CITATION: 2403177 Ontario Inc. v. Bending Lake Iron Group Limited, 2016 ONSC 5862
COURT FILE NO.: CV-14-0274-00
DATE: 2016-09-19
ONTARIO
SUPERIOR COURT OF JUSTICE
B E T W E E N:
2403177 Ontario Inc.
Michael Strickland, for the Applicant
Applicant
- and -
Bending Lake Iron Group Limited
Robert MacRae, for the Respondent
Respondent
Kenneth Kraft, for A. Farber & Partners Inc.
Paul Denton the Receiver
Caitlin Fell, for Legacy Hill Resources Ltd.
HEARD: May 30, 2016 at Thunder Bay
Mr. Justice D. C. Shaw
Decision On Motion
[1] On May 30, 2016, A. Farber & Partners Inc., in its capacity as the court appointed receiver (the “Receiver”) of the property of Bending Lake Iron Group Limited (“BLIG”), brought a motion for the following relief:
(a) approving the Receiver’s Fourth Report to the Court, dated May 12, 2016 and the activities of the Receiver described therein;
(b) approving the fees and disbursements of the Receiver and its counsel for the period November 1, 2015 to April 30, 2016 and authorizing the Receiver to pay any unpaid fees and disbursements that are approved; and
(c) that the Order granted on September 11, 2014, as subsequently amended (the “Receivership Order”) be further amended by deleting the amount $300,000 referred in paragraph 20 and replacing it with the amount $700,000.
[2] I had earlier approved the First, Second and Third Reports to the Court of the Receiver.
[3] I have reviewed the Fourth Report. I accept that the costs of the Receiver have increased significantly beyond what could reasonably have been anticipated at the time that the Receivership Order was granted because of the opposition of BLIG to the Sale and Approval Motion. The Secured Creditor is the party directly affected by the increase in the charge in favour of the Receiver, from $300,000 to $700,000. The Secured Creditor is in favour of the order requested herein by the Receiver. Counsel for BLIG, although he stated that he opposed the order, made no submissions as to why the order sought by the Receiver should not be granted.
[4] An order shall go, as requested in the notice of motion, in accordance with the draft Order contained at Tab 3 of the Receiver’s Motion Record returnable May 30, 2016. I have endorsed a copy of the draft Order, which is attached as Schedule “A” to these Reasons.
_____”original signed by”
Regional Senior Justice D. C. Shaw
Released: September 19, 2016
CITATION: 2403177 Ontario Inc. v. Bending Lake Iron Group Limited, 2016 ONSC 5862
COURT FILE NO.: CV-14-0274-00
DATE: 2016-09-19
ONTARIO
SUPERIOR COURT OF JUSTICE
B E T W E E N:
2403177 Ontario Inc.
Applicant
- and -
Bending Lake Iron Group Limited
Respondent
DECISION ON MOTION
Shaw J.
Released: September 19, 2016
/sb