Robert Drake

The bankrupt, a former real estate developer, sought an absolute discharge from bankruptcy.

The discharge was opposed by the Trustee, the Canada Revenue Agency, and several creditors, who argued that the bankrupt's assets were less than 50 cents on the dollar for reasons he could be held responsible for, and that he failed to perform his duties under the Bankruptcy and Insolvency Act.

The court found that the bankrupt had engaged in an asset protection strategy, incurred significant personal liabilities without the means to pay them, and failed to disclose his true post-bankruptcy lifestyle and use of a corporate credit card.

The court declined to refuse the discharge entirely but imposed a substantial conditional order requiring the bankrupt to pay $960,000 and fulfill various outstanding duties.

The Monitor in a CCAA proceeding brought an unopposed motion to extend the stay period, approve its activities, and approve its fees and those of its counsel.

The court found that the applicants had acted in good faith and with due diligence, and that the applicants had sufficient cash flow to operate during the proposed stay period.

The motion was granted, extending the stay period to January 31, 2024, and approving the Monitor's activities and fees.

The Monitor in CCAA proceedings brought an unopposed motion to extend the stay of proceedings, approve a settlement agreement with a condominium corporation and another party, and approve its activities and fees.

The court found the settlement agreement reasonable and necessary, providing immediate benefits to stakeholders and a path to reducing a bond.

The court extended the stay to March 3, 2023, and approved the Monitor's activities and fees.

The Monitor sought an order authorizing distributions from the sale of Geothermal Assets.

KTNI disputed the Monitor's recommended disallowance of its claim to a portion of the proceeds based on a transfer provision in the Berm Lease.

The court found that the plain language of the lease reserved the transfer value to KTNI and that the provision was not invalidated by the pari passu or anti-deprivation rules.

The Monitor was directed to distribute $2,049,000 to KTNI, but no funds were to be distributed to Doreen Saskin until her claim in the bankruptcy of KTNI's parent company was accepted.

The Applicants brought an unopposed motion in their CCAA proceedings to extend the Stay Period to August 31, 2021, assign certain letters of credit to the Israeli Functionary, and approve the Monitor's Forty-Sixth Report along with professional fees.

The court found the Applicants were acting in good faith and with due diligence, and that they had sufficient resources to continue functioning during the proposed stay period.

The motion was granted in its entirety.

The Applicants brought an unopposed motion in their CCAA proceedings seeking an extension of the Stay Period to August 31, 2021, and authorization for the Monitor to effect the return of trust property to Lien Claimants and Trust Claimants.

The court found the Applicants were acting in good faith and with due diligence, and that the return of trust property did not constitute a distribution or dividend under the Bankruptcy and Insolvency Act.

The court granted the stay extension, authorized the distributions, and approved the Monitor's activities and fees.

The court heard competing applications regarding the insolvent Urbancorp Management Inc. (UMI).

The Monitor sought a Bankruptcy Order, while a secured creditor sought the appointment of a receiver.

The court granted the Bankruptcy Order, appointing the Monitor as trustee, finding that the bankruptcy administration would provide a codified route to assess the secured creditor's non-arm's length claim.

The receivership application was stayed pending the trustee's review of the secured claim.

In the context of CCAA proceedings for the Urbancorp entities, the Monitor brought a motion for an order approving and directing distributions from the sale of geothermal assets.

The court approved two unopposed distributions recommended by the Monitor in its Forty-Fifth Report, specifically regarding VII - Curve and UNKI.

The balance of the requested relief was adjourned to a date to be set.