The Lion’s Share Group Inc., an Ontario-based provider of training programs for mortgage brokers and agents, filed an NOI on March 16, listing almost $90 million in liabilities to investors.

The company was founded by Claire Drage, a mortgage broker who helped arrange funding for the Balboa Group, a real estate empire which itself obtained CCAA protection earlier this year after dozens of investors commenced lawsuits to recover their money.

Lion’s Share was used by Ms. Drage to collect promissory notes from investors.

The company’s insolvency was caused by a combination of factors, including the extent of claims against the Balboa entities and a number of requests and claims made by Lion’s Share’s lenders for repayment.

The Fuller Landau Group is the proposal trustee.

Counsel is Paliare Roland for Lion’s Share and Norton Rose for the proposal trustee.

By: Dina Milivojevic