Ontario · Receivership (court-appointed)
Second Report of the Receiver dated December 6, 2024
Court officer report · 6 December 2024
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What we verified from this filing14 verified
- cash on handnote: Derived from the Interim R&D as the excess of cumulative receipts over cumulative disbursements for the period June 17, 2024 to December 5, 2024; not separately labeled 'cash on hand' in the report. · as at: 2024-12-05 · amount: 56058.67 · currency: CAD
- disbursementsnote: Covers the Interim R&D period June 17, 2024 to December 5, 2024. · since: June 17, 2024 (Appointment Date) · amount: 145866.42 · currency: CAD
- fee scheduleengagements: form: time_summary · rows: · money: tax: label: HST · quote: HST of $7,116.99 · amount: 7116.99 · fees: quote: comprised of fees of $54,260.00 · amount: 54260 · total: quote: totalling $62,418.99 (comprised of fees of $54,260.00, disbursements of $1,042.00 and HST of $7,116.99) · amount: 62418.99 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: disbursements of $1,042.00 · amount: 1042 · period: end: 2024-11-30 · kind: invoice · quote: for the time period commencing June 19, 2024 and ending November 30, 2024 · start: 2024-06-19 · approval: state: unstated · averages: rate: 502.72 · quote: The average hourly rate charged during the Period was $502.72. · currency: · invoices: · firm text: Chaitons LLP · firm quote: the Receiver has retained the firm of Chaitons LLP · context quote: Attached hereto and marked as Exhibit 'A' are copies of the accounts issued by Chaitons to the Receiver for the time period commencing June 19, 2024 and ending November 30, 2024
- operational summaryThe Debtor's principal asset, the Real Property, is being sold to the Stalking Horse Purchaser after the court-approved sale process was deemed terminated with the Stalking Horse Bid as the Successful Bid; upon closing, the Receiver's administration will be substantially complete and the Receiver intends to seek discharge.
- process resultsnote: Number of industry contacts sent the brochure; no LOI/qualified bid counts stated in the non-omitted text. · as of: 2024-12-06 · solicited: 6300
- professional feesnote: Excludes HST of $10,663.78 (total with HST $92,700.83). Receiver estimates further fees of $50,000 plus HST. Chaitons LLP (Receiver's counsel) accounts for the same period total $55,302.00 in fees and disbursements plus HST of $7,116.99 ($62,418.99 total), with an estimate of further fees of $35,000 plus HST. · party: Receiver (TDB Restructuring Limited) · amount: 82037.03 · period: June 17, 2024 to November 30, 2024 · currency: CAD
- purchaserCourtland Kitchener Inc.
- receipts cumulativenote: Includes advances made by MarshallZehr pursuant to the Receiver's Borrowing Charge totaling $200,000. · since: June 17, 2024 (Appointment Date) · amount: 201924.09 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Since MarshallZehr is expected to suffer a shortfall on its loan to the Debtor, the Receiver has not undertaken a review of the Equitable Mortgage. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: MarshallZehr · creditor name: MarshallZehr · interim final: unstated · claims qualifier: unstated · stated on: 2024-12-06 · table missing:
- report date6 December 2024
- report noSecond Report
- sale advisorColliers Macaulay Nicolls Inc.
- sale outcometext: The Sale Process Order established milestones; the Receiver seeks approval of the Stalking Horse APS and vesting of the Real Property in the Stalking Horse Purchaser. · scope: parcel · status: pending_approval
- stalking horseCourtland Kitchener Inc.