pwc NOTICE AND STATEMENT OF THE RECEIVER (Pursuant to subsection 245(1) and 246(1) of the Bankruptcy and Insolvency Act) IN THE MATFER OF THE RECEIVERSHIP OF THE PROPERTY OF River Rock Financial Canada Corp., River Rock Distribution Corp., River Rock International Limited and 2126628 Ontario Limited of the City of Barrie, in the Province of Ontario The Receiver gives notice and declares that: On October 31, 2013, pursuant to an order (the "Receivership Order") of the Ontario Superior Court of Justice (the "Court"), PricewaterhouseCoopers Inc. ("PwC") was appointed receiver (the "Receiver"), without security, of certain assets (the "Property") of River Rock Financial Canada Corp. ("Financial"), River Rock Distribution Corp. ("Distribution"), River Rock International Limited ("International") and 2126628 Ontario Limited ("212") (collectively "River Rock" or the "Companies"), Hubert Belanger and Jaclyn Nicole Belanger (collectively, the "Belangers") pursuant to section 243 (1) of the Bankruptcy and InsolvencyAct, 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. 2.
The Receivership Order was granted pursuant to an application made by Caisse Desjardins Des Bois-Francs ("Caisse"), pursuant to a security agreement with River Rock dated April 5, 2013 and a collateral mortgage against the Real Property (as defined herein).
3,
The Property subject to the Receivership Order consists of all of River Rock's right, title and interest in and to all debts, accounts, claims, demands, monies, and choses in action which now are, or which may at any time hereafter be, due or owing to or owned by the Companies, (the "Receivables") the related books and records of the Companies (the "Books and Records") and all of the right, title and interest of the Belangers in and to the real property located at 980 Shoreview Drive, Innisfil, Ontario (the "Real Property").
PricewoterhouseCoopers Inc. PwC lower. 18 York Street, Suite 2600, Toronto, Ontario, c'anada M5J oB2 T: +1 416 941 8383 Direct F: +1 416 814 3219, www.pwc.com/ca
pwc 4.
On November 1, 2013, the Receiver took possession of the Books and Records of the Companies, which were located at the Companies' premises. The Receiver has determined, based on its preliminary review, that the Books and Records are incomplete. Based on the Books and records available, the Receiver has determined that the Receivables consist primarily of the following: Entity
Receivable
2126628 Ontario Limited
Unknown
River Rock Financial Canada Corp.
Loan Receivable
River Rock International Limited
Unknown
River Rock Distribution Corp.
Sales Tax Refund Receivables
TOTALS:
Notes:
5.
350,000
85,701
$
435,701
The above amounts represent the book values of River Rock's Receivables pursuant to the Companies' records and do not necessarily represent the sale or liquidation value of the Receivables.
Pursuant to the Receivership Order, the Belangers shall deliver vacant possession of the Real Property and the buildings situated thereon by no later than November 30, 2013. Based on its preliminary review, the Receiver has determined that the following charges/mortgages are registered against the Real Property: Entity
Registration Number
Scotia Mortgage Corporation
SC958873
4,700,000
1350430 Ontario Inc., Pina Bitonte and Marisa Faiconi
SC963409
1,550,000
The Canada Trust Company
SC975734
93,728
Caisse Desjardins Des Bois-Francs
SC1049728
TOTALS:
6.
Estimated Book Value
The following information relates to the receivership: (a)
Address of the head office of the Companies: 62 Commerce Park Drive Unit G Barrie ON, L4N 8W8
Charge/Mortgage Value
2,200,000 $
9,243,728
pwc (b)
Principal line of business: Financial is in the business of factoring receivables and providing commercial loans, Distribution carries on business as an exporter of computer parts and 212 is a holding company for the shares of Financial and Distribution. International carries on business as a financial services company, which is based in Dubai, United Arab Emirates.
(c)
Locations of business: 62 Commerce Park Drive Unit G Barrie ON, L4N 8W8 and P.O. Box 294043 Dubai
United Arab Emirates (d)
Amounts owed as of October 31, 2013, by the Companies to each creditor who holds security on the Receivables described above, pursuant to the Companies' books and records and registrations under the Personal Property Registry for Ontario are as follows: River Rock Financial Canada Corp., River Rock Distribution Corp., River Rock International Limited and 2126628 Ontario Limited: Caisse Desjardins Des Bois-Francs 2126628 Ontario Limited: Bank of Nova Scotia Employees outstanding S. 8i amounts Mercedes-Benz Financial Services Canada Corporation Navigate Capital Corp.
Amount:
$
1,837,000
Unknown Unknown Unknown Unknown
(e)
The list of other creditors of the Companies and the amount owed to each creditor, pursuant to information available from the Companies' books and records, is set out in Schedule "A". The Books and Records of the Companies are incomplete accordingly the total amount owing to unsecured creditors is unknown.
(0
The intended plan of action of the Receiver during the receivership proceedings, to the extent that such a plan has been determined, is to realise on the Receivables of the Companies and sell the Real Property that is subject to the Receivership Order.
3
pwc (g)
Contact person for Receiver: PricewaterhouseCoopers Inc. Receiver of River Rock Financial Canada Corp., River Rock Distribution Corp., River Rock International Limited and 2126628 Ontario Limited PwC Tower i8 York Street Suite 2600 Toronto ON, M5J oB2 Attention: Telephone: Facsimile:
Sara de Verneuil (416) 941-8383 ext. 14374 (416) 814-3219
DATED at Toronto, this 8th day of November, 2013. PricewaterhouseCoopers Inc. in its capacity as Court appointed Receiver of River Rock Financial Canada Corp., River Rock Distribution Corp., River Rock International Limited and 2126628 Ontario Limited and not in its personal capacity
Tracey Weaver Vice President
4
IN THE MATTER OF THE RECEIVERSHIP OF River Rock Financial Canada Corp., River Rock Distribution Corp. River Rock International Limited and 2126628 Ontario Limited Creditor Listing Company
Creditor
Amount
2126628 Ontario Limited (formerly the Interface Financial Group)
407 ETR
Unknown
Canada Revenue Agency
Unknown
Churchill Property Corporation
Unknown
John I. Barzo, LLB
Unknown
Mercedes Benz Barrie
Unknown
Mercedes Benz-Financial Services Canada Corp.
Unknown
MMAX Group (Canada) Inc.
Unknown
Navigate Capital Corporation
Unknown
Pfaff Leasing
Unknown
Power Stream
Unknown
Scotiabank The Bank of Nova Scotia
Unknown
The Co-operators
Unknown
Arlene lnwood
Unknown
Brian Larose
Unknown
Unknown
Chad Madill
Unknown
Don Coffey Sales (Gloria Coffey)
Unknown
Greg Mossman
Unknown
Jody Degrechie
Unknown
Kelly Hueser
Unknown
Ken Barrett
Unknown
Kim Tysdale
Unknown
Loranna Clauson
Unknown
Michelle Allan
Unknown
Mike Kuehnaman
Unknown
Sainwood Inc.
Unknown
Sheila Croney
Unknown
Steve Inwood
Unknown
Steve Jarjoura
Unknown
Tod Freer
Unknown
River Rock Distribution Corp.
Solutions Plus
Unknown
River Rock Financial Canada Corp.
Amanda Schubert
Unknown
Barriston Law
Unknown
Bell Canada
Unknown
Central Ontario Broadcasting
Unknown
DHL Express (Canada), Ltd.
Unknown
Enbridge
Unknown
Entertaining Interiors
Unknown
Federal Express Canada Limited
Unknown
Froese Forensic Partners Ltd
Unknown
Greater Barrie Chamber of Commerce
Unknown
Hospital Activity Book for Children Ltd.
Unknown
Hubert Belanger
Unknown
Imperial Oil (Esso Fleet Card)
Unknown
JALD Construction Management
Unknown
Jaclyn Belanger
Unknown
Manulife Financial
Unknown
MMAX Group (Canada) Inc.
Unknown
Products of Canada
Unknown
Purolator Inc.
Unknown
Reliance Protection
Unknown
Staples
Unknown
Stephanie Kuris
Unknown
The Grounds Guys
Unknown
The Manufacturers Life Insurance Company
Unknown
The Sign Display Store
Unknown
UPS Canada
Unknown
Vistaprint Netherlands, By.
Unknown
Waggs Ltd.
Unknown
