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 November 15, 2010, on a motion by General Electric Canada Real Estate Finance Inc. and GE Canada Equipment Financing G.P., an order was granted by the Ontario Superior Court of Justice in Bankruptcy and Insolvency (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 (the "CJA"), that, among other things:
On April 4, 2011, the Court approved a Distribution and Discharge order.
On March 28, 2011, the Receiver prepared its Second Report to provide the Court with information in respect of (i) the Receiver’s activities from the date of the First Report; (ii) the Receiver’s statement of receipts and disbursements from the Date of Appointment to March 17, 2011; (iii) the completion of the Sale Transaction and the sale of the Property to 3637182 Canada Inc., as a related assignee of 1277648 Ontario Ltd.; (iv) the Receiver’s review of the validity and enforceability of the GE’s security in respect of the Property; and to seek an order:
On February 14, 2011, the Receiver prepared its First Report to provide the Court with information in respect of: (i) the Company’s background and operations; (ii) the Receiver’s activities from the Date of Appointment to the date of the First Report; (iii) the Receiver’s receipts and disbursements from the Date of Appointment to February 2, 2011; (iv) the Sale Process completed by the Receiver; (v) an agreement entered into by the Receiver, subject the approval of the Court, with respect to the sale of substantially all of the Property to 1277648 Ontario Ltd. and to seek an order from the Court:
On February 22, 2011, the Receiver prepared a Supplement to the First Report to provide the Court with information in respect of the Receiver’s dealings with Ambiance Capital Corp. and the concerns raised by the Trustee.
A motion was heard on February 22, 2011 and the Court granted an order approving the activities of the Receiver as outlined in the First Report and approving the Sale Transaction.
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.