August 7, 2019
2547357 Ontario Inc., owner of the property municipally known as 365 Bayly Street West, Ajax, Ontario, was placed in receivership on August 7 on application by a group of secured creditors owed approximately $2.6 million. The company's property is a vacant piece of land on which the debtor had planned to build a car dealership. The debtor subsequently failed to make interest payments on the loan due to its bank account being frozen. When counsel for the applicants proposed a consensual arrangement to sell the property through CBRE, it learned that the debtor had already signed an exclusive listing agreement with another brokerage. Concerned that it would be cumbersome, if not impossible to achieve a sale of the property on a consensual basis, the applicants moved to have a court-supervised officer appointed to properly market and sell the property. Rosen Goldberg is the receiver. Counsel is Dickinson Wright for the applicants.