On October 7, 2011, on the application of Bank of Montreal (“BMO”), 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, appointing PricewaterhouseCoopers Inc. (“PwC”) as receiver (the "Receiver") of all of the properties, assets and undertakings (the “Property”) of Bodkin Financial Corporation, Bodkin Capital Corporation and Bodkin Leasing Corporation. Subsequently, on October 11, 2011, articles of amendment were filed changing the names of each of the Companies to 1682322 Ontario Inc., 3267911 Canada Inc. 326551 Canada Inc., respectively.
In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was mailed to all known creditors of the Companies on October 17, 2011.
|Notice and Statement of the Receiver, dated October 17, 2011.|
On October 17, 2013 the Court issued an order approving:
The Court also empowered and authorized the Receiver to file an assignment in bankruptcy on behalf of each of the Companies and to act as Trustee.
On October 10, 2013, the Receiver issued its Third Report to update the Court with respect to:
A motion will be heard on October 17, 2013.
On November 28, 2012, the Receiver filed its Second Report to Court to:
A motion was heard on December 3, 2012 and the Court approved orders as detailed above.
Subsequent to the granting of the Receivership Order, the Court issued an order (the “Approval and Vesting Order”) approving the asset sale transaction (the “Asset Transaction”) contemplated by the asset purchase agreement (the “APA”) between 7762895 Canada Inc. and Bennington Lease Administration Corp. (“BLAC”, and collectively the "Purchasers”), and the Receiver, and vesting in the Purchasers the Purchased Assets as defined in the APA. As contemplated by the Approval and Vesting Order, articles of amendment were filed changing the names of each of the Companies from BFC, BCC and BLC to 1682322, 3267911 and 326551 respectively, effective as of October 13, 2011.
On the same day, the Court issued an order approving the sale and pledge transaction (the “Portfolio Transaction”) contemplated by an asset purchase and security agreement (the “APSA”) between Sun Life Assurance Company of Canada (“Sun Life”) and the Receiver, and vesting in Sun Life the Purchased Assets as defined in the APSA.
In addition, the aforementioned orders approved:
In accordance with the provisions of the BIA, the Receiver has issued notice of its appointment to all known creditors of the Companies.
On October 3, 2011, PricewaterhouseCoopers Inc. (“PwC”) submitted the First Report of the Proposed Receiver and the Supplementary Report requesting the Court’s approval of
On October 7, 2011, the Court issued an Order approving all of the above except for the Report and the Supplementary Report of the Receiver.
On the same day, the Court also issued an order
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.