August 8, 2019
Skywell Homes, an Ottawa, Ontario-based home builder, was placed in receivership on August 8, on application by Cardar Investments, owed approximately $2.7 million. The company had already filed for bankruptcy on October 9, 2018. Prior to bankruptcy, the company was in the process of applying for a land severance application in respect of two single dwelling homes. The severance application was needed in order for the properties to be sold separately. In order to ensure the application was not impacted and in order to maximize value for a potential disposition of the two properties separately, Cardar waited until the severance application was granted in July before proceeding with the receivership application. PwC was appointed receiver. Counsel is Brauti Thorning for the applicant and Blakes for the receiver.