June 14, 2018

Filing Type:

Trustee: MNP

Applicant: Firepower Debt GP Inc.

Applicant Counsel: Chaitons

Industry:

Province:

TheRedPin, a Toronto, Ontario-based real estate brokerage, was placed in receivership on June 14. Founded in 2010, the company was seeking to use technology to change the way consumers bought and sold real estate; an online platform consolidated real estate listings, including pre-construction listings, into a single map system for users to search, save and share listings, connect with real estate agents, and facilitate property purchases. Seeking additional capital to fuel growth but wanting to avoid a dilution of their equity, the company's shareholders turned to venture debt. A significant decline in sales in recent months has led to the company failing to meet the minimum rolling 12 month net deal revenue required by its lenders, who have demanded repayment. MNP was appointed receiver and was authorized to conduct a sale process for the company's assets. Chaitons is counsel for the applicant.