Thunder Bay – A Million Dollars Of Debt

Finlandia Association votes to liquidate corporation

Sinking in more than $1 million in debt and faced with an international bank unwilling to defer mortgage payments missed because of COVID-19, members of the Finlandia Association have voted in favour of a motion to liquidate the corporation.

The move could lead to the closure or sale of the iconic Hoito Restaurant.

During a special meeting held Wednesday evening, a motion was presented to liquidate the corporation with 42 members participating in the meeting votng in favour of the motion, four members voting against, and five abstaining.

The meeting was held Wednesday evening via Zoom and drew criticism from some members of the association who questioned why the meeting was being held now when some members wouldn’t be able to participate. – tbnewswatch

read full article here

A million dollars in debt?  How in the hell does a place like that ring up a million dollars in debt?

the Finlandia Association said it owed $290,000 RBC but that was only a fraction of the money the association owed. Another $480,000 was owed to the Hoito Restaurant for incurred expenses since 2015.

The Association owes $160,000 to Thunder Bay Ventures and $33,000 in taxes to the City of Thunder Bay. The Hoiti itself is carrying about $300,000 in debt.

Oh…that’s how they got a million dollars in debt. It looks like the Finlandia Association thought they were the Federal or Provincial government where debt means nothing.

Vote to liquidate Finlandia Association ‘lesser of two evils’ says member

 

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One Response

  1. casper
    casper at | | Reply

    Someone’s had their head in the sand for many years to have accumulated such debt. Reminds me of the city of Thunder Bay. Debt means nothing until it does.

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