On August 8, 2016, Exclusive Transfer Enterprise Corporation (the “Company“) made an assignment in bankruptcy and A. Farber & Partners Inc. (“Farber“) was appointed Trustee in Bankruptcy (the “Trustee“).
The First Meeting of Creditors was held at the Holiday Inn Peterborough-Waterfront, located at 150 George Street North in Peterborough, Ontario on August 31, 2016, where the appointment of the Trustee was confirmed by the creditors of the Company.
On September 15, 2016, an application by Kenneth Westlake to appoint Farber as receiver and manager (the “Receiver“) over the assets, property and undertaking (collectively, the “Property“) was heard by the Ontario Superior Court of Justice (Commercial List) (the “Court“). By Order of the Honourable Mr. Justice Newbould (the “Appointment Order“), Farber’s appointment as Receiver was confirmed.
The Appointment Order provided for, inter alia, the granting of a first charge on the Property as security for the reasonable fees and disbursements of the Receiver, counsel to the Receiver and the legal costs of the applicant in respect of the receivership application.
Sale of Property by Public Auction
The Receiver engaged the services of Kevin Barker Auctions Ltd. (the “Auctioneer“) to sell all of the assets relating to the freight and trucking business of the Company by public auction. The auction took place on Saturday, November 12, 2016 at 10:00am at 1534 Dranoel Road in Bethany, Ontario, with major items being auctioned via live webcast at 1:00pm. Parties interested in purchasing items at auction were encouraged to view the details at the Auctioneer’s website (www.kevinbarkerauctions.com) or contact the Auctioneer at email@example.com.
Motion for Auction Sale Approval, Distribution and Discharge of Receiver
On February 10, 2017, the Court heard the Receiver’s motion for Orders approving, among other things:
- the approval of the Auction sale described above and the vesting of those assets purchased at the Auction with the purchasers free and clear of any, and all, encumbrances (the “Sale Approval and Vesting Order“);
- the intended distribution of funds resulting from the Receiver’s realizations, including the Auction proceeds;
- the Receiver holding funds received in respect of the Insurance Refund (as defined in the Receiver’s report to Court) in trust pending further Order of the Court; and
- the discharge of the Receiver pending completion of its final administrative duties and the filing of a discharge certificate with the Court (together with the previous two points, the “Distribution Approval and Discharge Order“).
Copies of the Receiver’s motion materials, the Sale Approval and Vesting Order, the Distribution Approval and Discharge Order, and, the endorsement of the Honourable Mr. Justice Wilton-Siegel, are found below. The Receiver shall proceed to distribute the funds in its trust account in accordance with the provisions of the Distribution Approval and Discharge Order.
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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.
- First Report of the Trustee, dated September 8, 2016
- Notice of Bankruptcy and First Meeting of Creditors
- Certificate of Appointment
- Motion Record, returnable September 15, 2016 – Part 1
- Motion Record, returnable September 15, 2016 – Part 2
- Motion Record, returnable February 10, 2017 – Part 1
- Motion Record, returnable February 10, 2017 – Part 2
- Motion Record, returnable February 10, 2017 – Part 3
- Appointment Order, dated September 15, 2016
- Endorsement of Justice Newbould, dated September 15, 2016
- Sale Approval and Vesting Order, dated February 10, 2017
- Distribution Approval and Discharge Order, dated February 10, 2017
- Endorsement of the Honourable Mr. Justice Wilton-Siegel, dated February 10, 2017