Ontario · Receivership (court-appointed)
Third Report to Court
Court officer report · 15 October 2020
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What we verified from this filing1 verified
- recovery outcomeentries: basis: actual · quote: Firm Capital incurred a shortfall on its mortgage debt such that there were no proceeds generated from the receivership administration available for distribution to other secured and unsecured creditors of the Debtor. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Firm Capital Mortgage Fund Inc. · creditor name: Firm Capital Mortgage Fund Inc. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Firm Capital incurred a shortfall on its mortgage debt such that there were no proceeds generated from the receivership administration available for distribution to other secured and unsecured creditors of the Debtor. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other secured and unsecured creditors of the Debtor · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: based on the offers received in the course of the Marketing Process it is evident that there would not be full recovery for Firm Capital as first secured creditor and there would be no recovery at all for the other subordinate or unsecured creditors of the Debtor were any of those offers accepted. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other subordinate or unsecured creditors of the Debtor · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Accordingly, if the New Bond Purchase Agreement is approved Firm Capital will incur a shortfall on its mortgage debt and there will be no proceeds generated from the receivership administration available for distribution to other secured and unsecured creditors of the Debtor. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Firm Capital · creditor name: Firm Capital · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Accordingly, if the New Bond Purchase Agreement is approved Firm Capital will incur a shortfall on its mortgage debt and there will be no proceeds generated from the receivership administration available for distribution to other secured and unsecured creditors of the Debtor. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other secured and unsecured creditors of the Debtor · interim final: unstated · claims qualifier: unstated · stated on: 2020-10-15 · table missing: