An unnamed third party has come forward with cash to help cover some, but not all of the shortfall in compensation for over 300 victims of abuse at the hands of the Roman Catholic Church.

The total owed to the claimants is about $120-million, but the assets sold off by the church has amounted to only about $50-million, leaving a shortfall of $70-million.

Lawyers Geoff Budden and Bob Buckingham have been negotiating with several third parties who they feel may have a measure of liability, and a few days ago one of those parties agreed to step up to the plate financially.

Buckingham says the third party asked not to be named at this time, and they have agreed to honour that request.

He calls it the second most significant development since it all began many years ago, the first being the Supreme Court of Canada’s decision to reject the church’s appeal of the lawsuits from the claimants.

“We’re going to have a contribution of funds into this bankruptcy process and we will be able to distribute those funds into people who were in schools, and were abused in that process.”

The lawyers hope to have money flowing by the end of summer.

“We hope to have money into their pockets in August,” says Buckingham, “because it will take time to move it along.”