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Bankruptcy EXPERT required, Section 38 litigation

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  • Bankruptcy EXPERT required, Section 38 litigation

    Questionable creditor obtains order under section 38 to re-possess 2 recreational lots registered as one and represents access to 40 acres, reverse mom's foreclosure and take control of action (litigation) claims $3K (disputed lot fees) vs Mom's $97K secured 50% (should be 100%) by improperly registered "friendly" mortgage which trustee had no interest in assets or objection to mom's action to take possession of all as there are no funds in estate to pursue "cause of action"

    Not pleaded or appealed because:

    Mom as participating creditor was expected to get control of assets transferred back to her, but judge called it a "collateral attack" if she was to overturn granting judge's order even though this creditor is in serious conflict of interest in pursuing the "cause of action".

    Therefore mom is responsible as particiapting creditor for her share in section 38 at $28K (not in control) which is excessive and unjust.

    Dec 8/06 deadline for appeal or???

    Creditors motive is not debt collection but rather seeks to remove or dismiss "cause of action" (rec. lot(s) as access) therefore not acting in the best interest of majority 50% secured (should be 100%) creditor (irrelevant to judge, I guess)

    Details to challenge assignment, volumeous, costly, so joined as participating creditor expecting majority vote on distribution of assets and persuit of "cause of action". (no equity in assets!)

    Dan

  • #2
    Re: Bankruptcy EXPERT required, Section 38 litigation

    Where are you located, where is the court that is involved?

    Comment


    • #3
      Re: Bankruptcy EXPERT required, Section 38 litigation

      I am located 1 hour east of Toronto Ontario
      Case now in Registrars court in downtown Toronto
      905-349-2684
      Dec 8 appeal deadline
      [email protected]

      Comment


      • #4
        Re: Bankruptcy EXPERT required, Section 38 litigation

        wld has emailed you privately

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