Ontario · CCAA
Seventeenth Report of the Monitor dated May 21, 2021
Court officer report · 21 May 2021
Also filed as: Thirteenth Report of the Proposal Trustee dated May 21, 2021
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 filing2 verified
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 570.18 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $570.18 and $549.66, respectively. · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. ('KSV') · context quote: KSV Restructuring Inc. ('KSV') 1 was appointed monitor (in such capacity, the 'Monitor'); form: prose · rows: · money: approximate: false · period: end: 2021-04-30 · kind: invoice · quote: for the period between February 1, 2021 and April 30, 2021 · start: 2021-02-01 · approval: state: unstated · averages: rate: 549.66 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $570.18 and $549.66, respectively. · currency: · invoices: · firm text: Bennett Jones · firm quote: the accounts of Bennett Jones rendered to the Monitor for the fees and disbursements incurred by Bennett Jones in connection with these proceedings for the period between February 1, 2021 and April 30, 2021. · context quote: the accounts of Bennett Jones rendered to the Monitor for the fees and disbursements incurred by Bennett Jones in connection with these proceedings for the period between February 1, 2021 and April 30, 2021.
- recovery outcomeentries: basis: actual · quote: the Monitor has distributed from the Surplus: (a) the full amount owing to 2557725 Ontario Inc.; and (b) approximately $4.4 million, representing 50% of the amounts owing to the other Wang secured creditors. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · amount low: 3086000 · amount high: 3086000 · class label: 2557725 Ontario Inc. (secured creditor with claim against 22 Old Kennedy) · claims amount: 3086000 · creditor name: 2557725 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: the Monitor has distributed from the Surplus: (a) the full amount owing to 2557725 Ontario Inc.; and (b) approximately $4.4 million, representing 50% of the amounts owing to the other Wang secured creditors. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · amount low: 4400000 · amount high: 4400000 · class label: other Wang secured creditors · interim final: unstated · conditional on: Additional distributions to secured creditors of Wang will be made once the Claims Procedure is completed · claims qualifier: unstated; basis: actual · quote: The secured distributions repaid in full the amount owing to a mortgagee of the real property owned by 22 Old Kennedy Development Inc. and 50% of the amounts owing to several mortgagees whose obligations were personally guaranteed by Mr. Wang on a secured basis. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: mortgagee of the real property owned by 22 Old Kennedy Development Inc. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: there are expected to be nominal amounts available for distribution to unsecured creditors of the Birchmount Applicant and/or Mr. Wang · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · class label: unsecured creditors of the Birchmount Applicant and/or Mr. Wang · interim final: unstated · conditional on: nominal amounts expected to be available for distribution · claims qualifier: unstated · stated on: 2021-05-21 · table missing: