River Rock Financial Canada Corp., River Rock Distribution Corp., River Rock International Limited and 2126628 Ontario Limited


In Receivership

Page last updated: January 13, 2016

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 October 31, 2013 pursuant to a motion by Caisse Desjardins Des Bois-Francs, the Ontario Superior Court of Justice appointed PricewaterhouseCoopers Inc., as receiver (the “Receiver”), without security, over certain assets of River Rock Financial Canada Corp., (“Financial”), River Rock Distribution Corp. (“Distribution”), River Rock International Limited (“International”) and 2126628 Ontario Limited (“212” and collectively with Financial, Distribution and International the “Corporate Debtors”) 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. A copy of the Receivership Order is posted under the Court Orders tab.

In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was sent to all known creditors of the Corporate Debtors on November 8, 2013.



Status of File as at December 23, 2016

On December 19, 2016, pursuant to paragraph 3 of the Termination Order, dated March 1, 2016, the Receiver filed the Receiver’s Completion Certificate with the Court.

The receivership proceedings have been terminated and the Receiver has been discharged.

Status of File as at March 2, 2016

On March 1, 2016, the Court issued an order:

  1. approving the activities of the Receiver as set out in the Third Report;
  2. approving the fees and disbursements of the Receiver and its legal counsel;
  3. approving the Third R&D;
  4. discharging the Receiver’s Charge, the Receiver’s Borrowings Charge and the Priority Charges, effective upon receipt by the Receiver of the Priority Charges Amount and the satisfaction of all obligations secured by such charges;
  5. terminating the receivership proceedings and discharging the Receiver, effective upon the filing of the Receiver’s Completion Certificate (as defined in the Third Report);
  6. authorizing and directing the Receiver to
    1. distribute the Caisse Distribution to the Caisse (both as defined in the Third Report); and
    2. to distribute to Caisse any and all future net recoveries realized by the Receiver until such time as the Caisse is paid in full.
  7. ordering that the confidentiality agreement entered into by the Receiver and Scotia in connection with confidential appendices “A”, “B” and “F” in the Administration Order made on July 23, 2014, is no longer of force and effect.

Status of File as at February 18, 2016

On February 17, 2016, the Receiver filed its third report (the “Third Report”) with the Court to:

  1. provide the Court with information in respect of:
    1. the Receiver’s activities since the date of the Second Report;
    2. the status of the sale of the Real Property and payment of the Priority Charges Amount (as defined in the Third Report”);
    3. the Receiver’s statement of receipts and disbursements from the date of appointment to February 15, 2016 (the “Third R&D”); and
    4. the Charges and the Caisse Distribution (as defined in the Third Report);
  2. seek an order (“Termination Order”) of the Court, among other things;
    1. approving the activities of the Receiver as set out in the Third Report;
    2. approving the fees and disbursements of the Receiver and its legal counsel;
    3. approving the Third R&D;
    4. discharging the Receiver’s Charge, the Receiver’s Borrowings Charge and the Priority Charges, effective upon receipt by the Receiver of the Priority Charges Amount and the satisfaction of all obligations secured by such charges;
    5. terminating the receivership proceedings and discharging the Receiver, effective upon the filing of the Receiver’s Completion Certificate (as defined in the Third Report);
    6. authorizing and directing the Receiver to
      1. distribute the Caisse Distribution to the Caisse (both as defined in the Third Report); and
      2. to distribute to Caisse any and all future net recoveries realized by the Receiver until such time as the Caisse is paid in full.

A motion will be heard on March 1, 2016.

Status of File as at March 30, 2015

On March 27, 2015, the Court issued an order:

  1. approving the activities of the Receiver as set out in the First Report of the Receiver dated July 16, 2014 related to the Real Property;
  2. approving the activities of the Receiver as set out in the Second Report of the Receiver dated March 17, 2015.
  3. approving the fees and disbursements of the Receiver and its legal counsel;
  4. fixing the quantum of the amount secured by the Priority Charges at an aggregate of $175,000.00 (the “Priority Charges Amount”);
  5. ordering Scotia Mortgage Corporation or its agent to pay the Priority Charges Amount to the Receiver promptly upon its receipt of the netd proceeds of sale of the Real Property;
  6. ordering the Receiver to discharge its registration against title to the Real Property, upon the sale of the Real Property; and
  7. approving the Second R&D (as defined in the Second Report).

Mr. Justice McCarthy issued an endorsement confirming that Scotia Mortgage Corporation’s motion record from September 2014 was withdrawn.

Status of File as at March 18, 2015

On March 17, 2015, the Receiver filed its Second Report to the Court to

  1. provide the Court with information in respect of:
    1. the Receiver’s and Scotia’s agreed upon resolution of the Priority Fee Determination (as defined in the Second Report);
    2. the Receiver’s activities since the date of the First Report; and
    3. the Receiver’s statement of receipts and disbursements from the date of appointment to February 28, 2015; and
  2. seek an order of the Court, among other things:
    1. approving the activities of the Receiver as set out in the First Report related to the Real Property;
    2. approving the activities of the Receiver as set out in this Second Report;
    3. approving the fees and disbursements of the Receiver and its legal counsel, as set out in the First Report, the First Fee Affidavits, this Second Report, the March 2015 Weaver Affidavit and the March 2015 Rogers Affidavit (all as defined in the Second Report);
    4. fixing the amount secured by the Priority Charges against the Real Property (in accordance with the priority scheme set out in paragraph 29(b) of the Appointment Order) at an aggregate of $175,000 (the “Priority Charges Amount”);
    5. ordering Scotia or its agent to pay the Priority Charges Amount to the Receiver promptly upon its receipt of the net proceeds of sale of the Real Property;
    6. ordering the Receiver to discharge its registration against title to the Real Property, upon the sale of the Real Property;
    7. approving the Second R&D; and
    8. dismissing the Cross Motion for production of the Confidential Appendices to the First Report.

A motion will be heard on March 27, 2015.

Status of File as at March 5, 2015

The September 18, 2014 hearing in respect of the approval of the fees and disbursements of the Receiver and its legal counsel was further adjourned and has been scheduled for March 27, 2015.

Status of File as at July 24, 2014

On July 23, 2014, the Court issued an order approving:

  1. the activities of the Receiver related to all matters other than the receivership over the Real Property;
  2. the First R&D provided that such approval is without prejudice to the Priority Fee Determination; and
  3. the sealing of the Confidential Appendices of the Receiver’s First Report.

The approval of the fees and disbursements of the Receiver and its legal counsel has been adjourned until September 18, 2014.

On July 23, 2014, on a motion made by Scotia Mortgage Corporation (“Scotia”), the Court discharged the Receiver of the Real Property and authorized and directed the Receiver to turn possession and control of the Real Property and the Buildings over to Scotia.

Status of File as at July 16, 2014

On July 16, 2014, the Receiver filed its First Report to the Court to provide the Court with information with respect to:

  1. the Receiver’s activities since its appointment, including the Sale and Marketing Process (as defined in the First Report) undertaken by the Receiver;
  2. the anticipated motion by Scotia Mortgage Corporation, which the Receiver understands will be returnable on July 23, 3014, concurrent with the Receiver’s motion, seeking an order for the removal of the Real Property (as defined in the First Report) from the Receivership Proceedings; and
  3. the Receiver’s statement of receipts and disbursements from its appointment to July 11, 2014 (the “First R&D”).

and to seek an order of the Court;

  1. approving the Receiver’s First Report and the activities of the Receiver described therein;
  2. approving the Receiver’s fees and disbursements the period October 31, 2013 up to and including July 9, 2014 and those of its legal counsel from August 27, 2013 up to and including July 13, 2014;
  3. approving the Receiver’s First R&D; and
  4. sealing the following Confidential Appendices A to F, of the Receiver’s First Report.

A motion will be heard on July 23, 2014.



This Web site will be updated as information becomes available.

For more information, please contact: Tammy Muradova, Telephone: +1 416 941 8383 ext 14456, or via Email.
 

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Tammy Muradova

Tel: +1 416 941 8383 ext 14456
Email