January 31, 2022
2545174 Ontario Inc., the owner of a property municipally known as 478-494 Kingston Road, Pickering, Ontario, was placed in receivership on application by Equityline Mortgage Investment Corporation and certain other creditors, collectively owed approximately $9.0 million. The property consists of a gas station with a Tim Hortons kiosk and a three storey office building. The company was previously put into receivership in 2019 after it failed to repay the indebtedness owing to Centurion Mortgage Capital with respect to a commercial loan that had matured. The company was able to execute a refinancing plan and have the receiver discharged in 2020. Further defaults have occurred, however, and the current consortium of lenders sought the reappointment of a receiver so that the property can be sold through a court-supervised sales process. BDO was appointed receiver. Counsel is Robins Appleby for the applicant, David Seed for the company and Schneider Ruggiero for iCapital Financial Services Corp..
By Dina Milivojevic