Nova Scotia · Receivership (court-appointed)
First Report of the Receiver - April 29, 2014
Court officer report · 29 April 2014
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
- cash on handnote: Balance of the general operating account per the Statement of Receipts and Disbursements; separate trust balances also held: rental deposit account $32,682.89, capital account $16,485.01, and $228,431.41 HST rebate held in trust. · as at: 2013-04-04 · amount: 54848.53 · currency: CAD
- disbursementsnote: Cash basis total disbursements per the statement. · since: September 10, 2012 (Receivership Date), through April 4, 2013 · amount: 618780.59 · currency: CAD
- operational summaryThe Receiver continues to operate the co-operative's four housing neighbourhoods through property manager Pathways, collecting rent and approving repairs as needed. It has made only minor repairs and is seeking court approval to sell all assets to NSHDC for $5,000,000.
- professional feesnote: Receiver's fees per the statement of receipts and disbursements (cash basis). Other professional fees paid in the period include legal fees $20,512.04, prior Monitor's fees $49,022.55 and other professional fees $20,690.51; tax treatment not stated. · party: Grant Thornton Limited, as Receiver · amount: 43699.5 · period: September 10, 2012 to April 4, 2013 · currency: CAD
- receipts cumulativenote: Total receipts include opening cash on hand of $222,708.82 and rental income of $449,751.46. · since: September 10, 2012 (Receivership Date), through April 4, 2013 · amount: 673629.12 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: | Shortfall | $ (6,444,416) | $ (7,556,966) | $ (4,360,000) | · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: NSHDC (Secured Debt) · claims amount: 9360000 · creditor name: NSHDC · interim final: unstated · claims qualifier: unstated · shortfall amount: 6444416 · stated on: 2013-04-29 · table missing:
- report date29 April 2013
- report noFirst Report