Ontario · Receivership (court-appointed)
Fourth Report of the Receiver dated March 12, 2020.pdf
Court officer report · 12 March 2020
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What we verified from this filing4 verified
- financial positionnote: Receiver states the Debtors have no remaining realizable assets following the sale of the Simcoe Property and 326 Dacey Property, and that there are millions of dollars owing to mortgagees with no further assets available to satisfy these debts (no specific liability figure given). · basis: unaudited financial information relied upon by the Receiver; no opinion expressed under GAAP or IFRS · scope: entity-level, 2398035 Ontario Inc. and 2488123 Ontario Ltd. (the Debtors), non-consolidated · currency: CAD
- operational summary239 and 248 were real estate holding companies whose only assets were the Simcoe and 326 Dacey Properties, both now sold with no recoveries beyond senior mortgagees; the Receiver reports no further realizable assets and seeks authorization to assign both companies into bankruptcy to preserve BIA remedies regarding prior fund transfers.
- report date12 March 2020
- report noFourth Report