2423403 Ontario Inc.

Receivership

Page last updated: March 4, 2020

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 December 21, 2018 (the “Date of Appointment”), on the application of The Toronto-Dominion Bank (the "Applicant"), 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 (the “CJA”) appointing PricewaterhouseCoopers Inc., LIT (“PwC”) as receiver (in such capacity, the “Receiver”) without security, of all of the assets, undertakings and properties of 2423403 Ontario Inc. (the “Company”).

On January 2, 2019 a Notice and Statement of the Receiver was sent to all known creditors of the Company in accordance with the provisions of the BIA. A copy of the notice is available in the Notices section of the website.

Status of File as of December 3, 2019

On December 3, 2019, the Court issued the Approval and Discharge Order, which among other things:

  1. approved the Settlement;
  2. approved the activities of the Receiver as described in the First Report;
  3. approved the Receiver’s and its legal counsel’s fees and disbursements including the remaining fees to complete the Receiver’s Remaining Duties; and
  4. discharged the Receiver, subject to the Receiver completing the administration of the receivership proceedings and the Receiver filing a certificate with the Court confirming that it has completed all the steps necessary to complete the receivership proceedings.

Status of File as of November 29, 2019

On November 26, 2019, the Receiver filed its First Report (the “First Report”) with the Court to provide the Court with the information concerning:

  1. the Receiver’s activities since the Date of Appointment to the date of the First Report;
  2. the Remaining Duties of the Receiver;
  3. the statement of receipts and disbursements from the Date of Appointment to November 14, 2019 (the “R&D”);
  4. the professional fees and disbursements of the Receiver and its legal counsel Dentons Canada LLP (“Dentons”);

    and in support of a motion originally returnable November 15, 2019 and currently scheduled to be heard on December 3, 2019, brought by the Applicant seeking an order (the “Approval and Discharge Order”) of the Court, inter alia:

  5. approving the Settlement, and all associated steps, transactions and releases to be affected by the Settlement;
  6. approving the activities of the Receiver as described in the First Report;
  7. approving the Receiver’s fees and disbursements  for the period up to and including October 31, 2019 and the remaining Receiver’s fees to complete the Receiver’s remaining duties;
  8. approving the legal fees of the Receiver for the period up to and including October 31, 2019 and the remaining legal fees to complete the Receiver’s Remaining Duties;
  9. discharging the Receiver, subject to the Receiver completing the administration of the receivership proceedings and the Receiver filing a certificate with the Court confirming that it has completed all the steps necessary to complete the receivership proceedings.

All terms not defined herein have meanings given to them in the First Report.


For more information, please contact: Natalia Chtcherbakova, Telephone: +1 416 941 8383, or via email at cmt_processing@ca.pwc.com

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Natalia Chtcherbakova 

Consulting & Deals, PwC Canada

Tel: +1 416 941 8383

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