July 8, 2019
Susie Parovel and Gino Porco had their property municipally known as 1050 Shoreview Drive, Innisfil, Ontario placed in receivership on July 8 on application by a group of lenders owed approximately $1.9MM under a second mortgage loan. A first mortgage to Equitable Trust had been in default for many months, and the applicants had been forced to make payments on this mortgage to avoid Equitable from selling the property. In April 2019, a $200.0M third mortgage was registered against the property in favour of Anthony Abballe, without prior notice to or consent of the applicants. A month later, the applicants learned that the property had been transferred to a numbered company related to Abballe under what is alleged to be very suspicious circumstances. That company then listed the property for sale. Of the view that the debtors could not be trusted, the applicants moved for a receiver to be appointed to sell the property under court supervision. Rosen Goldberg was appointed receiver. Dickinson Wright is counsel for the applicants.