Syrion Corporation, a Toronto, Ontario-based research and development company, had its property municipally known as 61 Balmoral Avenue,Toronto, Ontario placed in receivership on June 14 on application by Owemanco Mortgage Holding Corporation, owed approximately $2.2MM. In 2017, Ontario Wealth Management Corporation, a related entity to Owemanco, agreed to fund a construction loan to the company for a three-story single-family dwelling. The loan has been in financial default since May 2018, and the company is unable to continue construction on the property or sell the property as is. Rosen Goldberg was appointed receiver. Counsel is GSNH for the applicant and DJD Law and Morganti & Co. for the company.
PE Consulting, a Richmond, British Columbia-based company whose primary asset is land having the civic address 2791 Highview Place West Vancouver, British Columbia, was placed in receivership on June 8 on application by G. Powroznik Group, in its capacity as trustee of the bankrupt estate of Jizhe (Mary) Yang, the sole director and shareholder of PE Consulting. In November 2015, Yang and her husband, Samuel Zhu, were together found liable for over $20.0MM USD for fraud conducted against Zhu's former employer, Prima Technology (details HERE). G. Powroznik Group was appointed receiver. Counsel is Burns Fitzpatrick for the applicant.
Textbook Ross Park, Textbook (774 Bronson Avenue) and McMurray Street Investments, Vaughan, Ontario-based real estate companies, were placed in receivership on May 30 on application by Grant Thornton, the court-appointed trustee of several related entities that were used to raise monies from investors through syndicated mortgage investments. KSV Advisory was appointed receiver. Aird & Berlis is counsel to the applicants.
Crossline Auto Group, an Edmonton, Alberta-based used car dealer, was placed in receivership on May 18 on application by ATB Financial. PwC was appointed receiver. Dentons is counsel to the applicant.
Ladacor, a Calgary, Alberta-based developer, manufacturer and supplier of advanced modular buildings and structures from shipping containers throughout North America, was placed in receivership on May 18 on application by BMO, owed approximately $4.7MM. Alvarez & Marsal was appointed receiver. Dentons is counsel to the applicant.
Mustang Well Services, a Calgary, Alberta-based oil and gas well servicing company, was placed in receivership on May 17 on application by ATB Financial. FTI Consulting was appointed receiver. Counsel is Gowling WLG for the applicant and Cassels Brock for the receiver.
PTL Holdings, PTL Services (Equipment), CSL Services (Industrial) and 9263357 Canada (collectively the “PTL Group”) a Southern Harbour, Newfoundland and Labrador-based company which is in the business of heavy equipment rental and contracting labour services, was placed in receivership on May 11 on application by CIBC, a major secured creditor owed approximately $6.0MM. The second ranking secured creditor is owed $11.5MM. PTL Group’s diversified rental fleet consisting of 230+ pieces of heavy construction, earthworks, transportation and site support equipment together with its complement of approximately 70 full-time unionized employees with extensive experience in a variety of fields and its location in Southern Harbour can deliver services to key industrial, construction, and oil and gas customers. BDO was appointed Receiver. Counsel is Wickwire Holm for CIBC and Cox & Palmer for the Receiver.
3291735 Nova Scotia, a Halifax, Nova Scotia-based company whose principal asset is approximately 1.3 acres of real property located in Halifax, was placed in receivership on May 11 on application by First National Financial, a major secured creditor. The property was divided into six condominium lots, which have been listed for sale since June 2016 without success. The court appointed KSV Advisory as receiver and also approved a stalking horse sale process. Counsel is McInnes Cooper for the stalking horse purchaser, Cox & Palmer for the receiver and Burchells for First National Financial.
Clayton Construction, a Lloydminster, Alberta-based company specializing in oil lease site preparation and maintenance, was placed in receivership on May 8 on application by Maynards Financial Limited Partnership, owed approximately $7.8MM. FTI Consulting was appointed receiver. Fasken is counsel to the applicant.
Splash Canyon Waterpark & Resort, a Minesing, Ontario-based waterpark that formerly included a camping park, was placed in receivership on May 7 on application by Romspen, owed approximately $100.8MM. On May 18, 2017, Kawartha Downs, a related corporation also owned by Harvey Ambrose, was placed in receivership on application by Romspen. Splash Canyon was added as a respondent to that proceeding. The Splash Canyon property, which has been closed for more than 6 years, is currently abandoned; the site has fallen into major disrepair and been subject to extensive vandalism. Rosen Goldberg was appointed receiver. Dickinson Wright is counsel to the applicant.