On October 15, 2019, the Receiver completed the issuance and mailing of cheques towards distribution of the Proceeds to Investors whose claims were accepted by the Receiver.
The Receiver has fully complied with the Receivership Order and the September 25, 2019 Order.
On February 24, 2020, the Receiver obtained its discharge certificate with respect to this proceeding, as specifically provided for in the September 25, 2019 Order.
On March 6, 2019, by Court Order (the “Receivership Order”), B. Riley Farber Inc. was appointed by the Ontario Superior Court as Receiver (the “Receiver” or “B. Riley Farber”), without security, over all funds (the “Proceeds”) (approximately $5.2 million) recovered by the Ontario Securities Commission (the “Commission”) relating to investment schemes in York Rio Resources Inc. (“York Rio”), and Brilliante Brasilcan Resources Inc., (“Brillante”). The Superior Court Order authorizes the Receiver to implement a claims process (“Claims Process”) that will be available to all known investors in York Rio and Brilliante.
Public documents filed with or issued by the Court related to this proceeding including documents pertaining to the Claims Process may be viewed and / or downloaded from the index below.
Investors Claims Process
As Receiver, our task is to administer a claims process and distribute the Proceeds to York Rio and / or Brilliante investors (“Investors”). As a first step in that process, all Investors were required to confirm their claims or file proofs of claim in support of same with the Receiver by no later than 5:00 p.m. Pacific time on Friday, May 31, 2019.
The Receiver sent out claims packages (an “Investor Package”) to investors identified by the Commission and/or investors who have contacted the Receiver, soon after its appointment. The Investor Package sent to Investors by regular mail included the following four documents:
- Notice of Claim
- Confirmation of Claim
- Proof of Claim
The Investor Package was also made available on the Receiver’s website under the Investor Package tab below, for Investors who did not receive a Notice of Claim or Investor Package from the Receiver.
Several Investors filed confirmation of claim forms and proof of claim forms with the Receiver during the period of the Claims Process. The Receiver reviewed the confirmation of claim forms and the proof of claim forms filed and finalized the claims of the Investor. After completion of the review process, the Receiver filed its First Report dated September 20, 2019, before the Court along with an application for inter alia seeking approval to make pro rata distribution of the Proceeds to Investors. On September 25, 2019, the Receiver’s application was heard and approved by the Court, hereinafter referred to as the “September 25, 2019 Order”.
Distribution of Proceeds
The Receiver estimates that each Investor will receive approximately 45 cents on each dollar of their admitted claim amount based on the total claims admitted and the amount of Proceeds available for distribution on an equal basis. The Receiver is in the process of making arrangements for distribution of Proceeds to the Investors and expects to complete the distribution process by October 31, 2019.
If you have any questions, you can also contact the Receiver by email at [email protected], by telephone at 647-796-6034, fax at 437.294.4645 or address your queries through mail to:
A. B. Riley Farber & Partners Inc.
(in its capacity as Receiver of the Proceeds of a Sanctions Order against York Rio, Brilliante, and others)
150 York Street, Suite 1600
Toronto, ON M5H 3S5
Attention: Paul Denton
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.
- Motion Record (including First Report of Receiver) – September 20, 2019
- Factum of the Ontario Securities Commission – March 4, 2019
- Supplementary Application Record – March 4, 2019
- Application Record – March 1, 2019
Court Orders, Endorsements & Certificates
- Receiver’s Discharge Certificate – February 24, 2020
- Endorsement of Justice Hainey – September 25, 2019
- Order of Justice Hainey (Distribution and Discharge) – September 25, 2019
- Endorsement of Justice Hainey – March 6, 2019
- Order of Justice Hainey (Receivership and Claims Process) – March 6, 2019