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 15, 2011, an Order was granted by the Court to appoint PricewaterhouseCoopers Inc. as Receiver of certain assets of Carnival National Leasing Limited and Carnival Automobiles Limited (the “Companies”). A copy of the Initial Order of the Court is available in the Court Orders section of the website.
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 February 24, 2011.
On October 15, 2013, the Receiver filed its Fourth Report to Court to:
The motion was heard on October 24, 2013 and an Order was granted by the Court.
On December 14, 2012, the Receiver prepared its Third Report to the Court in support of its motion for an order approving the sale transaction contemplated by an agreement of purchase and sale between the Receiver and Carnival Limited Partnership on its own behalf and on behalf of 2353929 Ontario Limited. The motion was heard on December 20, 2012 and the aforementioned order was granted by the Court (the “Approval and Vesting Order”)
Pursuant to the Approval and Vesting Order, Carnival National Leasing Limited changed its name to 1555644 Ontario Limited and Carnival Automobiles Limited changed its name to 661215 Ontario Limited.
On July 12, 2011, the Receiver prepared its Second Report to the Court in support of its motion for an order: (i) authorizing the Receiver to enter into a Portfolio Administration Agreement with Autobank Inc. to administer the wind-down of Carnival’s vehicle inventory and portfolio on behalf of the Receiver; (ii) authorizing certain distribution to the Bank of Montreal and Royal Bank of Canada (the “Banks”); (iii) approving the activities of the Receiver as set out in its Second Report; and (iv) approving the fees and disbursements of the Receiver and its legal counsel for as set out in the Second Report. The motion was heard on July 18, 2011 and the aforementioned order was granted by the Court, except the motion for the approval of professional costs was adjourned to August 3, 2011.
On April 15, 2011, the Receiver prepared its First Report to the Court to: (i) report on the activities of the Receiver since its appointment on February 16,2011; (ii) recommend the Court approve the proposed sale of approximately 90 vehicles currently in the possession of the Receiver by way of public auction; (iii) recommend that the Court approve the Receiver’s proposed sales process for the Carnival portfolio of “Performing Leases”; (iv) report on the Receiver’s proposed process for marketing and disposing of the Carnival portfolio of “Delinquent Leases”; (v) report on the security opinions on the Banks’ security; (vi) recommend that the Court approve the Receiver’s proposed distribution process in respect of ordinary course lease and residual payments collected by the Receiver; (vii) recommend that the Court authorize the Receiver (or its counsel) to examine under oath any persons who may have knowledge of the property, assets or undertaking of the company; (viii) recommend that the Court authorize the Receiver to continue to occupy the Carnival premises to August 15, 2011; and (ix) request the approval of the activities of the Receiver.
On February 24, 2011, in accordance with the provisions of the Bankruptcy and Insolvency Act ("BIA"), a Notice of the Receivership and Statement of the Receiver was mailed to all known creditors of the Companies. A copy of the Notice of the Receivership and Statement of the Receiver is available in the Notices Section of this website.
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.