Ontario · Receivership (court-appointed)
First Report of the Receiver – dated September 9, 2024
Court officer report · 9 September 2024
Also filed as: First Report of the Receiver – dated September 9, 2024; First Report of the Receiver – dated September 9, 2024; First Report of the Receiver – dated September 9, 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
- cash on handnote: Estate Cash Balance per interim statement of receipts and disbursements · as at: 2024-09-05 · amount: 651000 · currency: CAD · qualifier: approximately
- disbursementsnote: Rotalec Canada Inc. interim statement of receipts and disbursements, in $000's; does not reflect professional fees not yet disbursed · since: August 1, 2024 · amount: 57000 · currency: CAD
- operational summaryRotalec Canada's assets were sold via an expedited sale process to Continental Capital Investments Inc., while selected inventory was sold in the ordinary course to fulfill outstanding customer orders; Buchh Holding's 50% shares in UGP were being sold to Pamposh Holdings Inc. to allow UGP to continue as a going concern.
- professional feesnote: Excludes sales taxes. Interim Receiver's fees for period up to end of Interim Receivership were $53,196.75 (excluding sales taxes); Fasken (Receiver's counsel) fees for period ended August 31, 2024 were $35,213.50 plus disbursements of $753.30, excluding sales taxes. · party: Receiver (Richter Inc.) · amount: 118458.9 · period: date of appointment to August 16, 2024 · currency: CAD
- receipts cumulativenote: Rotalec Canada Inc. interim statement of receipts and disbursements, in $000's · since: August 1, 2024 · amount: 708000 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Bank, the primary secured lender, supports the Buchh Holding Transaction notwithstanding the fact that it will not be repaid in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: The Bank · creditor name: TD Bank · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Bank, the primary secured lender, supports the Rotalec Canada Transaction notwithstanding that the Bank will not be repaid in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: The Bank · creditor name: TD Bank · interim final: unstated · claims qualifier: unstated · table missing:
- report date9 September 2024
- report noFirst Report