On August 1, 2017, B. Riley Farber Inc. (“B. Riley Farber”) became the Court-appointed receiver (the “Receiver“) 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“), over all of the assets, undertakings and properties (the “Property“) of 2220277 Ontario Inc. (“222“) pursuant to an Order (the “Appointment Order“) of the Honourable Justice Mesbur of the Ontario Superior Court of Justice (Commercial List) (the “Court“).
Background
On September 26, 2017, the Court issued an Order approving, among other things, a sale process (the “First Sale Process”) for the real property municipally as 55 Elm/650 Bay Street, Toronto, Ontario (the “Real Property”). On November 2, 2017, the Court issued an Order approving, among other things, an update to the First Sale Process to include a stalking-horse bid of $12,000,000 (the “Stalking Horse Bid”).
The Receiver subsequently sought and received an Order from Court approving the transaction relating to the Stalking Horse Bid (the “Stalking Horse Transaction”). The Stalking Horse Transaction was scheduled to close on February 28, 2018.
The Stalking Horse Transaction was not completed, however, and, accordingly, the Receiver sought and received an Order of Court authorizing and approving a renewed sale process (the “Second Sale Process”). The Second Sale Process document, outlining procedures, terms and conditions, is available for review/download below.
Sale Process
Under the Court-approved Second Sale Process, interested parties were no longer subject to the provision of the stalking horse bidding process and were invited to submit offers directly to the Receiver. Offers were to be subject to Court-approval, as required under the terms of the Second Sale Process.
Status Updates
On January 21, 2019, the Court issued an Order (the “Approval and Vesting Order”) approving, among other things, a transaction for the purchase and sale of the Real Property (the “Transaction”); and, the vesting of all of 222’s right, title and interest in and to the Real Property in the purchaser.
The Court also issued a separate Order on January 21, 2019 (the “Administrative Relief Order”) approving, among other things, an interim distribution of net proceeds from the closing of the Transaction; an increase in the borrowing capacity of the Receiver; and, the authority for the Receiver to make an assignment in bankruptcy on behalf of 222, at the discretion of the Receiver.
On September 9, 2019, the Court issued an Order (the “Discharge Order”) discharging B. Riley Farber as the Receiver.
Creditor or Employee Inquiries
For creditor or employee inquiries, please contact:
John Hendriks
T: 437.294.4630
E: [email protected]
The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
Documents
Court Reports
- Supplemental Report to the Fifteenth Report of the Receiver dated May 1, 2019
- Fifteenth Report of the Receiver dated March 28, 2019 (w/o Appendices)
- Fourteenth Report of the Receiver dated March 14, 2019 (w/o Appendices)
- Thirteenth Report of the Receiver dated January 9, 2019 (w/o Appendices)
- Twelfth Report of the Receiver dated November 19, 2018 (w/o Appendices)
- Eleventh Report of the Receiver dated October 23, 2018 (w/o Appendices)
- Tenth Report of the Receiver dated October 23, 2018 (w/o Appendices)
- Ninth Report of the Receiver dated August 27, 2018 (w/o Appendices)
- Eighth Report of the Receiver dated March 29, 2018 (w/o Appendices)
- Seventh Report of the Receiver dated March 5, 2018
- Sixth Report of the Receiver dated January 17, 2018
- Third Supplemental Report to the Fifth Report of the Receiver dated October 30, 2017
- Second Supplemental Report to the Fifth Report of the Receiver dated October 24, 2017
- Supplemental Report to the Fifth Report of the Receiver dated October 19, 2017
- Third Report of the Receiver dated August 25, 2017
- Second Report of the Receiver dated August 21, 2017 (w/o Appendices)
- Supplemental Report to the First Report of the Receiver dated August 14, 2017 (w/o Appendices)
- First Report of the Receiver dated August 9, 2017
Motion Materials
- Motion Record for Final Report of the Receiver and Application for Discharge – Returnable September 9, 2019
- Motion Record of the Bankruptcy Trustee – Returnable July 8, 2019
- Motion Record of the Receiver – Returnable July 8, 2019
- Motion Record Re Receiver’s 14th and 15th Reports – returnable April 8, 2019
- Motion Record Re Receiver’s 12th and 13th Reports- returnable January 21, 2019
- Factum of the Receiver – November 22, 2018
- Brief of Authorities of the Receiver – November 22, 2018
- Motion Record Re Receiver’s 12th Report – returnable November 29, 2018
- Motion Record Re Receiver’s 10th and 11th Reports – (returnable October 30, 2018) – October 23, 2018
- Motion Record for the Cross-Motion- August 31, 2018
- Motion Record (returnable September 12, 2018) – August 17, 2018
- Notice of Motion including Eighth Report – March 29, 2018
- Motion Record of 650 Bay Limited Partnership – March 2, 2018
- Affidavit of Evan Karras sworn February 20, 2018
- Supplementary Responding Motion Record of the Applicant (returnable February 21, 2018) – February 16, 2018
- Compendium of Respondent Karras (Vol III) for February 21, 2018 Motion
- Responding Motion Record of CVC Ardellini (includes Affidavit of Ardellini w/o Exhibits) – February 7, 2018
- Responding Record of Applicant (returnable January 29, 2018) – January 25, 2018
- Motion Record (including Sixth Report of Receiver) (returnable January 29, 2018) – January 17, 2018
- Book of Authorities of the Receiver – October 19, 2017
- Factum of the Receiver – October 19, 2017
- Motion Record (including Fifth Report of Receiver) – October 11, 2017
- Notice of Motion of the Receiver dated October 5, 2017
- Motion Record (including Fourth Report of Receiver) (returnable September 26, 2017) – September 20, 2017
- Motion Record (including First Report of Receiver) (returnable August 15, 2017) – August 9, 2017
- Second Supplementary Application Record (returnable July 14, 2017) – July 12, 2017
- Supplementary Application Record (returnable July 14, 2017) – June 7, 2017
- Responding Record of 2220277 Ontario Inc.
- Application Record (including Notice of Application and Affidavit of Zaherali Visram – May 15, 2017) (returnable July 14, 2017)
Court Orders & Endorsements
- Order of Justice Hainey – September 9, 2019
- Endorsement of Justice Hainey – September 9, 2019
- Endorsement of Justice Conway – July 25, 2019
- Order of Justice Conway – July 25, 2019
- Endorsement of Justice Hainey – July 8, 2019
- Order of Justice Penny (Fee Approval of Bankruptcy Trustee) – July 8, 2019
- Endorsement of Justice Penny (Fee Approval of Bankruptcy Trustee) – July 8, 2019
- Order of Justice Penny (Fee Approval of Receiver) – July 8, 2019
- Endorsement of Justice Penny (Fee Approval of Receiver) – July 8, 2019
- Endorsement of Justice Chiappetta – June 12, 2019
- Order of Justice Chiappetta – April 8, 2019
- Endorsement of Justice Chiappetta – April 8, 2019
- Endorsement of Justice Chiappetta (Contempt) – March 6, 2019
- Endorsement of Justice Chiappetta – February 15, 2019
- Endorsement of Justice Chiappetta – January 23, 2019
- Order of Justice Chiappetta (Approval and Vesting) – January 21, 2019
- Endorsement of Justice Chiappetta – January 21, 2019
- Order of Justice Chiappetta (Administrative Relief) – January 21, 2019
- Endorsement of Justice Chiappetta – November 29, 2018
- Order of Justice Chiappetta – November 29, 2018
- Endorsement of Justice Hainey – November 22, 2018
- Order of Justice Hainey – November 22, 2018
- Endorsement of Justice Penny – November 13, 2018
- Order of Justice Penny – November 13, 2018
- Endorsement of Justice Hainey – October 30, 2018
- Order of Justice Hainey – October 30, 2018
- Endorsement of Justice Penny – September 20, 2018
- Order of Justice Penny – September 20, 2018
- Endorsement of Justice Chiappetta – September 12, 2018
- Order of Justice Chiappetta – September 12, 2018
- Endorsement of Justice Hainey – April 12, 2018
- Order of Justice Hainey (Sales Process) – April 12, 2018
- Endorsement of Justice Dunphy – March 6, 2018
- Order of Justice Hainey (Interim Distribution) – February 22, 2018
- Order of Justice Hainey (Approval and Vesting) – January 29, 2018
- Order of Justice Hainey (Fee Approval and Sealing) – January 29, 2018
- Endorsement of Justice McEwen (unofficial transcript) – November 3, 2017
- Order of Justice McEwen (Termination of Leases) – November 2, 2017
- Order of Justice McEwen (Stalking Horse Approval) – November 2, 2017
- Order of Justice Hainey (Approval of Sales Process) – September 26, 2017
- Endorsement of Justice Hainey – September 26, 2017
- Order of Justice Hainey – August 28, 2017
- Endorsement of Justice Hainey – August 28, 2017
- Endorsement of Justice Morawetz – August 15, 2017
- Order of Justice Mesbur (Receivership Appointment) – August 1, 2017
- Endorsement of Receivership Appointment Order – August 1, 2017
Service List
First Sales Process – SUPERSEDED – See Second Sale Process Below
Second Sales Process