January 7, 2019

Filing Type:

Trustee: Grant Thornton

Applicant: Grant Thornton

Applicant Counsel: Chaitons



1902408 Ontario, a Brockville, Ontario-based corporation, had certain of its property placed in receivership on January 7 on application by Grant Thornton, in its capacity as court-appointed receiver of Paramount Equity Financial Corporation, Silverfern GP and other related entities, owed approximately $5.4MM pursuant to a loan that was secured by a mortgage registered against title to real property in Brockville, Ontario (the "Brockville Property"). The Brockville Property includes an approximately 143,000 square foot building complex that was previously Greenville Christian College. The building complex, which is currently operating as an event space under the name "Thousand Island Village", consists of 19 two-storey apartment townhouses, a dining hall, chapel, offices, a coffee shop and a dormitory that is currently occupied by students from the Fulford Academy. On June 2018, Grant Thornton demanded full payment of the outstanding amount of the loan. To date, the company has not made any payments to Grant Thornton in connection with its demand. Grant Thornton was appointed receiver of the Brockville Property. Chaitons is counsel to the applicant.