Ontario · Receivership (court-appointed)
Motion Record - Receiver - BDO Canada Limited - 31-May-2021
Application / notice of application · 31 May 2021
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 filing5 verified
- commencement date31 May 2021
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-20-00652174-00CL
- counselRobinsapplebyllp
- recovery outcomeentries: basis: estimated · quote: The net proceeds of the sale of the Real Property will not be sufficient to fully repay the indebtedness of 102 Corp to Centurion. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Centurion Mortgage Capital Corporation, first mortgagee · claims amount: 9036712 · creditor name: Centurion Mortgage Capital Corporation · interim final: unstated · claims qualifier: unstated · stated on: 2021-05-31 · table missing: 52. Based on the payout statements received from Centurion, and subject to retaining an amount by way of a holdback to address any outstanding issues that may arise and to obtain a discharge of the Receiver, the Receiver proposes to distribute the net proceeds of the Transaction to Centurion up to a maximum amount of the debt owing to Centurion (the ' Proposed Distribution ').