Ontario · Receivership (court-appointed)
Motion Record Returnable November 25, 2020.PDF
Application / notice of application · 25 November 2020
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: unstated · quote: The Receiver accepted the following three creditor claims totalling $66,284.18: · pct of: unstated · outcome: distribution · class key: deemed_trust · stated by: receiver · class label: creditor claims (A.T. Services Accounting & Taxation, Canada Revenue Agency, Crowe Soberman LLP) · claims amount: 66284.18 · interim final: unstated · claims qualifier: proven; basis: estimated · quote: The Receiver proposes a distribution of approximately of $857,000 which represents a 7.50% distribution of the Known Investors' claims. · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 857000 · amount high: 857000 · class label: Investors (preferred shareholders) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Based on the Receiver's calculation, there is a shortfall of approximately $55,000 on the MGMIC Mortgage. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: MGMIC Mortgage (secured claim of MGMIC on Euclid Property) · creditor name: MGMIC · interim final: unstated · conditional on: If the Receiver's evidence is incomplete and the paydown as set out by Payam did in fact occur, there would be a surplus of approximately $11,000 available after satisfaction of the MGMIC Mortgage · claims qualifier: unstated · shortfall amount: 55000 · stated on: 2020-10-29 · table missing: