Ontario · Receivership (court-appointed)
Motion Record of the Receiver returanble December 14, 2022
Application / notice of application · 14 December 2022
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 filing1 verified
- recovery outcomeentries: basis: estimated · quote: Based on, among other things, current market dynamics, the increased indebtedness owing to CIBC and KingSett from the continuing accrual of interest and expenses and the expected tax implications of sales of the Units, the Receiver now believes all of the Units will need to be sold to repay the secured indebtedness owing by the Company, and that there is likelihood of KingSett suffering a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: KingSett Mortgage Corporation · creditor name: KingSett Mortgage Corporation · interim final: unstated · claims qualifier: unstated · stated on: 2022-12-05 · table missing: