Shurabi Srikaruna

The Administrative Agent for the Syndicate Lenders moved for an order tolling limitation periods relating to claims against the debtor entities, additional stay parties, and related individuals and trusts that may expire during the stay period or within 60 days following its termination.

The motion was unopposed and supported by the Monitor and the Trustee in Bankruptcy.

The court granted the tolling order, finding jurisdiction under section 11 of the CCAA and that the relief advanced the policy and remedial objectives of the Act.

The court acknowledged the respondents' reservation of rights to seek variation or termination of the tolling provisions in the future.

This endorsement grants several orders sought by the Applicants in ongoing Companies' Creditors Arrangement Act (CCAA) proceedings, including approval of the Monitor’s reports and activities, amendment of reporting obligations, addition of Block 6 Holding Inc. as an Applicant, approval of a property sale and related distributions, and the appointment of a mediator to address cost allocation issues among financiers.

The court finds all relief appropriate and supported by the record.

The plaintiff real estate brokerage commenced an action against the defendants, including a court-appointed receiver, for unpaid commissions related to the sale of a property.

The receiver and the debtor company moved to stay the action pursuant to the receivership Appointment Order, while the plaintiff moved to lift the stay.

The court found that the plaintiff's claims for breach of contract and breach of fiduciary duty, based on an email exchange regarding a draft commission agreement, were not frivolous or vexatious.

Balancing the relative prejudice to the parties, the court lifted the stay of proceedings to allow the plaintiff's action to continue.

Preliminary motions regarding the evidentiary record were decided in favour of the receiver.