Forme Development principals ordered to be more forthcoming with receiver after attempting to sell assets [Toronto Globe and Mail (Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Toronto Globe and Mail
Forme Development principals ordered to be more forthcoming with receiver after attempting to sell assets An Ontario judge has ordered the principals of Forme Development Group must be more transparent with the court-ordered monitor overseeing its Companies’ Creditors Arrangement Act process, and that any cash raised through the sale of any properties not connected to the insolvency proceedings will be held in trust until lenders with claims based on personal guarantees have been paid back. There are more than 3 companies and 18 properties connected to the Forme insolvency, and in the case of a condominium project proposed for 25 Danforth Road there are close to 2 potential buyers who purchased presale contracts for 119 apartments and 69 townhouses that remain unbuilt. Dozens of lenders – among them Home Capital Group Inc., First Source Mortgage Corporation, Royal Bank of Canada, Syndicate Mortgages Inc. and an array of private lenders – are owed more than $22-million. A sales process
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