Page last updated: May 28, 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 March 12, 2020, pursuant to an order (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List) (the “Court”), PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as receiver (the “Receiver”), without security, of: (i) the real property known municipally as 100 Mason Street in Chatham-Kent, Ontario (the "Included Real Property"); and (ii) all the other assets, undertakings and properties of DS Commercial Inc. a.k.a. DS Commercial Inc, d/b/a Stealth Metal Recycling and Processing (“Stealth Metal” or the "Company") acquired for, or used in relation to a business carried on by the Company, save and except for the real property known municipally as 1951 Brigden Side Road in St. Clair, Ontario (the "Excluded Real Property") and any personal property subject to a validly-perfected and enforceable security interest ranking in priority to that held by Triple M Metal LP (together with the Excluded Real Property, the "Excluded Property").
The Receivership Order was granted on application of Triple M Metal LP, by its general partner Triple M Metal Corp (“Triple M”) and 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.
In accordance with the provisions of the BIA, a Notice and Statement of the Receiver (the “Notice”) has been sent to all known potential creditors of the Company. A copy of the Notice is posted on the “Notices” page of this website.
On May 19, 2020, as part of a motion filed by the Receiver on the same day, the Receiver filed its First Report (the “First Report”) with the Court to provide the Court with the information with respect to:
and to seek an order of the Court (the “Approval and Vesting Order”):
and to seek an order of the court (the “Discharge and Administrative Order”) ,:
The motion will be heard on May 28, 2020.
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