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 March 5, 2012, on an application made by SunTrust Bank (“SunTrust”), 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") over all of the assets, undertakings and properties (the “Property”) of Sportcraft Canada Ltd. (“Sportcraft” or the “Company”).
Sportcraft is a wholly owned subsidiary of Sportcraft Ltd. (“Sportcraft US”). On December 30, 2011, Sportcraft US voluntarily assigned itself into bankruptcy in the US, pursuant to Chapter 7 of the United States Bankruptcy Code and a Chapter 7 Trustee was appointed.
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 March 14, 2012.
On March 1, 2013, the Court issued an order approving the Receiver’s Second and Final Report as filed and discharging PwC as Receiver.
On February 13, 2013, the Receiver filed its Second and Final Report (“Final Report”) to the Court to:
A motion will be heard on March 1, 2013.
On April 5, 2012, the Court granted an order authorizing and directing the Receiver to distribute to SunTrust Bank the balance of the funds in its hands, provided that (i) any amount so distributed shall not exceed the outstanding indebtedness owed to SunTrust at the time of the distribution, and (ii) the Receiver maintains a reserve for costs of the receivership and potential priority payables.
On March 28, 2012, the Receiver filed its first report to the Court (the “First Report”) to provide information regarding the request made by SunTrust Bank (“SunTrust”) on the application for the Appointment Order that the Receiver be authorized and directed to distribute funds to SunTrust and the results of the Receiver’s review of the validity and enforceability of the security held by SunTrust. The First Report also contains information regarding (i) the Receiver’s activities from the date of appointment; (ii) the Receiver’s statement of receipts and disbursements to March 27, 2012; and (iii) the Receiver’s sale of Remaining Inventory (as defined in the First Report).
A motion will be heard on April 5, 2012.
This Web site will be updated as information becomes available.
For more information, please contact: Donna Smith, Telephone: +1 416 941 8383 ext. 14288, or via Email.