Regional Die Casting Limited

in Receivership

Page last updated: October 17, 2012

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 February 11, 2011, on the application made by the Royal Bank of Canada, 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, that appointed PricewaterhouseCoopers Inc. as receiver (the "Receiver") of all of the assets, undertakings and properties (the “Property”) of Regional Die Casting Limited (“Regional” or the “Company”).

The Receiver completed its Notice and Statement of the Receiver, pursuant to the provisions of the BIA.

Notice and Statement of the Receiver

Status of the file as at October 17, 2012

On October 17, 2012, the Court approved an order releasing and discharging the Receiver.

Status of the file as at October 5, 2012

On October 3, 2012, the Receiver filed its Fourth and Final Report (“Final Report”) to

  1. provide the Court with information in respect of:
    1. the Receiver’s activities from the date of the Third Report to the date of the Final Report;
    2. the closing of the sale of the Company’ premises located at 695 Arvin Avenue, Stoney Creek, Ontario;
    3. the Receiver’s Statement of Receipts and Disbursements from the Date of Appointment to September 24, 2012 (the “R&D”); and
  2. seek an order of the Court:
    1. approving the Final Report and the actions and activities of the Receiver;
    2. approving the R&D;
    3. approving the fees and disbursements of the Receiver;
    4. authorizing the Receiver to distribute all remaining proceeds realized from the sale of the Property to the Trustee, as the RBC Indebtedness has been repaid in full; and
    5. declaring that PwC has duly and properly discharged its duties, responsibilities and obligations as the receiver and discharging and releasing the Receiver.

A motion will be heard on October 17, 2012.

Status of the file as of April 4, 2012

On April 4, 2012, the Court approved an Approval and Vesting Order.

Status of the file as of March 28, 2012

On March 26, 2012, the Receiver prepared its Third Report to Court to:

  1. provide the Court with information in respect of:
    1. the marketing and sales process (the “Sales Process”) conducted by the Receiver in respect of the premises located at 695 Arvin Avenue, Stoney Creek, Ontario (the “Premises”);
    2. an asset purchase agreement dated March 23, 2012 (the “APA”), entered into between the Receiver and 2318466 Ontario Inc. (“231” or the “Purchaser”) with respect to the sale of the Premises: and
  2. seek an order of the Court;
    1. approving the APA and the Sale Transaction;
    2. vesting the Company’s right, title and interest, if any, in and to the Purchased Assets in the Purchaser, free and clear of all encumbrances, save and except for permitted encumbrances;
    3. temporarily sealing the un-redacted version of the APA pending the closing of the Sale Transaction, or further order of the Court; and
    4. approving the Third Report and the activities of the Receiver.

A motion will be heard on April 4, 2012.

Status of the file as of November 17, 2011

On November 16, 2011, the Court approved the distribution order.

Status of the file as of November 15, 2011

On November 11, 2011, the Receiver prepared a Supplement to Receiver’s Second Report to request the Court for an Order approving distributions to the City of Hamilton in the amount of $228,530.86 and the Royal Bank of Canada in the amount of $330,000.00 and such subsequent distributions as the Receiver determines appropriate.

Status of the file as of November 2, 2011

On October 28, 2011, the Receiver prepared its Second Report to Court to update the Court on the Receiver’s activities and receipts and disbursements and to seek an order: (i) approving a distribution to the Royal Bank of Canada, in the amount of $550,000, and subsequent distributions the Receiver determines appropriate; (i) approving the Second Report and the activities of the Receiver; and (iii) approving the fees and disbursements of the Receiver’s for the period ending October 3, 2011 and those of its legal counsel for the period ending September 30, 2011.

A motion will be heard on November 16, 2011.

Status of the file as of April 20, 2011

On April 13, 2011, the Receiver prepared its First Report to the Court to (i) inform the Court of the Receiver’s activities since the Appointment Order to date and to seek the Court’s approval thereof; (ii) seek the Court’s approval for the Receiver to dispose of third party assets; (iii) seek the Court’s approval of the sale of certain machinery, equipment and related capital assets located at the Company’s premises to GoIndustry DoveBid Canada and the Branford Group (“Go-Dove”) and related relief providing for the vesting of the purchased assets in Go-Dove free and clear of all encumbrances; (iv) provide the Court with the Receiver’s Statement of Receipts and Disbursements for the period from February 11, 2011 to April 13, 2011 and; (v) seek the Court’s approval of the Receiver’s accounts for the period ending April 8, 2011 and the accounts of its legal counsel for the period ending April 8, 2011. A motion will be heard on April 20, 2011. The motion was heard on April 20, 2011 and the order sought was granted by the Court.

Status of the file as of April 14, 2011

On April 13, 2011, the Receiver prepared its First Report to the Court to (i) inform the Court of the Receiver’s activities since the Appointment Order to date and to seek the Court’s approval thereof; (ii) seek the Court’s approval for the Receiver to dispose of third party assets; (iii) seek the Court’s approval of the sale of certain machinery, equipment and related capital assets located at the Company’s premises to GoIndustry DoveBid Canada and the Branford Group (“Go-Dove”) and related relief providing for the vesting of the purchased assets in Go-Dove free and clear of all encumbrances; (iv) provide the Court with the Receiver’s Statement of Receipts and Disbursements for the period from February 11, 2011 to April 13, 2011 and; (v) seek the Court’s approval of the Receiver’s accounts for the period ending April 8, 2011 and the accounts of its legal counsel for the period ending April 8, 2011. A motion will be heard on April 20, 2011. A motion will be heard on April 20, 2011.

For more information, please leave a message on our toll free telephone line at +1 416 687 8114.


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