Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 3 December 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing4 verified
- cash on handnote: Balance in the Receiver's bank account; includes operations of the Apartment Building but excludes the Water Plant/common elements and Townhomes accounts, which are segregated from the Receiver's operating account. · as at: 2024-11-28 · amount: 62999 · currency: CAD · qualifier: approximately $63,000 (stated as $62,999 in the R&D discussion)
- operational summaryThe Receiver is operating the Apartment Building and managing the Property while advancing the common elements condominium registration, and is preparing to commence the Sales Process. The Property does not generate enough cash to fund operating costs for the entire development plus receivership costs, so the Receiver is funding the shortfall through borrowings from the Applicant by way of Receiver's Certificates.
- report date3 December 2024
- report noFirst Report of the Receiver