iPro Realty’s debt exceeded its value, court documents show
iPro Realty had debts of more than $27-million owing to dozens of private investors and lenders, far exceeding the value of the defunct brokerage, according to new documents filed in court by the Real Estate Council of Ontario.
It’s the latest development in the collapse of what was one of Ontario’s largest real estate brokerages. On Aug. 14, RECO announced that iPro was selling its assets to iCloud Realty Ltd. after the discovery of millions missing from iPro’s consumer deposit and realtor commission trust funds.
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