Ontario · Receivership (court-appointed)
First Report of the Receiver dated November 1, 2024
Court officer report · 1 November 2024
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 filing8 verified
- financial positionnote: Debtor indebted to MarshallZehr under the Loan in the amount of $20,702,261.73 (as at April 1, 2024, per Hayes affidavit); Debtor also indebted to 9509 in approximately $8 million (as advised September 23, 2024); property tax arrears to City of Kitchener estimated at approximately $162,613 as of December 31, 2024. These are components, not a stated total assets/liabilities figure for the estate. · basis: Statement of Affairs / Receiver's estimate · scope: entity - Spotlight on Courtland Inc. (Debtor's real property and related property taxes) · currency: CAD
- operational summaryThe Debtor's real property is undeveloped vacant land with no ongoing business operations or employees; the Receiver is focused on marketing the property for sale through a court-approved sale process, having negotiated a stalking horse agreement of purchase and sale with Courtland Kitchener Inc.
- purchaserCourtland Kitchener Inc.
- report date1 November 2024
- report noFirst Report
- sale advisorColliers Macaulay Nicolls Inc.
- sale outcometext: Receiver seeking approval of Sale Process and Stalking Horse APS as stalking horse bid · scope: parcel · status: pending_approval
- stalking horseCourtland Kitchener Inc.