May 25, 2021
Altmore Mortgage Investment Corporation, an Ancaster, Ontario-based company that pools together investor funds with funds from banks and other financial institutions to make investments in mortgages, bridge loans and builder advances, was placed in receivership on May 25 on application by Monica Matta and Mark Amello (collectively, the "Applicants"). Between 2015 and 2018, the Applicants made substantial investments in the company by subscribing for its shares. Pursuant to their investments, the Applicants were entitled to receive monthly dividend payments in an amount equal to 12.75% per year based on the amount invested. The company, which stopped paying monthly dividends to the Applicants in May 2019 without prior notice, eventually notified its shareholders that it had temporarily halted payment of dividends. Although it advised that such dividend payments would resume in September 2019, these payments never resumed and the Applicants have not received any dividends since May 2019. As of November 2020, the company has ceased communicating with the Applicants. BDO was appointed receiver. Miller Thomson is counsel to the Applicants.