2 min read
Administrator to take over three more condo corporations, bringing the total to 27
NSSCC 145 and NSCC 47 and 48 are being added without opposition. New rules on who hands back keys, protection for buildings left out, and caps on legal costs.
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5 min read
16 SIREG companies declared bankrupt; head office access returns to court October 26
The bankruptcy order was signed October 20. SIREG Management has shut down, keys and records sit in its Burlington office, and the administrator suspects missing trust money.
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3 min read
Court appoints Brian Antman as administrator of 24 former SIREG condo corporations
Justice Steele put an administrator in charge, effective immediately. New boards are to be elected within 30 days and he must report back within 45. The list of buildings, his powers and the cost.
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3 min read
October 15: judge holds off on administrator decision, owner meetings cut to 30 days
Justice Steele reserved her decision on the unopposed corporations. Two buildings joined the list, one left, and the draft order was shortened. Here is where each side stood.
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4 min read
October 14 hearing: the administrator plan, the cost, and which buildings it would cover
The owners' motion would hand each board's powers to Brian Antman at $375 an hour, with shadow boards to prepare the handover. Opposition in 13 corporations narrowed the request.
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1 min read
October 13 hearing: lenders move on SIREG properties, owners ask for a temporary administrator
Two mortgage lenders got agreement to enforce, the trustee told the judge 43 buildings are leaderless, and the owners' request for an administrator was put over one day.
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4 min read
Owners' lawyers will ask for an interim administrator inside the SIREG case; fee cut to $10,000 per building
Until owners elect boards, nobody can act for the former SIREG condos, including renewing insurance. The new plan, the lower fee, the October 12 deadline and the court dates.
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2 min read
SIREG companies say they will wind down and run out of money by late October
An October 7 court filing by 18 SIREG companies and their trustee says no restructuring or sale is possible. What the filing asks for and what owners need to protect.
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