Ontario · Receivership (court-appointed)
Second Report as Receiver and Manager dated March 13, 2025
Court officer report · 13 March 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 filing8 verified
- operational summaryThe receivership's principal purpose is to sell the Receivership Assets; this report focuses on the proposed sale of the 25 Madison property after a marketing process that yielded several terminated offers, and recommends Court approval of the sale and a distribution to the senior secured creditor Foremost, which will not be repaid in full.
- process resultsbids: 5 · note: five prior offers received for 25 Madison including terminated receivership offers and a pre-receivership offer · as of: 2025-03-13
- purchaserZen Jie Wang
- recovery outcomeentries: basis: estimated · quote: | Foremost shortfall, before Receiver's Borrowing Charge | (1,333) | · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: receiver · class label: Foremost · creditor name: Foremost Mortgage Holding Corporation · interim final: unstated · currency quote: all currency references in this Report are to Canadian dollars · claims qualifier: unstated · shortfall amount: 1333000; basis: estimated · quote: As such, there will be no distributions from the Transaction to subordinate ranking mortgagees. · pct of: unstated · outcome: nil · currency: CAD · class key: secured · stated by: receiver · class label: subordinate ranking mortgagees · interim final: unstated · currency quote: all currency references in this Report are to Canadian dollars · claims qualifier: unstated · stated on: 2025-03-13 · table missing:
- report date13 March 2025
- report noSecond Report
- sale advisorNaznin Daruwalla of Remax Crossroads Realty Inc.
- sale outcometext: Receiver recommends Court issue an Approval and Vesting Order approving the Transaction · scope: parcel · status: pending_approval