October 28, 2022
The Hypoint Company Limited (“Hypoint”), a Toronto-based cannabis company, and 2618909 Ontario Limited (“909”), the owner of the cannabis production facility on which Hypoint conducted business, were placed in receivership on October 28. Canadian Equipment Finance and Leasing Inc. (“CEF”), which has a first-ranking security on the HVAC equipment installed on the premises, but not the premises themselves, brought the receivership application. The mortgagees, which have registered mortgage interests against title to the premises, did not oppose the appointment of a receiver over the HVAC equipment, but opposed the appointment of a receiver over the assets of 909 (the premises). A receiver was ultimately appointed over all of the assets of both companies, and msi Spergel (GRIP), the firm nominated by the mortgagees, was appointed receiver. Counsel is Reconstruct for the receiver, Lerners for Albert Gelman (the receiver proposed by CEF), Goldman Sloan Nash & Haber for CEF, Teplitsky Colson for Chantal Bock, Rothstein Law for the mortgagees and Fasken for Beverly Rockliffe.
By Dina Milivojevic