December 6, 2018
2556733 Ontario, which owns real property located at 68 Tycos Drive, Toronto, Ontario, was placed in receivership on December 6 on application by RBC, owed approximately $4.4MM in connection with a mortgage loan. The primary tenant is Benelife, which carries on a gym business on the lower level of the property. After the company was in arrears of the mortgage loan, RBC made written demand on the company in April 2018 for payment of its indebtedness. Following this demand, RBC entered into an accommodation with the company which provided time to the company to bring the mortgage loan into good standing. Under this accommodation letter, the company was required to fully pay the property tax and utility tax arrears by September 2018, which the company failed to d0. Despite RBC granting a significant amount of time to the company, it has yet to repay in full the indebtedness owing to RBC. Spergel (ICIN) was appointed receiver. Minden Gross is counsel to RBC.