Ontario · Receivership (court-appointed)
Sale Approval Motion Record
Application / notice of application · 19 November 2024
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What we verified from this filing11 verified
- applicantCANADIAN WESTERN BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-23-00000396-0000
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43
- appointeeMNP Ltd.
- appointee rolereceiver and manager
- secured creditorsnote: First-ranking secured creditor; approximate figure of $3,000,000 plus interest and legal fees also stated in prose as of October 31, 2024 (para 1, motion grounds); independent legal opinion confirms security valid, enforceable, and registered first-in-time; CWB will suffer a shortfall/significant shortfall on recovery · page: 7 · as of: 2024-10-31 · amount: 3016160.4 · debtor: 2533550 Ontario Inc. · creditor: Canadian Western Bank · currency: CAD · security: First-ranking general security agreement; Charge/Mortgage registered against the Property under Land Titles
- unsecured creditorsnote: Amount not stated; included with CRA in the $400,000 reserve/holdback rationale · page: 8 · basis: Receiver identifies potential priority claim in respect of municipal taxes as grounds for reserve · debtor: 2533550 Ontario Inc. · creditor: Town of Cambridge (municipal taxes, potential priority claim) · currency: CAD
- unsecured creditorsnote: Priority/potential priority claim; company records indicate all such liabilities were paid in full as of receivership date, but Receiver awaiting CRA trust exam; Receiver estimates maximum liability should not exceed $100,000; reserve of $400,000 (comprising $300,000 for Receiver's fees/disbursements/HST and $100,000 for potential pre-receivership DAS/HST) proposed · page: 24 · basis: Receiver's estimate pending CRA trust examination confirming pre-receivership DAS/HST obligations · debtor: 2533550 Ontario Inc. · creditor: Canada Revenue Agency (potential pre-receivership source deductions/HST) · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2024-10-31 · kind: cumulative · quote: THIS COURT ORDERS that the Receiver's interim statements of receipts and disbursements for the period of January 10, 2024 to October 31, 2024, appended to the First Report, is herby approved. · start: 2024-01-10 · approval: quote: THIS COURT ORDERS that the fees and disbursements of the Receiver for the period ending October 31, 2024, as set out in the fee affidavit of Jerry Henechowicz appended to the First Report, are hereby approved. · state: approved · averages: rate: 543.6 · quote: The average hourly rate in respect of the account is $ $543.60. · currency: · invoices: · firm text: MNP Ltd. · firm quote: MNP Ltd., in its capacity as the Court-Appointed receiver and manager · context quote: MNP Ltd., in its capacity as the Court-Appointed receiver and manager (in such capacities, the ' Receiver ') of all of the assets, undertakings and properties of 2533550 Ontario Inc.; form: prose · rows: · money: total: quote: DW's fees and disbursements in representing the Receiver during the period from its appointment until April 30, 2024, total $60,812.59 including HST, including an · amount: 60812.59 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2024-04-30 · kind: invoice · quote: DW's fees and disbursements in representing the Receiver during the period from its appointment until April 30, 2024, total $60,812.59 including HST, including an · approval: state: unstated · averages: · currency: · invoices: · firm text: Dickinson Wright LLP · firm quote: DW's fees and disbursements in representing the Receiver · context quote: DW's fees and disbursements in representing the Receiver during the period from its appointment until April 30, 2024, total $60,812.59 including HST, including an
- recovery outcomeentries: basis: estimated · quote: CWB, which will suffer a significant shortfall in the recovery of its first-ranking secured claim supports completion of the Transaction. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Canadian Western Bank · creditor name: Canadian Western Bank · interim final: unstated · claims qualifier: unstated · stated on: 2024-11-19 · table missing: