On June 5, 2018, A. Farber & Partners Inc. was appointed as receiver (the “Receiver”) pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C-43, as amended, over the property, assets and undertakings (the “Property”) of Waxman Realty Company Inc. (“WRCI”) and 1340923 Ontario Inc. (“134” and, together with WRCI, the “Debtors”) by virtue of the Order (the “Appointment Order”) issued by the Ontario Superior Court of Justice (Commercial List) (the “Court”).
Public documents filed with, or issued by, the Court relating to this proceeding may be viewed and/or downloaded from the index below.
On June 5, 2018, the Court also issued an Order (the “Sale Process Approval Order”) approving, among other things, the terms and conditions of a sale process (the “Sale Process”) to be undertaken by the Receiver in respect of the Property of the Debtors. The Property subject to the Sale Process (the “Real Property Interests”) consists of, in substance:
- WRCI’s fifty percent (50%) registered interest in the real property known as 4350 Harvester Road, Burlington, Ontario (the “Burlington Property”); and
- 134’s fifty percent (50%) registered interest in the real property known as 143 Adams Boulevard, Brantford, Ontario (the “Brantford Property”).
The Sale Process Approval Order also approved a stalking horse bid of $6,650,000 for the Real Property Interests (the “Stalking Horse Bid”).
In accordance with the Court-approved Sale Process, interested parties are invited to submit offers for the Real Property Interests to the Receiver, on terms no less favourable that the Stalking Horse Bid, substantially in the form of the Stalking Horse Bid, and for an amount that is no less than $175,000 more than the Stalking Horse Bid. Interested parties will have until 4:00 p.m. EDT on Tuesday, July 10, 2018 to submit a binding offer.
Enquiries for potential purchaser qualification should be made to the Receiver by contacting Noah Litwack at 416.496.3719 or via email at firstname.lastname@example.org. Relevant due diligence materials, including the form of offer, may be downloaded from the Receiver’s electronic data room upon execution, submission and approval of a confidentiality agreement. A copy of the confidentiality agreement is available for review/download below.
Creditor or Employee Enquiries
For creditor or employee enquiries, please contact:
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.
- Application Record (returnable April 20, 2018)
- Factum of American Iron & Metal Company Inc. – April 20, 2018
- Brief of Authorities of American Iron & Metal Company Inc. – April 20, 2018
- Responding Application Record of NASG Canada Inc. – April 19, 2018
- Factum of NASG Canada Inc. – April 19, 2018
- Brief of Authorities of NASG Canada Inc. – April 19, 2018
Court Orders and Endorsements
- Endorsement of Justice Patillo – May 25, 2018
- Appointment Order – June 5, 2018
- Sale Process Approval Order – June 5, 2018