First Swiss Mortgage Corp.

First Swiss Mortgage Corp. has been under court-appointed receivership since March 17, 2023, when the Ontario Superior Court of Justice (Commercial List) appointed KSV Restructuring Inc. as receiver on the application of the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario, under section 37 of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and section 101 of the Courts of Justice Act (file CV-23-00696362-00CL). Audited statements as at August 31, 2022 showed assets of $61,000 against liabilities of $507,000 and a shareholders' deficit of approximately $446,000, with a mortgage portfolio of only $1.9 million against roughly $26 million represented to investors. The Mortgage Schedule showed investor balances of $26.3 million as at February 28, 2023; the receiver concluded investors' trust claims should fail and that they rank as unsecured creditors pari passu. The proceeding remains active.