11 verified
- cash on handnote: Combined cash proceeds for both 224Co. and 152Co. remaining from the two sale transactions. · as at: 2023-10-12 · amount: 3412516 · currency: CAD · qualifier: aggregate amount held in estate trust account
- closing confirmedscope: the Cherrycrest Purchased Assets / 35 Cherrycrest Drive, Brampton, Ontario · outcome: completed · effective: 2023-08-31 · purchaser: 1000567934 Ontario Inc. · date basis: stated · effective time: 12:29 p.m. · approval order date: 2023-07-19; scope: the Airport Road Purchased Assets / 12016 Airport Road, Caledon, Ontario · outcome: completed · effective: 2023-07-31 · purchaser: 2484460 Ontario Inc. · date basis: stated · effective time: 12:17 p.m. · approval order date: 2023-07-19
- fee scheduleengagements: form: prose · rows: · money: fees: quote: a total of $130,431.50 plus applicable taxes · amount: 130431.5 · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 496 · quote: at an average hourly rate of approximately $496 · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: This second report (' Second Report ') is filed by Albert Gelman Inc. (' AGI ') , in its capacity as receiver · hours total: quote: The Receiver's fees encompass 263.2 hours · value: 263.2 · context quote: in its capacity as receiver (in such capacity, the ' Receiver ') appointed, without security, over all of the assets, undertakings and properties; form: prose · rows: · money: fees: quote: total fees of $22,137.50 · amount: 22137.5 · total: quote: accounts totalling $25,073.58 inclusive of disbursements and applicable taxes · amount: 25073.58 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 875 · quote: at an average hourly rate of approximately $875 · currency: · invoices: · firm text: Paliare Roland · firm quote: Paliare Roland 's fees encompass 25.3 hours · hours total: quote: Paliare Roland 's fees encompass 25.3 hours · value: 25.3 · context unverified: true; form: prose · rows: · money: fees: quote: a total of $14,177.40 · amount: 14177.4 · total: quote: accounts totalling $16,220.30 inclusive of disbursements and applicable taxes · amount: 16220.3 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 569.37 · quote: at an average hourly rate of approximately $569.37 · currency: · invoices: · firm text: Wildeboer Dellelce · firm quote: Wildeboer Dellelce 's fees encompass 24.9 hours · hours total: quote: Wildeboer Dellelce 's fees encompass 24.9 hours · value: 24.9 · context unverified: true; form: prose · rows: · money: fees: quote: a total of $17,650.00 · amount: 17650 · total: quote: accounts totalling $20,031.09 inclusive of disbursements and applicable taxes · amount: 20031.09 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 544.75 · quote: at an average hourly rate of approximately $544.75 · currency: · invoices: · firm text: DLA Piper · firm quote: DLA Piper's fees encompass 32.4 hours · hours total: quote: DLA Piper's fees encompass 32.4 hours · value: 32.4 · context unverified: true; form: prose · rows: · money: fees: quote: a total of $333,385 · amount: 333385 · approximate: false · period: kind: cumulative · approval: state: unstated · averages: rate: 458 · quote: at an average hourly rate of approximately $458 · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: This second report (' Second Report ') is filed by Albert Gelman Inc. (' AGI ') , in its capacity as receiver · hours total: quote: The Receiver's fees encompass 727.9 hours · value: 727.9 · context quote: in its capacity as receiver (in such capacity, the ' Receiver ') appointed, without security, over all of the assets, undertakings and properties; form: prose · rows: · money: fees: quote: total fees of $33,889.50 · amount: 33889.5 · total: quote: accounts totalling $40,080.71 inclusive of disbursements and applicable taxes · amount: 40080.71 · includes tax: true · includes disbursements: true · approximate: false · period: kind: cumulative · approval: state: unstated · averages: rate: 743 · quote: at an average hourly rate of approximately $743 · currency: · invoices: · firm text: Paliare Roland · firm quote: Paliare Roland 's fees encompass 45.6 hours · hours total: quote: Paliare Roland 's fees encompass 45.6 hours · value: 45.6 · context unverified: true; form: prose · rows: · money: fees: quote: a total of $22,759.00 · amount: 22759 · approximate: false · disbursements: quote: prior to disbursements of $577.10 · amount: 577.1 · period: kind: cumulative · approval: state: unstated · averages: rate: 617 · quote: at an average hourly rate of approximately $617 · currency: · invoices: · firm text: Wildeboer Dellelce · firm quote: Wildeboer Dellelce fees encompass 36.9 hours · hours total: quote: Wildeboer Dellelce fees encompass 36.9 hours · value: 36.9 · context unverified: true
- financial positionnote: Only remaining assets are cash proceeds from the two sale transactions held in the Receiver's estate trust account. Secured liabilities: Lenders' revised total secured debt as of October 12, 2023 was $2,351,430 plus accruing interest (after $15.1 million interim distribution); Lenders' total secured debt was $17,274,314 plus accruing interest as of August 14, 2023. Unsecured liabilities: Estimated Unsecured CRA Debt (capital gains/recapture tax) approximately $1.13 million for 224Co. and $1.32 million for 152Co., total approximately $2.45 million, not yet assessed/due with 2023 T2 returns. · as at: 2023-10-12 · basis: unaudited financial information and records of the Companies · scope: entity - remaining cash proceeds held by the Receiver for 224Co. and 152Co. combined · currency: CAD · total assets: 3412516
- operational summaryThe Receiver completed and closed the sales of both the Cherrycrest Property and Airport Road Property, distributed proceeds to secured and priority creditors, and is now seeking to assign both companies into bankruptcy given their insolvency due to significant tax liabilities.
- professional feesnote: Receiver's fees encompass 263.2 hours at approximately $496/hour for a total of $130,431.50 plus applicable taxes; total requested inclusive of taxes is $147,387.60. Other professionals' fees also detailed: Paliare Roland total $25,073.58 (fees $22,137.50 for 25.3 hours), Wildeboer Dellelce total $16,220.30 (fees $14,177.40 for 24.9 hours), DLA Piper total $20,031.09 (fees $17,650.00 for 32.4 hours), all for periods within July 1 to October 12, 2023. · party: Receiver (Albert Gelman Inc.) · amount: 147387.6 · period: June 28 to October 12, 2023 · currency: CAD
- purchaser1000567934 Ontario Inc.; 2484460 Ontario Inc.
- recovery outcomeentries: basis: actual · quote: $40,172.61 in respect of realty taxes owing on the Airport Road Property; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 40172.61 · amount high: 40172.61 · class label: realty taxes owing on the Airport Road Property · interim final: unstated · claims qualifier: unstated; basis: actual · quote: $142,262.45 in respect of realty taxes owing on the Cherrycrest Property; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 142262.45 · amount high: 142262.45 · class label: realty taxes owing on the Cherrycrest Property · interim final: unstated · claims qualifier: unstated; basis: actual · quote: $8,606.59 to Canada Revenue Agency in respect of unpaid source deductions deemed trust owing by 224Co.; · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 8606.59 · amount high: 8606.59 · class label: unpaid source deductions deemed trust owing by 224Co. · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: unstated; basis: actual · quote: $114,897.67 to CRA in respect of HST deemed trust owing by 224Co.; · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 114897.67 · amount high: 114897.67 · class label: HST deemed trust owing by 224Co. · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: actual · quote: $2,684.85 to CRA in respect of unpaid source deductions deemed trust owing by 152Co.; · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 2684.85 · amount high: 2684.85 · class label: unpaid source deductions deemed trust owing by 152Co. · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: actual · quote: $164,555.98 to CRA in respect of HST deemed trust owing by 152Co.; · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · amount low: 164555.98 · amount high: 164555.98 · class label: HST deemed trust owing by 152Co. · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: actual · quote: $15.1 million to the Lenders as an interim distribution in respect of the Lenders ' secured indebtedness. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 15100000 · amount high: 15100000 · class label: the Lenders' secured indebtedness · creditor name: the Lenders · interim final: interim · claims qualifier: unstated · stated on: 2023-10-13 · table missing:
- report date13 October 2023
- report noSecond Report
- sale outcometext: Both the Airport Road Property and the Cherrycrest Property were sold by the Receiver in accordance with the 152Co. AVO and 224Co. AVO. Both sale transactions have closed · scope: whole_business · status: closed