March 22, 2019
Genco Holdings, a Calgary, Alberta-based developer of commercial and retail property that owns two properties collectively known as the "160 Acre Lands", a property known as the "634 Lands", and 12 separate condominium plan descriptions, had certain of its property placed in receivership on March 22 on application by HSBC, owed approximately $8.6MM. In light of various breaches and defaults committed by the company, HSBC has significant concerns regarding its ability to continue operating as a going concern. The application as it relates to 160 Acres Lands is adjourned by consent until next week with a view to reaching a deal. EY was appointed receiver. Counsel is Torys for the applicant and Fasken for EY.