F-K-P Tool Manufacturing Limited

Interim Receivership

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.

Status of File as at January 31, 2011

On January 21, 2011, the Interim Receiver prepared its Fifth Report to Court to seek the Court’s approval (i) for the Interim Receiver to file an assignment in bankruptcy on behalf of FKP; (ii) for an advertisement to be placed in the Oakville Beaver calling for creditors with claims against 1263577 to come forward and file their claim within 30 days of the Notice; (iii) of the accounts of the Interim Receiver and its legal counsel for the period October 1, 2009 to January 15, 2011; (iv) for the Interim Receiver to distribute all of the remaining proceeds from the sale of 1263577’s assets to 1263577; (v) for the Interim Receiver to distribute all of the remaining proceeds realized from the sale of FKP’s assets to the Trustee; and, (vi) declaring the PwC has duly and properly discharged its duties, responsibilities and obligations as the Interim Receiver of the Companies and shall be discharged and released from any and all further obligations as the Interim Receiver, effective immediately upon the filing of a certificate certifying that the Interim Receiver has completed its remaining duties with respect to the Companies and that all claims against PwC shall be forever barred. The Motion will be heard on February 8, 2011.

Status of File as at October 28, 2010

On October 25, 2010, the Court issued an order (i) approving the sale of 1333 Cornwall; (ii) approving the Receiver’s activities as described in the Fourth Report; and, (iii) approving a final distribution to Royal Bank of Canada for the remaining indebtedness.

Status of File as at October 21, 2010

On October 18, 2010, the Interim Receiver prepared its fourth report to the Court to: (i) inform the Court of the Interim Receiver’s activities from November 12, 2009 to date : (ii) obtain the Court’s approval of an agreement of purchase and sale between the Interim Receiver and M.A. Commercial Center Inc. for the sale of the building located at 1333 Cornwall Road, Oakville; (iii) request that the Court make an order vesting all of the right, title and interest of 1263577 Ontario Ltd. in 1333 Cornwall, in the Purchaser or as the Purchaser may direct in writing; (iv) seek the Court’s approval of a final distribution to RBC in satisfaction of the indebtedness owed by the Company; (v) seek the Court’s approval of the Receiver’s Statement of Receipts and Disbursements for the period April 3, 2009 to September 30, 2010; and (vi) seek the Court’s approval of the Interim Receivers accounts and that of its legal counsel for the period ended September 30, 2010.

The motion will be heard on October 27, 2010.

Status of File as at November 19, 2009

• On November 12, 2009, the Interim Receiver prepared its Third Report to the Court to (i) inform the Court of the interim Receiver’s activities since its second report dated May 22, 2009 to date; (ii) provide the Court with the Interim Receiver’s Statement of Receipts and Disbursements for the period April 3, 2009 to November 11, 2009; (iii) seek the Court’s approval to dispose of the Remaining Tooling; (iv) seek the Court’s approval to release the Faurecia Escrow Funds; (v) seek the Court’s approval of the Interim Receiver’s accounts and that of its legal counsel; and, (vi) seek the Court’s approval for an interim distribution of $650,000 to RBC. On November 18, 2009, the Court granted an Order approving the requests.
• [June 8, 2009]
  One June 5, 2009, the Court issued an order approving the motion below except that the Receiver seek a further order from the Court to make future distributions to RBC other than from the net sale proceeds realized from the Amended Kien Sale Agreement.
• [June 3, 2009]
  On May 22, 2009, the Interim Receiver prepared its Second Report to Court to (i) inform the Court of the Interim Receiver's activities since the Appointment Order to date; (ii) seek the Court's approval of the sale of certain machinery, equipment and related capital assets to Corporate Assets; (iii) obtain the Court's approval of an agreement of purchase and sale, dated April 30, 2009, between the Interim Receiver and Kien-Fat Trading (2002) Inc. ("Kien"), for the sale of 1250 Aerowood Drive, Mississauga; (iv) request that the Court make an order vesting all of the right, title and interest of FKP in 1250 Aerowood, in Kien or as Kien may direct in writing; (v) provide the Court with the Interim Receiver's Statement of Receipts and Disbursements for the period April 3, 2009 to May 15, 2009 and seek the Court's approval thereof; (vi) seek the Court's approval of the Interim Receiver's accounts for the period April 3, 2009 to April 30, 2009 and the accounts of its legal counsel for the period from April 3, 2009 to May 22, 2009; (vii) seek the Court's approval for an interim distribution of $2 million of the net proceeds realized to the date of closing of the sale of assets to Corporate Assets, to Royal Bank of Canada ("RBC"); and, (viii) seek the Court's approval to make future distributions to RBC, up to the value of the RBC Indebtedness, from the sale proceeds realized from the Companies' property. The motion will be heard on June 5, 2009.
• [May 12, 2009]
  On May 6, 2009, Service Canada advised PricewaterhouseCoopers Inc. ("PwC") that that there was no obligation on the Interim Receiver to file any information with Service Canada with respect to the Wage Earner Protection Program Act ("WEPPA") as WEPPA does not apply to Companies where an interim receiver has been appointed pursuant to s.47 (1) of the Bankruptcy and Insolvency Act.

Employees' Proof of Claim Form

Proof of Claim Form

• [April 23, 2009]
  On April 23, 2009, the Court issued an Order approving (i) the sale of a parcel of land located at 1333 Cornwall Road, Mississauga (the "Land") pursuant to a sale transaction entered into by 1263577 Ontario Ltd. prior to the appointment of the Interim Receiver (the "Transaction"); (ii) that the Interim Receiver may provide its consent to 1263577 to complete the Transaction in its own name on such terms as to such consent as the Interim Receiver may determine appropriate and that the net proceeds arising from completion of the Transaction be paid to the Interim Receiver; and (iii) that none of the terms of the agreement shall be binding on or affect the Interim Receiver.
• On April 22, 2009, the Interim Receiver prepared its' first report to Court to (i) obtain the Court's approval of a sale transaction entered into by 1263577 prior to the Appointment Order; (ii) to seek the Court's approval for the Interim Receiver to lift the Appointment Order from title to the parcel of land located at 1333 Cornwall Road, Mississauga (the "Land"), to facilitate the sale of the property; and (iii) to seek an order from the Court authorizing and directing that the net sale proceeds from the sale of the Land be paid to the Interim Receiver. On April 23, 2009, the Interim Receiver will make a motion before the Court for its approval and authorization.
• [April 13, 2009]
  On April 13, 2009, in accordance with the provisions of the BIA, the Interim Receiver issued its Notice and Statement of Receiver.
• [April 3, 2009]
  On April 3, 2009, on the application by The Royal Bank of Canada, an order was granted by the Ontario Superior Court of Justice Commercial List (the "Court"), pursuant to section 47 (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 (the "CJA"), that, among other things:
  • appointed PricewaterhouseCoopers Inc. as interim receiver (the "Receiver") of all of the assets, undertakings and properties of F-K-P Tool Manufacturing Limited and 1263577 Ontario Ltd. (the "Companies"); and
  • authorized borrowing by the Receiver of up to $200,000 (or such greater amount as the Court may by further Order authorize).
• In accordance with the provisions of the BIA, the Receiver's notice and statement will be issued shortly.

For more information, please contact: Donna Smith, Telephone: +1 416 941 8383 ext. 14288, Fax: +1 416 814 3219.

This Web site will be updated as information becomes available.

Court Orders:

	Discharge Order dated February 8, 2011
	Order dated October 27, 2010
	Endorsement of the Honourable Mr. Justice Morawetz dated October 27, 2010
	Order dated November 18, 2009
	Order and Endorsement amending June 5, 2009 Order.
	Order, dated June 5, 2009.
	Order, dated April 23, 2009.
	Order, dated April 3, 2009.
	Endorsement of Order, dated April 3, 2009.

Receiver's Reports:

	Interim Receivers Fifth Report to Court, dated January 21, 2011.
	Interim Receiver’s Fourth Report to Court, dated October 18, 2010.
	Interim Receiver’s Third Report to Court, dated November 12, 2009.
	Interim Receiver's Second Report to Court, dated May 22, 2009.
	Interim Receiver's First Report to Court, dated April 23, 2009.
	Notice and Statement of Receiver, dated April 13, 2009.

Notice of Motion:

	Notice of Motion, returnable February 8, 2011
	Notice of Motion, returnable October 27, 2010.
	Notice of Motion, dated November 18, 2009.
	Notice of Motion to Amend Vesting Order, dated June 5, 2009.
	Notice of Motion, returnable June 5, 2009.
	Notice of Motion, dated April 23, 2009.