October 16, 2019
TamTan Inc., a real estate holding company whose primary asset is a commercial property in Scarborough, Ontario, along with related party EZ Food Group, was placed in receivership on October 16 on application by Roynat, owed approximately $2.4 million. An RCMP investigation into the company's affairs resulted in the federal prosecution of the company's principal, and in February 2019, a restraint order was registered against the property on the grounds that the Attorney General alleges that the property is an offence-related property. Certain of the company's bank accounts were also frozen, and it soon lapsed into default under its loan agreement with Roynat. Roynat gave the company an opportunity to market and sell the property and repay its obligations, but multiple attempts to sell the property have failed and Roynat has lost confidence in the company's ability to facilitate a sale outside of a court process. Spergel (GRIP) was appointed receiver. Blakes is counsel for the applicant.