July 19, 2019
Ideal (BC) Developments, a single purpose corporation related to Markham, Ontario-based real estate developer, Ideal Developments, was placed in receivership on July 19 on application by First Source Financial Management and Kingsett Mortgage, together owed approximately $13.1MM. The corporation owned vacant land in Richmond Hill, Ontario on which a development was planned that would consist of 24 stacked townhouses and 47 front loaded townhouses. In late 2018, the company failed to make its scheduled interest payments and has been unable to repay the loan, despite several extension agreements. KSV was appointed receiver. Counsel is Lax O'Sullivan Lisus Gottlieb for the applicants, Friedman Law for the company and Paliare Roland for the receiver.