Ontario · Receivership (court-appointed)
Fifth Report of the Liquidator and Third Report of the Receiver dated July 20, 2018 - 07/20/2018
Court officer report · 20 July 2018
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What we verified from this filing1 verified
- recovery outcomeentries: basis: actual · quote: On July 26, 2018, after receiving a fully executed reimbursement agreement from Meridian, the Liquidator made a distribution in the amount of $17,494,361.72 to Meridian which repaid in full the indebtedness owed by Tarn Financial to Meridian, which was secured by first ranking security. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: liquidator · amount low: 17494361.72 · amount high: 17494361.72 · class label: Meridian Credit Union · claims amount: 17603247.93 · creditor name: Meridian Credit Union · interim final: unstated · related party: false · claims qualifier: asserted; basis: actual · quote: a reserve has since been established with CRA to address its potential priority claims and accordingly, on October 26, 2018, the Liquidator made a distribution in the amount of $6,094,522.85 which repaid in full the indebtedness owed by Tarn Financial to Kingsett, which was secured by second ranking security. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: liquidator · amount low: 6094522.85 · amount high: 6094522.85 · class label: KingSett Mortgage Corporation · claims amount: 6079972.07 · creditor name: KingSett Mortgage Corporation · interim final: unstated · related party: false · claims qualifier: asserted; basis: actual · quote: | The Guarantee Company of North America | 26,842.63 | - | · pct of: unstated · outcome: nil · class key: secured · stated by: liquidator · class label: The Guarantee Company of North America · claims amount: 26842.63 · creditor name: The Guarantee Company of North America · interim final: unstated · related party: false · claims qualifier: asserted; basis: actual · quote: | Tarion Warranty Corporation | - | - | · pct of: unstated · outcome: nil · class key: secured · stated by: liquidator · class label: Tarion Warranty Corporation · creditor name: Tarion Warranty Corporation · interim final: unstated · related party: false · claims qualifier: unstated; basis: actual · quote: The Liquidator made a distribution to Volkan Basegmez of USD$1,583,998.36 in respect of outstanding principal and CAD$83,854.57 in respect of outstanding accrued interest pursuant to the terms of the Liquidator's Certificates dated December 17, 2017 and February 5, 2018. · pct of: unstated · outcome: paid_in_full · currency: USD · class key: court_charges · stated by: liquidator · amount low: 1583998.36 · amount high: 1583998.36 · class label: Volkan Basegmez (Liquidator's Borrowing Charge) · creditor name: Volkan Basegmez · interim final: unstated · currency quote: USD$1,583,998.36 · claims qualifier: unstated; basis: actual · quote: The Liquidator made a distribution to Serdar Kocturk of CAD$1,025,084.50 in respect of outstanding principal and accrued inter est pursuant to the terms of the Liquidator's Certificate dated May 17, 2018. · pct of: unstated · outcome: paid_in_full · currency: CAD · class key: court_charges · stated by: liquidator · amount low: 1025084.5 · amount high: 1025084.5 · class label: Serdar Kocturk (Liquidator's Borrowing Charge) · creditor name: Serdar Kocturk · interim final: unstated · currency quote: CAD$1,025,084.50 · claims qualifier: unstated · stated on: 2018-10-31 · table missing: