December 23, 2020
Dundas Retirement Place Inc., Maple Retirement Homes Inc., and 1059244 Ontario Inc., which each own and operate a retirement residence in Hamilton, Ontario, were placed in receivership on December 23 on application by Buduchnist Credit Union Limited ("BCU"), owed approximately $10.1 million in total. Each of the companies defaulted on its obligations to BCU and the defaults continue. Although the companies appear to have sufficient funds to make payments to BCU, payments are not being made and BCU has no visibility into what the funds are being used for. MNP was appointed receiver. Counsel is Keyser Mason Ball for the applicant and Brown Law for the companies.