There is no requirement of bankruptcy to go into receivership. There are other reasons for a party to enter into receivership, which you can easily find online.
Neither Millardair nor Millard Properties declared bankruptcy.
And while we know something about the state of the finances of these companies due to the receivership what we don't know about is the state of Wayne Millard's and his son's finances.
People assume that Wayne must have been broke because he took out the RBC loan and that he didn't have any other assets except his property. That may be correct. But for all we know, Wayne may have had an extensive investment portfolio that is now being managed by his estate . It's very common to get a loan for a business even if you could liquidate personal assets and fund the business yourself. I'm sure there are many people on this board who use a personal line of credit despite having an investment portfolio. It's just more convenient.
It's also plausible that the reason, Dellen was so quick to pay off Wayne's estate's share of the RBC loan was to ensure there wouldn't be third parties taking a close look at the state of Wayne's finances and assets. To this day, we have never seen an authoritative accounting of Wayne's financial state.
We also don't know, as Justice Code writes, how much cash Dellen received from the sale of his properties.
- These sales of five residential properties in and around Toronto yielded a large amount of money. The exact net proceeds of these sales is somewhat unclear, from the record on the Rowbotham Application, but it was millions of dollars. He used this money, in part, to pay his legal fees in Hamilton. He also advanced substantial amounts, in the form of shareholder loans, to Millard Properties Inc. (Millard owns 50% of the shares of the company and he is the sole heir to the other 50% of the shares which are held by the Estate of Wayne Millard). That privately held company used these funds loaned by Millard to pay off its substantial debt to the Royal Bank, which then allowed the company to sell its main asset, a large modern airport hangar, unencumbered, for $4.8 million in April 2015. In essence, what Millard did between 2013 and 2015, after he was charged with the Bosma murder, was convert his substantial personal real estate holdings into debt, owed to him by Millard Properties Inc., and into cash that he used for legal fees.
Code also notes:
- Counsel for the Attorney General took the position, on the Rowbotham Application, that Millard had not accounted for all of the proceeds of his various asset sales, both personal and corporate.
In fact, after the Rowbotham hearing, it suddenly came to light that there was an extra sum of almost $1 million sitting around that no one had so much as mentioned before:
- As it turned out, the subsequent Commercial List proceedings before Hainey J. concluded that significant additional proceeds of the airport hangar sale were also available, although depleted somewhat in the two years since the asset sale (some $800,000 to $900,000 were being held by Millard’s mother, his Attorney for Property, in her capacity as Estate Trustee for Wayne Millard’s estate, of which Millard is the sole beneficiary
I really think the only conclusion that can be reached is that we have no idea how much money DEllen and Wayne's estate control. And I don't understand why people are so quick to conclude it's nothing.