November 25, 2020
Brightstar Newcastle Corporation, a developer of a 78-unit condominium located in Newcastle, Ontario, and certain other related parties were placed in receivership on November 25, on application by Centurion Mortgage Capital Corporation (“Centurion”), owed approximately $750,000. The Centurion loan, which was used to finance the condominium project, matured on June 30, 2019 and was not repaid. As part of the relief sought, Centurion requested that a priority dispute between it and Guarantee Company of North America regarding the proceeds from the sale of units in the condominium be resolved by way of motion within the receivership proceedings. That relief does not appear to have been granted. BDO was appointed receiver. Counsel is Robins, Appleby for the applicant, Richard J. Mazar Professional Corporation for the company and BLG for the Guarantee Company of North America.