Monitor overseeing CCAA proceedings worries that assets are being dissipated after SooToday reported that Zack Files Real Estate is selling off four local properties
The insolvent out-of-town landlords affiliated with SID Developments have been asked to produce information on properties directly or indirectly owned by them as part of ongoing insolvency proceedings as they continue to restructure their business operations in the face of a multi-million dollar debt.
“The monitor has significant concerns about assets that may have been acquired with funds borrowed by the applicants being dissipated, and therefore requires an explanation of the linkages between Zack Files Real Estate and both the applicants and your clients; an explanation, together with supporting documentation, of the source of the funding that Zack Files Real Estate used to acquire these properties; and the intended use of proceeds of the proposed sales,” said legal counsel for the...
Legal counsel for the monitor reached out to Butt, Suitor and Molony prior to the SooToday article, seeking information on all listings, sales and transfers of properties directly or indirectly owned by them, in addition to details on the “intended use of the transaction proceeds.” As first reported by SooToday, the directors behind 11 insolvent corporations — Butt, Molony and Suitor — filed for protection from creditors in the Ontario Superior Court of Justice in late January, claiming they owe approximately $147 million in unpaid loans and have less than $100,000 in the bank amid rising interest rates and falling home prices.
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