Hygrid Logistics Inc.

In Receivership

Page last updated: June 24, 2015

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 June 19, 2014, on the application of Royal Bank of Canada (“RBC”), an Order was granted by the Ontario Superior Court of Justice (In Bankruptcy) (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.(“PwC”) as receiver and manager (the "Receiver") of all of the assets, undertakings and properties (the “Property”) of Hygrid Logistics Inc. (“Hygrid”).

In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was mailed to all known creditors of GLSM on June 27, 2014. A copy of the Notice can be found under the Receiver Reports tab.


Status of File at June 24, 2015

On June 24, 2015, the Court issued an order;

  1. Approving the Third Report and the Receiver’s activities;
  2. Approving the fees and disbursements of the Receiver and its counsel as set out in the Third Report and the Fee Affidavits;
  3. Ordering and directing the Receiver to discharge all RSLA Lien Claims (as defined in the Third Report)against the Debtor’s property;
  4. Approving the payment of remaining monies to Canada Revenue Agency on account of the Deemed Trust Claims (as defined in the Third Report); and
  5. Discharging the Receiver upon completion of its remaining duties.

Status of File at June 16, 2015

On June 12, 2015, the Receiver filed its Third Report to Court to update the Court with respect to:

  1. The activities of the Receiver since the date of the Second Report;
  2. The Receiver’s statement of receipts and disbursements from the date of appointment to May 31, 2015; and
  3. The remaining duties of the Receiver;

    And to seek an order of the Court:

  4. Approving the Third Report and the Receiver’s activities and conduct including the Receiver’s Statement of Receipts and Disbursements from the date of appointment to May 31, 2015;
  5. Approving the fees and disbursements of the Receiver and its counsel, and the estimated fees for completion of the remaining duties;
  6. Approving eh disallowance of a lien claim made by Lottridge Tire Retreading and Fleet Services under the Repair and Storage Lien Act, R.S.O. 1990 c.R.25.
  7. Approving the distribution of the Current Asset Reserve as set out in the Third Report; and
  8. Discharging the Receiver upon completion of the remaining duties as evidenced by the filing of a certificate with the Court.

Status of File at January 20, 2015

On January 19, 2015, the Receiver filed a Supplementary Report to the Receiver’s Second Report to update the Court on the Receiver’s evaluation of the three claims made under the Repair and Storage Lien Act, R.S.O. 1990 c. R. 25, as amended, filed against four of the five RBC owned Volvo tractors sold to Ontario Trailer Sales. The validity and enforceability of the three claims will be returnable on a date agreed to by the parties.

On January 20, 2015, the Court issued an order approving among other things, the activities of the Receiver as detailed in the Second and Supplementary Report, the interim distribution to RBC, fees and disbursements of the Receiver and its counsel and directing the Receiver to allocate payment of the professional fees as per the Fee Allocation (as detailed in the Second Report).

Status of File at January 14, 2015

On January 12, 2015, the Receiver filed its Second Report to update the Court with respect to:

  1. The activities of the Receiver since the date of the First Report;
  2. The receiver’s statement of receipts and disbursements from the Date of Appointment to December 31, 2014; and
  3. The remaining duties of the Receiver as described in the Second Report.

    And to seek an order of the Court;

  4. Approving the Second Report of the Receiver and the Receiver’s activities including the Receiver’s statement of receipts and disbursements;
  5. Approving the fees and disbursements of the Receiver and its counsel; and
  6. Approving an interim distribution of funds in the Receiver’s hands to RBC following payment of the approved fees and disbursements and authorization for subsequent distributions for additional proceeds realized.

A motion will be heard on January 20, 2015.

Status of File at July 15, 2014

On July 7, 2014, the Receiver filed its First Report to the Court to inform the court of:

  1. The Receiver’s activities since its appointment;
  2. The sale of certain Company assets to 2424749 Ontario Limited; and
  3. The relief sought in the hearing scheduled for July 14, 2014 including;
  1. Approving the sale of Company assets (the “Purchased Assets”) to Ontario Trailer Sales (a sole proprietorship operated by Kyle Melnyk)(the “Purchaser”) pursuant to the Asset Purchase Agreement dated July 1, 2014 (the “Sale Transaction”);
  2. Approving the Receiver’s activities since its appointment; and
  3. Approving the fees of the Receiver and its counsel Lerners LLP.

On July 14, 2014, the Court issued an order:

  1. Approving the actions and activities of the Receiver;
  2. Approving the Sale Transaction;
  3. That upon delivery of a Receiver’s certificate to the Purchaser, all the Debtor’s right, title and interest in and to the Purchased Assets shall vest absolutely in the Purchaser; and
  4. Approving the fees and disbursements of the Receiver and its counsel; and
  5. Sealing confidential appendices C and D to the Receiver’s First Report

This Web site will be updated as information becomes available.

For more information, please contact: Tammy Muradova, Telephone: +1 416 941 8383 ext 14288, or via Email.

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Tammy Muradova

Tel: +1 416 941 8383 ext 14456
Email