Ontario · Receivership (court-appointed)
Motion Record, dated January 10, 2024
Application / notice of application · 10 January 2024
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What we verified from this filing5 verified
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-23-00700033-00CL
- proceeding typereceivership_court
- statutory basisSECTION 243(1) of the BANKRUPTCY AND INSOLVENCY ACT R.S.C. 1985, c. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, c. c-43, AS AMENDED
- recovery outcomeentries: basis: unstated · quote: Authorizing and directing the Receiver to make an interim distribution to BMO in the amount of $14,101.99 in respect of its secured claim against the Property; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 14101.99 · cumulative: false · amount high: 14101.99 · class label: BMO · creditor name: Bank of Montreal · interim final: interim · claims qualifier: unstated; basis: unstated · quote: Authorizing and directing the Receiver to make a final distribution to BDC Capital Inc. (' BDCC ') in the amount of $93,750 in respect of its secured claim against the Company's intellectual property ; · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 93750 · cumulative: false · amount high: 93750 · class label: BDCC · creditor name: BDC Capital Inc. · interim final: final · claims qualifier: unstated; basis: estimated · quote: BMO and BDCC will both incur a significant shortfall on their indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BMO and BDCC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As a result, there will be no amounts available for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 5600000 · interim final: unstated · claims qualifier: estimated; basis: unstated · quote: The secured creditors will suffer shortfalls on their secured claims if the transaction is approved. · pct of: unstated · outcome: shortfall · class key: secured · stated by: court · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: It is anticipated that BMO and BDC will both incur a significant shortfall and as a result there will be no amounts available for unsecured creditors. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: BMO and BDC · claims amount: 5600000 · interim final: unstated · claims qualifier: estimated · stated on: 2024-01-10 · table missing: