Ontario · Receivership (court-appointed)
Motion Record, dated September 4, 2025
Application / notice of application · 4 September 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing1 verified
- recovery outcomeentries: basis: unstated · quote: As set out below, the purchase price (the ' Purchase Price ') under the APA is insufficient to repay in full the indebtedness owing to MCU, and, as a result, no distribution will be made to Fiera, Westmount, the Lien Claimants (save for their priority holdback entitlements - see the heading 'Registered Lien Claimant Update', below), or to unsecured creditors. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Fiera · creditor name: Fiera FP Real Estate Financing Inc. and Fiera FP Real Estate Financing Fund, L.P. · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As set out below, the purchase price (the ' Purchase Price ') under the APA is insufficient to repay in full the indebtedness owing to MCU, and, as a result, no distribution will be made to Fiera, Westmount, the Lien Claimants (save for their priority holdback entitlements - see the heading 'Registered Lien Claimant Update', below), or to unsecured creditors. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Westmount · creditor name: Westmount · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As set out below, the purchase price (the ' Purchase Price ') under the APA is insufficient to repay in full the indebtedness owing to MCU, and, as a result, no distribution will be made to Fiera, Westmount, the Lien Claimants (save for their priority holdback entitlements - see the heading 'Registered Lien Claimant Update', below), or to unsecured creditors. · pct of: unstated · outcome: nil · class key: landlord · stated by: receiver · class label: the Lien Claimants (non-priority) · interim final: unstated · conditional on: save for their priority holdback entitlements · claims qualifier: unstated; basis: unstated · quote: As set out below, the purchase price (the ' Purchase Price ') under the APA is insufficient to repay in full the indebtedness owing to MCU, and, as a result, no distribution will be made to Fiera, Westmount, the Lien Claimants (save for their priority holdback entitlements - see the heading 'Registered Lien Claimant Update', below), or to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As mentioned above, MCU will incur a shortfall in recovery on the debt owed to it if the Successful Bid is approved by the Court. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: MCU · creditor name: MCU · interim final: unstated · conditional on: if the Successful Bid is approved by the Court · claims qualifier: unstated; basis: unstated · quote: As set out above, the purchase price (the ' Purchase Price ') under the APA is insufficient to repay MCU in full. Fiera will see no recovery, nor will Westmount, the Lien Claimants · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Fiera · creditor name: Fiera · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As set out above, the purchase price (the ' Purchase Price ') under the APA is insufficient to repay MCU in full. Fiera will see no recovery, nor will Westmount, the Lien Claimants · pct of: unstated · outcome: nil · class key: landlord · stated by: receiver · class label: the Lien Claimants · interim final: unstated · conditional on: save for their priority holdback entitlements · claims qualifier: unstated; basis: unstated · quote: If the Sale Transaction is approved and closes, the Receiver is seeking authorization and direction to distribute certain proceeds from the Sale Transaction, being (a) $1,512,876.56 to the Registered Lien Claimants, to fully satisfy their holdback priority claims over the Meridian Mortgage pursuant to section 78 of the Construction Act , and (b) an amount yet to be determined to MCU to partially repay the Debtor's indebtedness to MCU. · pct of: unstated · outcome: distribution · class key: landlord · stated by: receiver · amount low: 1512876.56 · amount high: 1512876.56 · class label: Registered Lien Claimants · interim final: unstated · conditional on: If the Sale Transaction is approved and closes · claims qualifier: unstated; basis: unstated · quote: If the Sale Transaction is approved and closes, the Receiver is seeking authorization and direction to distribute certain proceeds from the Sale Transaction, being (a) $1,512,876.56 to the Registered Lien Claimants, to fully satisfy their holdback priority claims over the Meridian Mortgage pursuant to section 78 of the Construction Act , and (b) an amount yet to be determined to MCU to partially repay the Debtor's indebtedness to MCU. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: MCU · creditor name: MCU · interim final: unstated · conditional on: If the Sale Transaction is approved and closes; an amount yet to be determined · claims qualifier: unstated; basis: unstated · quote: In the circumstances, the Receiver will not have any funds available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: lien claimants (non-priority) and secured creditors and unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-09-04 · table missing: