Ontario · Receivership (court-appointed)
Motion Record - Receiver - dated July 24, 2025
Application / notice of application · 24 July 2025
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What we verified from this filing1 verified
- recovery outcomeentries: basis: unstated · quote: The Receiver recommends that it make an interim distribution of the net sale proceeds of the Transaction to National Bank, the first mortgagee on the Hartman Property, in the sum of $650,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 650000 · cumulative: false · amount high: 650000 · class label: National Bank of Canada (Hartman Property) · claims amount: 1646021.89 · creditor name: National Bank of Canada · interim final: interim · claims qualifier: unstated; basis: estimated · quote: It is expected that National Bank will suffer a shortfall in the repayment of its indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: National Bank of Canada (Hartman Property) · claims amount: 1646021.89 · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Pursuant to the Order of the Honourable Justice Steele, dated April 15, 2025 (the ' King Street Ancillary Order '), the Court authorized the Receiver to make an interim distribution of the net sale proceeds of the King Street Property to National Bank totaling $1,475,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: court · amount low: 1475000 · cumulative: false · amount high: 1475000 · class label: National Bank of Canada (King Street Property) · claims amount: 2215638.9 · creditor name: National Bank of Canada · interim final: interim · claims qualifier: unstated; basis: estimated · quote: The Receiver recommends at this time a further interim distribution to National Bank, the mortgagee on the King Street Property prior to its sale, in the sum of $100,000 from these reserve funds. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 100000 · cumulative: false · amount high: 100000 · class label: National Bank of Canada (King Street Property) · creditor name: National Bank of Canada · interim final: interim · claims qualifier: unstated; basis: estimated · quote: National Bank is expected to suffer a shortfall on its indebtedness on both the King Street Property and the Hartman Property. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: National Bank of Canada (King Street and Hartman Properties) · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2025-07-24 · table missing: