July 9, 2018
211 Ivy Inc. a company whose primary asset is a six unit residential building municipally known as 211 Ivy Crescent in Ottawa, Ontario, was placed in receivership on July 9 on application by First National Financial, owed approximately $827.1M. The property was purchased in 2012 as a joint venture between Rashad Aumeerally, who was responsible for the day-to-day operations of the joint venture, and Michael Raymond Dube. A second and third mortgage were soon placed on the property without the knowledge or consent of First National. By October 2016, Ivy defaulted on the payments due under the First National mortgage. Dube, who provided the third mortgage, claimed that he had no knowledge of the second mortgage and only discovered in July 2017 that the First National mortgage was in default. He subsequently issued a statement of claim against his partner, alleging that he used the rent revenue from the property for his own personal use and/or in his other business ventures. Despite many promises, the first mortgage was not put in good standing and First National sought the appointment of a receiver to sell the property. MNP was appointed receiver. Counsel is Blaney McMurtry for the applicant, Merovitz Potechin for the company, Dickinson Wright for the receiver and SKS Law for Dube.