March 2, 2022

Filing Type:

Trustee: Spergel (GRIP)

Trustee Counsel: BLG

Applicant: DUCA Financial Services Credit Union Ltd.

Applicant Counsel: Devry Smith Frank



Bayview Creek (CIM) LP, CIM Investments Development Inc., and CIM Bayview Creek Inc., the owners of a residential development property in Richmond Hill, Ontario, had a receiver appointed on March 2, on application by DUCA Financial Services Credit Union Ltd., the first-ranking mortgagee of the property. Spergel (GRIP) was appointed receiver. Prior to the receiver’s appointment, CIM Bayview Creek Inc. previously attempted to restructure its affairs through NOI proceedings, but was unable to file a proposal and was adjudged bankrupt on February 8, 2021. On May 4, 2021, Bayview Creek (CIM) LP also filed an assignment in bankruptcy. The receivership application was successful over a competing application by Bryton Creek Residences Inc., the second-ranking mortgagee of the property, to exercise an option to purchase the property. Counsel is Devry Smith Frank for DUCA; BLG for the receiver; Dickinson Wright for Bayview Creek (CIM) LP, CIM Investments Development Inc. and others; Himelfarb Proszanski for Bayview Creek (CIM) LP; Miller Thomson for CIM Bayview Creek Inc.; Owens Wright for Bryton Capital Corp. GP Ltd. and Bayview Creek Residences Inc.; Pallett Valo for the private receiver appointed by Bryton Capital Corp. GP Ltd., Cassels for the trustee in bankruptcy for Bayview Creek (CIM) LP, Gowlings WLG for GR (CAN) Investment Co. Ltd. & Monest Financial Inc. and Torys and Hummingbird Lawyers for certain debenture holders.

By Dina Milivojevic