May 12, 2020
Mill Street and Co. Inc., a Thornhill, Ontario-based privately-owned diversified investment company, was placed in receivership on May 12 on application by Crown Capital Private Credit Fund, by its general partner, Crown Capital Private Credit Management Inc., owed approximately $10.7 million. The company has a long history of defaulting on its credit agreement with Crown Capital, and Crown alleges that the defaults have been increasing in severity over time. Noah Murad, the company's sole director and officer, has denied these defaults and even threatened Crown Capital with legal action. With Mr. Murad’s promise of an immediate buyout of Crown Capital's position being unfulfilled, negotiations in respect of an amendment to the credit agreement not yielding any results, and the company continuing to default under the credit agreement, Crown Capital has completely lost confidence in the company and Mr. Murad. Farber was appointed receiver. Counsel is Aird & Berlis for the applicant and Kramer Simaan Dhillon for the company.