Engagements

Waxman Realty Company Inc. and 1340923 Ontario Inc.

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.

Sale Process

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”) from American Iron & Metal Company Inc. (“AIM”).

In accordance with the Court-approved Sale Process, interested parties were 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.

The Sale process concluded at 4:00 p.m. EDT on Tuesday, July 10, 2018 (the “Bid Deadline”), with no competing bids received by the Receiver.  Accordingly, the Receiver sought, and received, an order of Court (the “Approval and Vesting Order“) approving, among other things, the approval of the sale of the Property to, and vesting of the Property in, AIM. The transaction, as approved, is scheduled to close on August 17, 2018.

The Court also issued a separate order on August 16, 2018 (the “Ancillary Order”) providing for the approval of, amongst other things, the reports to Court of the Receiver and the proposed Receiver.

Copies of all Court materials are available for viewing/download via the table of links below.

Creditor or Employee Enquiries

For creditor or employee enquiries, please contact:

Noah Litwack
T: 416.496.3719
E: nlitwack@farbergroup.com

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.

Court Reports

Motion Materials

Court Orders and Endorsements

Service List

Sale Process