April 1, 2022
Blugo Enterprise Inc. was placed in receivership on April 1, on application by Business Development Bank of Canada, owed approximately $1.1 million, together with applicable principal arrears, interest and other obligations as at December 6. Blugo is the owner of real property located at 46 Mimico Avenue, Toronto, Ontario, and Mr. Siddiqui is the principal of Blugo. He opposed the receivership on the basis that he had entered into an agreement to sell the property to a numbered company. Justice Cavanagh granted the receivership order, noting that the agreement was conditional and that the closing could be delayed by either party. BDO was appointed receiver. Counsel is Aird & Berlis for BDC.
By Dina Milivojevic