How are costs allocated in a multi-property real estate receivership with multiple secured creditors?
Food distributor ceased operations after a sale process involving 156 potential investors failed to produce a viable going-concern transaction
MNP was appointed receiver over Life Plaza and obtained same-day approval to sell the 17-storey downtown property to its secured lender after a pre-filing marketing process produced no acceptable third-party offer
Court authorizes streamlined sales process for 26 serviced lots after more than $8.5 million in secured debt went unpaid
Justice Luc Morin found the developer’s liquidity insolvency, repeated defaults and fragmented creditor enforcement made a court-supervised sale necessary