December 17, 2021
Ideal (BC) Developments Inc., the owner of certain vacant properties in Richmond Hill, Ontario, was placed in receivership on December 17, on application by C&K Mortgage Services Inc. and Canadian Western Trust Company, owed approximately $15.5 million. The properties are an assembly of development land which the company has been developing for construction of a residential community, consisting of 23 stacked townhomes and 49 freehold townhomes, although construction has not yet begun. The applicants' loan to the company matured on November 1 and has not been repaid. Alvarez & Marsal was appointed receiver. Counsel is Chaitons for the receiver, Dickinson Wright for the applicants and Friedman Law Corporation for the company.