January 11, 2022
Ideal (WC) Developments Inc., a single purpose company incorporated for a planned residential real estate development located at 6532 and 6544 Winston Churchill Boulevard, Mississauga, Ontario, was placed in receivership on January 11, on application by Empirical Capital Corp., owed over $6 million. The loan was to be fully repaid in March 2020, but the company and Empirical entered into subsequent forbearance agreements, the last of which expired on November 15, 2021. During the forbearance period, the company indicated that it had entered into an agreement of purchase and sale with respect to the properties. However, the company failed to complete the sale transaction on the scheduled closing date of November 15, 2021. RSM was appointed receiver. Counsel is Garfinkle Biderman for Empirical.
By Dina Milivojevic