Ontario · Receivership (court-appointed)
Receiver's First Report
Court officer report · 14 December 2018
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 filing2 verified
- secured creditorsnote: Amount is the net funds advanced by the Trust to the Debtors, stated as approximately $8.4 million (para 70); an approximation, not an audited balance, and no separate balance-owing figure is given. Receiver has not yet obtained a formal opinion on the validity of the Trust's security (para 69). The Trust is also the Applicant; its only asset was investments in promissory notes from CMC LP (para 5(j)). · page: 16 · amount: 8400000 · debtor: Cangap Merchant Capital LP and Cangap Merchant Capital Corp. (the Debtors) · creditor: Creative Wealth Monthly Pay Trust (the Trust) · currency: CAD · security: PPSA financing statement registered against CMC Corp and CMC LP on 2011-04-07, Registration No. 20110407 1048 8028 2925; sole PPSA registrant against the Debtors (para 68, 72)
- unsecured creditorsnote: Document names no individual investors; figure is an aggregate. Subscription documents describe these as 'Secured Units', but the Receiver states it is unclear whether the investors held any security, and there are no PPSA registrations against CMC LP or CMC Corp other than the Trust's (para 72). Security status unconfirmed. · page: 16 · basis: Receiver's First Report, 'Other Creditors' section; list provided by Creative Wealth Capital Corporation (CWCC) showing 21 investors with total investments of approximately $4.4 million in CMC Corp, independent of investments through the Trust (para 71) · amount: 4400000 · debtor: Cangap Merchant Capital Corp. (CMC Corp) · creditor: Direct investors in CMC Corp. (21 investors, aggregate as reported) · currency: CAD