1291675 Ontario Corporation
Page last updated: August 21, 2014
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
On July 4, 2012, on the application of Farm Credit Canada (“FCC”), an Order was granted by the Ontario Superior Court of Justice (Commercial List) (the “Court”), pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA”) and section 101 of the Courts of Justice Act, R.S.O. 1990, c.C-43, as amended, that appointed PricewaterhouseCoopers Inc. as receiver (the "Receiver") of all of the assets, undertakings and properties (the “Property”) of 1291675 Ontario Corporation (“1291675” or the “Company”).
1291675 is a related party to Holly Parks Meat Packers Inc.
In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was mailed to all known creditors of the Company on July 12, 2012.
Status as of August 21, 2014
On August 19, 2014, the Receiver filed its Third and Final Report (the “Third Report”) to provide the Court with information in respect of:
- The Receiver’s activities from the date of the Supplemental Report to the date of the Third Report;
- The completion of the Sale Transaction (as defined in the Third Report) to MRM Properties Corp.;
- The Receiver’s statement of receipts and disbursements (the “Receiver’s R&D”) from the date of appointment to July 31, 2014;
and to seek an order from the Court:
- Approving the Third Report and the Receiver’s activities;
- Approving the Receiver’s R&D from July 4, 2012 to July 31, 2014;
- Declaring that all steps taken by and activities of the Receiver and all amounts distributed, or to be distributed, by the Receiver are approved; and
- Discharging the Receiver, subject to the Receiver completing its administration of the estate and distributing the remaining available funds held in trust by the Receiver, and subject to the Receiver filing a certificate evidencing same with the Court.
Status as of February 26, 2013
On January 29, 2013, the Court approved an Approval and Vesting Order as requested in the motion heard on January 29, 2013.
Status as of January 29, 2013
On January 15, 2013, the Receiver filed its Second Report to provide information to the Court with respect to:
- the Receiver’s activities from the date of the First Report;
- the Receiver’s receipts and disbursements from July 4, 2012 to December 18, 2012;
- the Sale Process completed by the Receiver;
- an agreement entered into by the Receiver and Zeifman Partners Inc. (“ZPI”), subject to the approval of the Court, for the sale of the Real Property and the Holly Park Meat Packers, Inc. (“Holly Park”) owned equipment situate on the Real Property to White Veal Meat Packers Ltd. (“White Veal”);
- the Receiver’s review of the validity and enforceability of the FCC Security in respect of the Real Property, and the opinion of the Receiver’s independent legal counsel, Miller Thomson LLP; and
- the Receiver’s review of the validity, enforceability and relative priority vis-à-vis the FCC Security of the security held by RBC against certain equipment owned by Holly Park and financed by RBC which may have become fixtures to the Real Property.
and to seek an order from the Court:
- approving the sale of the Real Property to White Veal and Vesting the Real Property in White Veal, free and clear of all encumbrances;
- sealing the bid summary and un-redacted version of the asset purchase agreement with White Veal, pending the closing of the sale transaction;
- authorizing the Receiver to distribute the portion of the funds from the sale of Real Property attributable to the RBC Fixtures in the amount agreed by FCC and Soreq or as determined by the Court, to ZPI for distribution in the Holly Park receivership;
- authorizing the Receiver to make such distributions to FCC as the Receiver deems appropriate, subsequent to the closing of the sale transaction with White Veal, subject to maintaining sufficient reserves to satisfy the Outstanding Disbursements as detailed in the Second Report and complete the administration of the Receivership Period; and
- approving the Second Report and the reported Receiver’s activities.
Status as of July 17, 2012
PricewaterhouseCoopers Inc. (“PwC”), in its capacity as court appointed Receiver of:
1291675 Ontario Corporation (“Holly Park Cookstown”)
is seeking interested parties to acquire a 28,665 sq. ft. food processing plant located in Cookstown, Ontario. With 15 refrigerated and freezer zones, the plant has been designed to offer processing flexibility and scalability. Supplying to wholesalers, foodservice and independent grocery retailers, the plant has also produced for the Kosher, Halal and Organic markets. Significant investment has been made in plant upgrades to meet the rigorous standards for CFIA and USDA approval.
To obtain detailed information on Holly Park Cookstown’s food processing plant, interested parties will be required to sign a confidentiality agreement. For additional information concerning the sale process, please contact Rozanne Kibel of the Receiver at (416) 814-5849. Binding offers are due August 14, 2012.
This Web site will be updated as information becomes available.
For more information, please contact: Sara de Verneuil, Telephone: +1 416 941 8383 ext. 14374, Fax: +1 416 814 3219, or via Email.