In the context of CCAA proceedings, National Bank of Canada moved to lift the stay of proceedings to appoint a receiver over four real estate properties for which it was the first-ranking mortgage lender.
The applicants and the Monitor opposed the appointment, arguing that the existing sales process under the Real Estate Protocol was functioning well and that appointing a new court officer would add unnecessary costs without significant benefit.
The court dismissed the motion to appoint a receiver, finding it was not just or convenient, but granted a Rent Enforcement Order allowing net rents to be paid to the moving party.
The court also granted a sealing order for the property appraisals to protect the integrity of the ongoing sales process.
