British Columbia · Receivership (court-appointed)
Receiver's Third Report to Court
Court officer report · 24 June 2024
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What we verified from this filing8 verified
- cash on handnote: Does not include available Receiver's Borrowings not yet drawn and estimated accruals up to June 30, 2024 including unpaid professional fees. · as at: 2024-06-15 · amount: 215884 · currency: CAD
- disbursementsnote: Total disbursements per the same interim statement; excess receipts over disbursements were $215,884. · since: November 8, 2023 · amount: 2230725 · currency: CAD
- operational summaryConstruction on the Willoughby townhome project remains stalled; the Receiver completed winterization and finished Buildings One and Two, then marketed the project 'as is, where is' through Colliers and obtained an accepted $35 million offer from Redekop, now seeking Court approval of the sale.
- professional feesnote: Legal fees and disbursements of $75,025 (plus PST of $5,191) and consultant fees of $70,689 also shown separately in the same statement. · party: Receiver · amount: 85243 · period: November 8, 2023 to June 15, 2024 · currency: CAD
- receipts cumulativenote: Total receipts per the Receiver's Interim Statement of Receipts and Disbursements for the period November 8, 2023 to June 15, 2024. · since: November 8, 2023 · amount: 2446609 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the Receiver's estimate MCAP will be paid in full with a surplus of $1.68 million available for CMSC, the next ranking secured creditor. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: MCAP · creditor name: MCAP Financial Corporation · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver estimates CMSC is owed approximately $8.3 million and will suffer a shortfall of approximately $6.65 million. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: CMSC · creditor name: Canadian Mortgage Servicing Corporation · interim final: unstated · claims qualifier: unstated · shortfall amount: 6650000; basis: estimated · quote: Consequently, there will be no recovery for any other creditors, including Steelcrest, Overland Capital Corporation and Wubs Investments Ltd. · pct of: unstated · outcome: nil · stated by: receiver · class label: any other creditors, including Steelcrest, Overland Capital Corporation and Wubs Investments Ltd. · interim final: unstated · claims qualifier: unstated · stated on: 2024-06-21 · table missing:
- report date21 June 2024
- report noThird Report