Pursuant to an order issued by the Ontario Superior Court of Justice (Commercial List) (the “Court”) on December 7, 2021 (the “Appointment Order”), BDO Canada Limited was appointed receiver (the “Receiver”), without security, of the Contested Funds held by the Applicants as defined therein.
The Court declared that a conflict exists among the respondents regarding their claims to net funds paid (the “Contested Funds”) as part of a scheme (the “Sunrise Technology Scheme”) operated by the respondent Xiaodong Yang, some of which are currently held by 13364097 Canada Inc. (“13364097”) and Bao Ying Cao (collectively with 13364097, the “Applicants”).
As outlined in the Appointment Order, the Contested Funds are to be directed to the Receiver and the Receiver is to determine and report on a plan for the fair and equitable distribution of the Contested Funds to respondents.
Stay of Proceedings
The Appointment Order states that no proceedings shall be commenced or continued against the Receiver in its capacity as Receiver or against the Applicants except with the written consent of the Receiver or with leave of the Court, and any such proceedings currently under way shall be stayed and suspended pending further Order of this Court.
Additional updates on the receivership proceedings and a Claims Process will be posted to this site as they become available.
If you have any questions or concerns regarding the administration of the receivership, please send an email to the following address with your questions and/or concern and the appropriate person will respond as soon as reasonably possible.