1000093910 Ontario Inc., in receivership, appealed against a decision denying its cross-motion to vary a receivership order and enforce a real estate purchase agreement.
The Court of Appeal dismissed the appeal, upholding the lower court’s decision which favored a public auction of the property under a "stalking horse" agreement.
Key Points:
The lower court's refusal to hear the cross-motion was based on procedural grounds, as the appellant failed to give adequate notice.
The cross-motion sought to enforce a prior real estate agreement considered null due to terms conflicting with the receivership conditions.
The Court of Appeal found no error in the lower court's procedural or substantive decisions, noting that the proposed public auction and sale process were fair, transparent, and aimed at obtaining the best price for the assets.
Outcome:
The appeal was dismissed with the Court of Appeal finding that the motion judge acted within her discretion and made no legal error.
The appellant was ordered to pay $25,000 in costs for the appeal and related motions.
