BDMC
On April 20, 2018, pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (“Appointment Order”), FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) was appointed as trustee (“Trustee”) over all of the assets, undertakings and properties of Building & Development Mortgages Canada Inc. (”BDMC”) under section 37 of the Mortgage Brokerages, Lenders and Administrators Act, 2006, as amended, and section 101 of the Courts of Justice Act, as amended.
For clarity, the Trustee is not appointed over any of the projects with syndicated mortgage loans not administered by BDMC.
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Frequently Asked Questions & Answers
Links to questions frequently posed to the Trustee regarding its mandate and BDMC:
Interim Stabilization Order
On June 26, 2018, the Court issued an order (“Interim Stabilization Order”), which, among other things:
Clarified and confirmed the Trustee’s rights and responsibilities under the Appointment Order in respect of certain funds held by the Trustee that are subject to a Court-ordered priority charge and put temporary restrictions on the Trustee’s rights with respect to those funds during the stabilization period; and
Appointed Chaitons LLP as representative counsel to represent Investors in these proceedings.
A copy of the Interim Stabilization Order and the materials filed in connection with that order, including the Trustee’s first report to Court dated June 19, 2018 (“First Report”), is available below.
Clarified and confirmed the Trustee’s rights and responsibilities under the Appointment Order in respect of certain funds held by the Trustee that are subject to a Court-ordered priority charge and put temporary restrictions on the Trustee’s rights with respect to those funds during the stabilization period; and
Appointed Chaitons LLP as representative counsel to represent Investors in these proceedings.
A copy of the Interim Stabilization Order and the materials filed in connection with that order, including the Trustee’s first report to Court dated June 19, 2018 (“First Report”), is available below.
For clarity, the Trustee is not appointed over any of the projects with syndicated mortgage loans not administered by BDMC.
Appointment Order
On April 20, 2018, pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (“Appointment Order”), FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) was appointed as trustee (“Trustee”) over all of the assets, undertakings and properties of Building & Development Mortgages Canada Inc. (”BDMC”) under section 37 of the Mortgage Brokerages, Lenders and Administrators Act, 2006, as amended, and section 101 of the Courts of Justice Act, as amended.
For clarity, the Trustee is not appointed over any of the projects with syndicated mortgage loans not administered by BDMC.