BDO Reports on Health & Harmoney
Click here to view details of all current Reports to date.
Using this Website
This Website provides information intended to bring you up-to-date on 1725587 Ontario Inc., c.o.b. Health and Harmoney and Harmoney Club Inc.'s (collectively "Health and Harmoney") current situation. The side bar has several information categories. You can access by clicking on the selected individual heading. The side bar includes the Receiver's Notice and Court Reports.
History of Health and Harmoney's Receivership
All interested parties are advised that the Ontario Superior Court of Justice in Bankruptcy and Insolvency issued an Order on August 5, 2010 which appointed BDO Canada Limited as Receiver and Manager over the property, assets, and undertaking of Health and Harmoney.
A copy of the Order dated August 5, 2010 has been posted under the heading "Court Orders".
General Comments
In our capacity as Court-appointed Receiver, BDO Canada Limited will be moving to get a claims bar procedure (the "Claims Procedure") approved by the Superior Court of Justice (Commercial Division) by the middle of September 2010. Once the Claims Procedure is approved by the Court, the Receiver will then proceed to send correspondence to the investors to confirm their respective claims for purposes of receiving a pro-rata share of the funds the Receiver has in its possession and control.
The Receiver anticipates making a distribution of the Health and Harmoney funds once the Claims Procedure is complete and a distribution is approved by the Court. Overall, it could take between 3 to 4 months before funds are distributed to the creditors depending upon how long it takes the Receiver to confirm all claims.
Where major developments involving Health and Harmoney's investors/creditors arise, the Receiver will be providing 'Current Development' updates chronologically on this website. These updates will be accessible on the side bar of this website.
Future Communication
Although we will make every attempt to answer investors/creditor questions regarding the Receivership administration, we recommend that investor/creditors refer to this site regularly to keep apprised of developments instead of calling the Receiver. This will minimize administration costs and maximize recoveries to investors/creditors.
Any further questions can be directed to Laryssa Rollo at 416-865-0210 ext: 3201.
Updates
The Claims Procedure was approved by an Order of the Ontario Superior Court of Justice on September 13, 2010.
Please see link to "Claims Bar Process" on left tool bar for further details.
Link to ABC News Broadcast - "Man loses $250K in alleged Ponzi scheme". [This broadcast is no longer available]
Court Reports
- Receiver's Second Report - March 29, 2011
- Receiver's First Report - September 2, 2010
- Receiver's Notice - August 13, 2010
Court Orders
- Endorsement - Newbould, J. - September 13, 2010
- Order - Newbould, J. - September 13, 2010
- Issued Order of Justice Hoy re Appt of Receiver - Aug 05, 2010
Claims Bar Process
| Process | Date |
|---|---|
| Mailing to Creditors | Week ending October 1, 2010 |
| Newspaper Notice | Week ending October 1, 2010 |
| Claims Bar Date | November 30, 2010 |
| Notice of Revision or Disallowance | December 15, 2010 or as they occur |
| Notice of Disputes | December 30, 2010 |
| Final Claim List | January 31, 2011 |