Ontario · Receivership (court-appointed)
Book of Authorities of KingSett Mortgage Corporation re Motion returnable September 14, 2023
Application / notice of application · 14 September 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: unstated · quote: As the Bank will suffer a significant shortfall on its loans, the R/M sees little benefit to incurring further costs to defend these actions given the Bank's priority position. · pct of: unstated · outcome: shortfall · class key: secured · stated by: unstated · class label: Royal Bank of Canada (Bank) · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Even with the sale, the secured creditors stand to incur a shortfall on their security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: unstated · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Even with the sale, the secured creditors stood to incur a shortfall on their security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: court · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Following the sale of assets during the CCAA Proceeding, distributions were made and the First Lien Lenders were paid in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: court · class label: First Lien Lenders · creditor name: First Lien Lenders · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The court made distribution orders that resulted in the First Lien Lenders being paid in full in January of 2012. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: court · class label: First Lien Lenders · creditor name: First Lien Lenders · interim final: unstated · claims qualifier: unstated; basis: actual · quote: A distribution of $6 million was made to the Second Lien Lenders. Approximately $150 million remains owing to those lenders under the Second Lien Credit Agreement. · pct of: unstated · outcome: distribution · class key: secured · stated by: court · amount low: 6000000 · amount high: 6000000 · class label: Second Lien Lenders · claims amount: 150000000 · creditor name: Second Lien Lenders · interim final: unstated · claims qualifier: unstated · table missing: