Ontario · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 13 June 2025
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: As mentioned above, MCU will incur a shortfall in recovery on the debt owed to it if the Successful Bid is approved by the Court. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: MCU · creditor name: MCU · interim final: unstated · related party: false · conditional on: if the Successful Bid is approved by the Court · claims qualifier: unstated; basis: estimated · quote: Fiera will incur a compete loss. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Fiera · creditor name: Fiera · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As set out above, the purchase price (the ' Purchase Price ') under the APA is insufficient to repay MCU in full. Fiera will see no recovery, nor will Westmount, the Lien Claimants · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Westmount · creditor name: Westmount · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: If the Sale Transaction is approved and closes, the Receiver is seeking authorization and direction to distribute certain proceeds from the Sale Transaction, being (a) $1,512,876.56 to the Registered Lien Claimants, to fully satisfy their holdback priority claims over the Meridian Mortgage pursuant to section 78 of the Construction Act , and (b) an amount yet to be determined to MCU to partially repay the Debtor's indebtedness to MCU. · pct of: unstated · outcome: distribution · class key: landlord · stated by: receiver · amount low: 1512876.56 · amount high: 1512876.56 · class label: Registered Lien Claimants · interim final: unstated · conditional on: If the Sale Transaction is approved and closes · claims qualifier: unstated; basis: unstated · quote: If the Sale Transaction is approved and closes, the Receiver is seeking authorization and direction to distribute certain proceeds from the Sale Transaction, being (a) $1,512,876.56 to the Registered Lien Claimants, to fully satisfy their holdback priority claims over the Meridian Mortgage pursuant to section 78 of the Construction Act , and (b) an amount yet to be determined to MCU to partially repay the Debtor's indebtedness to MCU. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · class label: MCU · creditor name: MCU · interim final: unstated · related party: false · conditional on: an amount yet to be determined, to partially repay the Debtor's indebtedness to MCU · claims qualifier: unstated · stated on: 2025-06-13 · table missing: