British Columbia · Receivership (court-appointed)
Notice of Application (April 11, 2022)
Application / notice of application · 11 April 2022
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 filing1 verified
- recovery outcomeentries: basis: estimated · quote: CIBC continues to be owed in excess of $6 million plus accrued interest and it is expected that the indebtedness owing to CIBC will not be satisfied in full in these Receivership Proceedings. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: CIBC · creditor name: CIBC · interim final: unstated · claims qualifier: unstated; basis: actual · quote: completing a second interim distribution in the amount of $375,664.01 to CIBC representing the net proceeds from the sale of the Residual Properties to 231 Ltd. pursuant to the Sale Approval and Vesting Order · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 375664 · cumulative: false · amount high: 375664 · class label: CIBC · creditor name: CIBC · interim final: interim · claims qualifier: unstated; basis: unstated · quote: The Receiver is authorized to pay out to CIBC the net proceeds from the estate as final payment of the indebtedness owing to CIBC by the Company (the ' Final Distribution '), less amounts to be reserved by the Receiver to fund the costs associated with the Receiver's discharge including final Receiver's fees and legal fees is hereby approved. · pct of: unstated · outcome: distribution · class key: secured · stated by: court · class label: CIBC · creditor name: CIBC · interim final: final · conditional on: net proceeds less amounts reserved for the costs of the Receiver's discharge, including final Receiver's fees and legal fees · claims qualifier: unstated · stated on: 2022-04-20 · table missing: