Nfld. & Labrador

Exit Realty on the Rock owes more than 60 creditors

Exit Realty on the Rock, which was sent into receivership earlier this month after having its real estate licence pulled, owes money to more than 60 creditors, according to receivership filings.

Receivership filings shed some light on real estate company’s debts

Exit Realty on the Rock had its licence suspended on Feb. 4, and went into receivership the next day. (CBC)

Exit Realty on the Rock, which was sent into receivership earlier this month after having its real estate licence pulled, owes money to more than 60 creditors, according to receivership filings.

The Bank of Montreal, the secured creditor that kickstarted receivership process, says it is owed nearly $300,000.

Debts to unsecured creditors total another $160,000.

However, those numbers could go higher.

About 25 creditors are listed as being owed $1, but the actual amounts of those debts have yet to be determined.

For example, Exit Realty Corp. International is listed as a creditor for that amount.

But according to documents the Royal Newfoundland Constabulary used to obtain a search warrant this week, Exit Realty Corp. International officials told police they loaned Squires $1.2 million last year to help with her financial troubles. The allegations made in those search warrant documents have not been tested in court.

The RNC searched Exit Realty on the Rock's office on Kenmount Road in St. John's on Tuesday.

In court documents, police said they are investigating owner Anne Squires for theft, fraud and breach of trust.

Squires is not facing any charges.

Licence suspended 2 weeks ago

On Feb. 4, provincial regulators announced the suspension of Exit Realty on the Rock's licence.

The next day, the Bank of Montreal appointed PricewaterhouseCoopers as receivers for the company.

Squires read a prepared statement to reporters on Feb. 6 stressing she had yet to be contacted by the Royal Newfoundland Constabulary at that point.

"The damage that has been done to agents who have supported me for more than a decade, and who have provided incredible realtor service to this community, not to mention over $1 million in donations to charitable organizations in this province ... is unsurmountable," Squires said at the time.

She did not take media questions that day, and has since declined interview requests.

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