Ontario · Receivership (court-appointed)
First Report to Court of the Receiver dated March 31, 2023
Court officer report · 31 March 2023
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 filing6 verified · 1 withheld
- cash on handnote: Closing cash balance of the Company's three Shinhan Bank Accounts per the Receiver's summary of banking activity for January 1, 2020 to March 22, 2023 (unaudited). Separately, the balance in the 6254 Account, held by the Company's sole shareholder 6807771 Canada Corp., was $22 as of March 22, 2023. · as at: 2023-03-22 · amount: 333 · currency: CAD
- disbursementsnote: Historical disbursements from the Company's pre-receivership Accounts (including $11,684,655 of Investor interest/principal payments and $5,936,534 transferred to the 6254 Account), unaudited. Not a disbursements figure for the receivership estate. · since: January 1, 2020 (banking Period, to March 22, 2023) · amount: 19732332 · currency: CAD
- operational summaryThe Company, a mortgage lender and administrator, ceased operating after its March 15, 2023 assignment in bankruptcy and vacated its office; the Receiver is investigating an alleged scheme in which Investor funds went unused for mortgages and the Accounts operated as a Ponzi-like structure, with about $5.9 million transferred to the shareholder's account.
- receipts cumulativenote: Historical receipts into the Company's pre-receivership Accounts (Investors $8,395,724; mortgage interest and repayments $10,085,797; sundry/unknown $1,249,716), unaudited. This is not a receipts figure for the receivership estate itself. · since: January 1, 2020 (banking Period, to March 22, 2023) · amount: 19731237 · currency: CAD
- report date31 March 2023
- report noFirst Report
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.