Ontario · Receivership (court-appointed)
Sixth Report of the Receiver dated April 25, 2018
Court officer report · 25 April 2018
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What we verified from this filing8 verified
- closing confirmedscope: the Property · outcome: completed · effective: 2017-03-09 · date basis: stated · approval order date: 2017-01-26
- operational summaryThe Property has been sold and the Receiver is now seeking court direction on the proper distribution of net sale proceeds among Gingko and the Subsequent Mortgagees, after which it intends to complete administration and be discharged.
- professional feesnote: Composed of fees of $6,515.70 and HST of $847.04; estimated further fees and expenses of $7,500 plus HST to complete administration; Chaitons (legal counsel) invoiced fees of $3,811.50, disbursements of $69.50 and HST of $501.36 for May 17, 2017 to April 23, 2018, with estimated further fees of $5,000 plus HST to completion. · party: Receiver (MNP Ltd.) · amount: 7362.74 · period: September 1, 2017 to April 22, 2018 · currency: CAD
- purchaserprice: note: gross sale proceeds received by the Receiver · basis: cash · amount: 6800000 · sealed: false · currency: CAD · scope: the Property · status: closed · name note: unnamed purchaser under sale agreement dated October 27, 2016 · structure: real_property · name source: recital · relationship: unstated · agreement date: 2016-10-27
- recovery outcomeentries: basis: unstated · quote: Accordingly, based on the amounts contained in the above-reference payout statements, there is insufficient funds available to repay 2421955 the full amount in connection with the 242 Mortgage, and there would be no funds available to be distributed to 2421955 and Mohammed with respect to the 242 Third Mortgage and the Mohammed Mortgage. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: 2421955 Ontario Limited (242 Third Mortgage) · creditor name: 2421955 Ontario Limited · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Accordingly, based on the amounts contained in the above-reference payout statements, there is insufficient funds available to repay 2421955 the full amount in connection with the 242 Mortgage, and there would be no funds available to be distributed to 2421955 and Mohammed with respect to the 242 Third Mortgage and the Mohammed Mortgage. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Sai Mohammed (Mohammed Mortgage) · creditor name: Sai Mohammed · interim final: unstated · claims qualifier: unstated · table missing:
- report date25 April 2018
- report noSixth Report
- sale outcometext: The sale of the Property was completed by the Receiver on March 9, 2017. In connection with the sale, the Receiver received gross sale proceeds of $6,800,000. · scope: parcel · status: closed