November 28, 2019
2305992 Ontario Inc., owner of real property municipally known as 9740, 9750 and 9760 Yonge Street, Richmond Hill, Ontario, was placed in receivership on November 28, on application by MarshallZehr, owed approximately $25.9 million. The property is currently vacant land on which the company intended to construct two towers and a four story building that would include 254 residential units and approximately 30.8 thousand square feet of office and commercial space. Construction never commenced, however, and since 2018 the company has been attempting to refinance, find a joint venture party or sell the property, all without success. With many continuing events of defaults occurring, and having lost faith in the company, MarshallZehr moved for a receiver to be appointed to realize on the property under the supervision of the court for the benefit of all stakeholders. RSM was appointed receiver. Miller Thomson is counsel for the applicant.