Saskatoon’s Lighthouse Supported Living now under full receivership

A Saskatoon judge has granted full receivership of the Lighthouse Supported Living Inc., and all of its assets to tax and accounting firm MNP Ltd.

Justice Allisen Rothery approved the order on Thursday, at the request of Affinity Credit Union.

The Lighthouse had been placed under an interim receivership order on Feb. 24, with the stipulation that it be revisited on April 13.

At the time, MNP Ltd. had the ability to list some North Battleford properties for sale, but not the power to actually sell them.

The Lighthouse has been mired in controversy for the last two years, and owes nearly $2.4 million on a mortgage. It also has a $350,000 line of credit.

Court heard earlier that the line of credit only had $43,000 left, and there was concern that employees may not get paid.

According to Thursday’s judgment, MNP is authorized to “take possession of and exercise control over the property and any and all proceeds, receipts and disbursements arising out of or from the property.”

It also has the power to “receive and collect all monies and accounts now owed or hereafter owing to the Debtor.”

MNP can also get assessments completed on the property and and has the ability to negotiate the terms and conditions of sale.

Any money or payments the Lighthouse gets from any source will be held by MNP LLP in special accounts, and all employees will keep their jobs unless the firm decides to let them go.

Another hearing is expected to take place April 28.