Ontario · Receivership (court-appointed)
Fourth Report of the Receiver dated August 7, 2025
Court officer report · 7 August 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 filing7 verified
- closing confirmedscope: 25 Madison Avenue, Richmond Hill · outcome: completed · date basis: unstated · approval order date: 2025-03-24; scope: 371 Porte Purchased Assets · outcome: completed · purchaser: Sara Qadeer and Talha Azim Butt · date basis: unstated; scope: 373 Porte Purchased Assets · outcome: completed · purchaser: Zeba Qadeer and Raja Abdul Qadeer · date basis: unstated; scope: 375 Porte Purchased Assets · outcome: completed · purchaser: Umair Qadeer · date basis: unstated
- operational summaryThe Receiver has completed sales of 25 Madison and three Lerrato townhomes, but has been unable to close sales of the remaining properties (369 Porte, 377 Porte, and 23 Madison) due to disputes over deposit credits, and is now seeking to disclaim those purchase agreements and obtain vacant possession to re-market the properties.
- purchaserprice: note: deposit paid $150,000 (000s) · basis: cash · amount: 150 · sealed: false · currency: CAD · scope: 369 Porte Road, Ajax · status: not_completed · name note: purchaser of 369 Porte, pending disclaimer motion · structure: real_property · name source: recital · relationship: unstated · agreement date: 2022-08-12; price: note: deposit paid $150,000 (000s) · basis: cash · amount: 150 · sealed: false · currency: CAD · scope: 377 Porte Road, Ajax · status: not_completed · name note: purchasers of 377 Porte, pending disclaimer motion; advised willing to close · structure: real_property · name source: recital · relationship: unstated · agreement date: 2022-08-12; Mohammed Alsharafi and Fatima Jeddi; Sara Qadeer and Talha Azim Butt; Zeba Qadeer and Raja Abdul Qadeer; Umair Qadeer
- recovery outcomeentries: basis: unstated · quote: | Foremost mortgage and costs 3 4,107 Foremost shortfall, before Receiver's Borrowing Charge (1,357) | · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Foremost (mortgage on Lerrato Properties) · creditor name: Foremost Mortgage Holding Corporation · interim final: unstated · claims qualifier: unstated · shortfall amount: 1357000; basis: estimated · quote: As such, there will be no distributions from the Transactions to subordinate ranking mortgagees or other creditors. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: subordinate ranking mortgagees or other creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-08-07 · table missing:
- report date7 August 2025
- report noFourth Report
- sale outcometext: Remaining sales pending disclaimer and re-marketing of the Remaining Residential Properties · scope: parcel · status: not_completed