Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated December 18, 2015 (Part 1 of 4)
Application / notice of application · 18 December 2015
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What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: Since the receivership is now substantially complete, the Receiver is seeking an order to make an initial distribution to the Bank of $600,000 and upon conclusion of the receivership to pay over to HSBC any monies remaining in its hands to partially repay its secured advances in excess of $2.2 million. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 600000 · cumulative: false · amount high: 600000 · class label: HSBC Bank Canada · creditor name: HSBC Bank Canada · interim final: unstated · related party: false · claims qualifier: unstated; basis: estimated · quote: As a result, it is the Receiver's opinion that HSBC is entitled to all of the net proceeds from the Vaughan Property and will suffer a shortfall under its Collateral Charge after receiving payment. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · cumulative: false · class label: HSBC Bank Canada · creditor name: HSBC Bank Canada · interim final: unstated · related party: false · claims qualifier: unstated; basis: estimated · quote: The total indebtedness owing to the secured creditors exceeds $2.5 million, and accordingly, the Receiver estimates a shortfall on the secured indebtedness of NTI to exceed $1.8 million. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · cumulative: false · class label: the secured creditors of NTI · interim final: unstated · claims qualifier: unstated · shortfall amount: 1800000; basis: estimated · quote: The result is that no recoveries are expected to be available for NTI's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · cumulative: false · class label: NTI's unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2015-12-18 · table missing: