"The court has now appointed an interim receiver
who will preserve the assets, carry on the investigation and prepare an independent report which we will use to take the case forward."
The Court may also appoint an interim receiver
as a remedy for secured creditors between the time that the petition for a bankruptcy order is filed and the bankruptcy order is made by the Court.
TORONTO -- Royal Crest nursing homes located in southern Ontario are in receiving and the firm of Ernst & Young was appointed as Interim Receiver
by the Superior Court of Ontario.
Immediately after these searches an Interim Receiver
appointed to act on behalf of the High Court took control of substantial assets which included:
Increasingly, CCAA proceedings involve the appointment of an interim receiver
pursuant to subsection 47(1) of the BIA, in addition to the appointment of a monitor.
"It is anticipated the interim receiver
will continue the operation of the business as a going concern while pursuing their investigations."
Concerns about the dissipation of assets are dealt with by the provisions of the BIA allowing for the Court-appointment of an Interim Receiver
(discussed below) to safeguard the debtor's property after the filing of a petition.
An interim receiver
has taken control of the properties and assets belonging to Sean Byrne and his brother John, both of the same address at Barr Road, Belleeks, outside Newry, Co Down.
Then an interim receiver
will manage the properties while a further inquiry is carried out in advance of a legal application to have the assets forfeited.